There’s no doubt that hitting your 30’s is a serious landmark for everybody. Although some of us may have embarked on a new career, bought a house, or even started a family, this decade of our lives has a vital financial impact for your future years. For many individuals, our financial obligations have certainly grown and accommodating bills and responsibilities with saving money for the future is tougher than ever.
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 mature and seriously consider our financial situation. We have to prioritise commitments, like our children’s education and retirement balance, and take the most suitable steps to obtain a bright financial future for you and your loved ones. Life can undoubtedly get more complex in your 30’s, however by focusing on a few vital aspects of your finances, your money doesn’t have to be nearly as complicated.
By making small lifestyle changes, you can substantially improve your financial situation now and in the decades to follow, so here are some personal financial goals that everyone in their 30’s should look into.
Extend your emergency fund
Hopefully you launched an emergency fund in 20’s, saving enough cash for a couple of months’ worth of expenses. This is a superb goal to accomplish in your 20’s, but making more money and having increased financial obligations in your 30’s means that your emergency fund becomes considerably more important. Financial experts stongly advise that folks in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Just remember, moving back in with your parents is far more challenging in your 30’s, especially if you’re a parent yourself.
Examine your insurance coverage
Normally, people’s circumstances change considerably in their 30’s. You may have bought your first home, a new car, or have started a family, so it’s crucial that you evaluate your insurance policies so they’re up-to-date. It’s also a good idea to take a look at income protection and life insurance together with your existing insurance policies. Even when your personal circumstances haven’t changed in your 30’s, you should nonetheless assess your insurance policies several times a year to ensure you’re getting the best rates and premiums.
Increase your retirement savings
Now is the time where you should begin developing your retirement contributions, especially if your employer features a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay increase, contemplate using the additional income towards your retirement savings. Along with this, if you begin a new career or job, always see to it that use the same super account which will markedly minimise fees and maximise your retirement growth.
Live well below your means
When you find yourself having more financial responsibilities, you should examine your budget and make sure you’re living well below your means. The key to enhancing your wealth is to expand the gap between what you earn and what you spend. You’ll likely have to reduce some expenses such as eating in restaurants or cable television subscriptions, but the more money you save, the quicker you’ll reach your financial goals. It’s also recommended to look at percentage of income saved as opposed to dollar amounts, as this makes it a lot easier to identify which expenses can be minimised to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later
If you’re finding it tough to meet mortgage repayments on time or you’re slipping deeper into debt, seek financial assistance as soon as possible. Typically, the sooner you take action, the more possibilities will be available to you. Many individuals suffer financially for many 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 hardship, so if you need any financial aid, talk with Bankruptcy Experts Tennant Creek on 1300 795 575, or visit our website for more information: Bankruptcy Tennant Creek