There’s no question that reaching your 30’s is a huge landmark for us all. Although some of us may have bought a house, started a family, or even begun a new career, this decade of our life has an important financial impact for the coming years. For many folks, our financial obligations have likely grown and accommodating expenses and responsibilities with saving money for the future is more difficult than ever.

 

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 should mature and genuinely think about our financial circumstances. We need to prioritise commitments, like our children’s education and retirement account, and take the most suitable steps to secure a promising financial future for you and your loved ones. Life can unquestionably get more complex in your 30’s, however by prioritising a number of vital aspects of your finances, your money doesn’t have to be nearly as complicated.

 

By making small lifestyle adjustments, you can greatly 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 at.

 

Increase your emergency fund

Hopefully you initiated an emergency fund in 20’s, saving enough cash for a couple of months’ worth of expenses. This is a terrific goal to attain in your 20’s, but earning more money and having increased financial responsibilities in your 30’s signifies that your emergency fund becomes significantly more important. Financial advisors stongly advise that folks in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Remember, moving back in with your parents is far more complicated in your 30’s, particularly if you’re a parent yourself.

 

Review your insurance plans

Typically, people’s circumstances change dramatically in their 30’s. You may have purchased a new house, a new vehicle, or have started a family, so it’s critical that you examine your insurance plans so they’re up-to-date. It’s also a wise idea to have a look at income protection and life insurance in conjunction with your current insurance policies. Even when your personal situation hasn’t changed in your 30’s, you should nevertheless examine your insurance policies a few times a year to be sure you’re receiving the best rates and premiums.

 

Boost your retirement savings.

Now is the time where you should begin strengthening your retirement contributions, specifically if your workplace features 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. As well as this, if you begin a new career or job, always make sure that use the same super account which will considerably decrease costs and maximise your retirement growth.

 

Live well below your means.

When you find yourself having more financial responsibilities, you should assess your budget and make sure you’re living well below your means. The key to boosting your wealth is to expand the gap between what you earn and what you spend. You’ll quite likely need to cut down some expenses such as eating in restaurants or cable TV subscriptions, but the more money you save, the quicker you’ll achieve your financial objectives. It’s also advisable to look at percentage of income saved instead of dollar amounts, as this makes it much easier to ascertain which expenses can be reduced to ensure you’re always saving more than you earn.

 

Seek financial help sooner rather than later.

If you’re finding it difficult to meet mortgage repayments on time or you’re falling deeper into debt, seek financial assistance immediately. Usually, the sooner you do something about it, the more options 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 turmoil, so if you require any financial aid, get in touch with Bankruptcy Experts Rockingham on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsrockingham.com.au