|March 30, 2018||0|
There’s no question that hitting your 30’s is a serious landmark for all of us. Even though some of us may have started a family, bought a house, or even started a new career, this decade of our life has a significant financial impact for your future. For most folks, our financial responsibilities have more than likely grown and juggling costs and responsibilities with saving money for the future is harder than ever.
Most of us have dusted off the mistakes of our 20’s and discovered a thing or two, however this decade of our lives is the time when we really need to grow and genuinely consider our financial position. We have to prioritise commitments, such as our children’s education and retirement balance, and take the most appropriate steps to acquire a promising financial future for you and your family. Life can certainly get more complex in your 30’s, however by prioritising a number of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle alterations, you can dramatically enhance your financial circumstance now and in the decades to follow, so here are some personal financial goals that everybody in their 30’s should consider.
Broaden your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough cash for several months’ worth of expenses. This is a wonderful goal to reach in your 20’s, but earning more money and having increased financial responsibilities in your 30’s means that your emergency fund becomes significantly more important. Finance specialists advise that people in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Keep in mind, moving back in with your parents is far more difficult in your 30’s, especially if you’re a parent yourself.
Assess your insurance plans
Generally, people’s circumstances change considerably in their 30’s. You may have bought your first house, a new vehicle, or have started a family, so it’s vital that you evaluate your insurance plans so they’re up-to-date. It’s also a practical idea to have a look at income protection and life insurance in conjunction with your existing insurance coverage. Even when your personal circumstances haven’t changed in your 30’s, you should nevertheless review your insurance plans several times a year to be sure you’re receiving the best rates and premiums.
Develop your retirement savings.
Now is the time where you should begin developing your retirement contributions, specifically if your employer offers a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay rise, look into using the supplementary income towards your retirement savings. Alongside this, if you begin a new career or job, always ensure that use the same super account which will significantly minimise costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial commitments, you should revise your budget and make sure you’re living well below your means. The secret to improving your wealth is to increase the gap between what you earn and what you spend. You’ll most likely have to curb some expenses such as eating in restaurants or cable TV subscriptions, but the more money you save, the faster you’ll achieve your financial objectives. It’s also recommended to look at percentage of income saved instead of dollar amounts, as this makes it a lot easier to establish which expenses can be decreased to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it a challenge to make mortgage repayments on time or you’re slipping deeper into debt, seek financial assistance immediately. Typically, the sooner you act, the more choices will be available to you. Many people suffer financially for several years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many possibilities available for those in financial distress, so if you need any financial aid, talk with Bankruptcy Emerald on 1300 818 575, or visit our website for further information: http://www.bankruptcy-emerald.com.au/