|March 30, 2018||Comments Closed|
There’s no doubt that reaching your 30’s is a significant landmark for all of us. While some of us may have embarked on a new career, bought a house, or even started a family, this decade of our life has a significant financial impact for the years to come. For many people, our financial responsibilities have most likely grown and accommodating expenses and responsibilities with saving money for the future is harder than ever before.
A lot 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 think about our financial position. We need to prioritise commitments, like our children’s education and retirement balance, and take the most appropriate steps to procure a bright financial future for you and your loved ones. Life can certainly get more complex in your 30’s, however by concentrating on a few crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle changes, you can significantly boost your financial situation now and in the years ahead, so here are some personal financial goals that everyone in their 30’s should think about.
Broaden your emergency fund
Ideally you established an emergency fund in 20’s, saving enough cash for a couple of months’ worth of expenses. This is a wonderful goal to accomplish in your 20’s, but earning more money and having increased financial obligations in your 30’s means that your emergency fund becomes significantly more important. Financial advisors advise that people in their 30’s should have at least six to 12 months of living costs saved in their emergency fund. Keep in mind, moving back in with your parents is far more difficult in your 30’s, particularly if you’re a parent yourself.
Review your insurance plans
Frequently, people’s circumstances change considerably in their 30’s. You may have purchased a new home, a new car, or have started a family, so it’s important that you assess your insurance plans so they’re up-to-date. It’s also a good idea to take a look at income protection and life insurance along with your existing insurance plans. Even when your personal circumstances haven’t changed in your 30’s, you should nevertheless review your insurance coverage a couple of times a year to make sure that you’re receiving the best rates and premiums.
Increase your retirement savings.
Now is the time where you should start boosting your retirement contributions, particularly if your workplace offers a salary sacrifice plan. Making voluntary super contributions is a superb way to grow your nest egg, so if you receive a pay rise, look at using the supplementary income towards your retirement savings. As well as this, if you start a new career or job, always make sure 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 examine 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 likely have to curb some expenses such as eating out or cable TV subscriptions, but the more money you save, the quicker you’ll reach your financial objectives. It’s also recommended to look at percentage of income saved rather than dollar amounts, as this makes it a lot easier to determine which expenses can be lowered to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it difficult to make mortgage repayments on time or you’re falling deeper into debt, seek financial assistance immediately. Often, the sooner you do something about it, the more choices will be available to you. Lots of folks 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 choices available for those in financial distress, so if you need any financial aid, speak with Bankruptcy Geraldton on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-geraldton.com.au/