|March 30, 2018||Comments Closed|
There’s no doubt that hitting your 30’s is a serious landmark for everyone. Whilst 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 folks, our financial commitments have most likely grown and accommodating expenses and responsibilities with saving money for the future is more challenging than ever.
Most of us have dusted off the mistakes of our 20’s and learned 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 need to prioritise commitments, like our children’s education and retirement account, and take the most appropriate steps to acquire a prosperous financial future for you and your family. Life can certainly get more complicated in your 30’s, however by prioritising a few key aspects of your finances, your money doesn’t have to be nearly as complicated.
By making modest lifestyle changes, you can significantly improve your financial circumstance now and in the years to come, so here are some personal financial goals that everybody in their 30’s should think about.
Extend your emergency fund
Ideally you initiated an emergency fund in 20’s, saving enough money for several months’ worth of costs. This is a great goal to reach in your 20’s, but making more money and having increased financial obligations in your 30’s indicates that your emergency fund becomes increasingly important. Finance specialists strongly recommend that individuals in their 30’s should have at least six to 12 months of living costs saved in their emergency fund. Just remember, moving back in with your parents is much more challenging in your 30’s, especially if you’re a parent yourself.
Evaluate your insurance plans
Generally, people’s circumstances change significantly in their 30’s. You may have purchased your first house, a new car, or have started a family, so it’s very important that you evaluate your insurance policies so they’re up-to-date. It’s likewise a clever idea to have a look at income protection and life insurance along with your current insurance plans. Even if your personal circumstances haven’t changed in your 30’s, you should still assess your insurance policies several times a year to be sure you’re receiving the best rates and premiums.
Increase your retirement savings.
Now is the time where you should begin developing your retirement contributions, especially if your workplace features a salary sacrifice plan. Making voluntary super contributions is a great way to grow your nest egg, so if you receive a pay increase, look at using the additional income towards your retirement savings. Alongside this, if you start a new career or job, always make certain 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 commitments, you should evaluate 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 probably need to cut down some expenses like eating out or cable TV subscriptions, but the more money you save, the faster you’ll achieve your financial goals. It’s also advisable to look at percentage of income saved as opposed to dollar amounts, as this makes it a lot easier to ascertain 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 falling deeper into debt, seek financial assistance as soon as possible. Usually, the sooner you do something about it, the more choices will be available to you. Many people suffer financially for many years before 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 trouble, so if you need any financial assistance, talk to Bankruptcy Mildura on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-mildura.com.au/