|March 30, 2018||0|
There’s no doubt that reaching your 30’s is a big landmark for everyone. Even though some of us may have bought their first home, started a career, or even a family, this decade of our lives has a significant financial impact for the coming years. For most individuals, our financial obligations have probably grown and accommodating bills and responsibilities with saving money for the future is more difficult than ever before.
A lot 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 look into our financial position. We need to prioritise commitments, such as our kid’s education and retirement account, and take the most appropriate steps to acquire a promising financial future for you and your loved ones. Life can definitely get more complex 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 minor lifestyle changes, you can substantially enhance your financial circumstance now and in the decades ahead, so here are some personal financial goals that everyone in their 30’s should take into consideration.
Extend your emergency fund
Hopefully you started an emergency fund in 20’s, saving enough funds for a few months’ worth of costs. This is an excellent goal to attain in your 20’s, but making more money and having increased financial duties in your 30’s indicates that your emergency fund becomes considerably more important. Financial experts highly recommend that people in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Don’t forget, moving back in with your parents is far more problematic in your 30’s, particularly if you’re a parent yourself.
Examine your insurance coverage
Commonly, 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 very important that you review your insurance policies so they’re up-to-date. It’s also a smart idea to have a look at income protection and life insurance combined with your existing insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should nevertheless examine your insurance coverage a few 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 increasing your retirement contributions, specifically 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 rise, consider using the additional income towards your retirement savings. As well as this, if you begin a new job or career, always ensure that use the same super account which will markedly decrease costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should examine your budget and make sure you’re living well below your means. The trick to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll likely have to trim some expenses like eating out or cable TV 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 in lieu of dollar amounts, as this makes it much easier to find out 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 as soon as possible. Normally, the sooner you act, the more possibilities 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 options available for those in financial trouble, so if you require any financial help, reach out to Bankruptcy Fremantle on 1300 818 575, or visit our website for further information: http://www.bankruptcy-fremantle.com.au/