|March 30, 2018||Comments Closed|
There’s no doubt that hitting your 30’s is a significant landmark for everyone. Whilst some of us may have bought a house, started a family, or even begun a new career, this decade of our life has a critical financial impact for the coming years. For many folks, our financial commitments have perhaps grown and juggling costs and responsibilities with saving money for the future is harder 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 have to grow and seriously look into our financial position. We need to prioritise commitments, such as our children’s education and retirement balance, and take the most suitable steps to procure a bright financial future for you and your family. Life can certainly get more complex in your 30’s, however by prioritising a few vital aspects of your finances, your money doesn’t have to be nearly as complicated.
By making small lifestyle alterations, you can greatly bolster your financial circumstance now and in the years to follow, so here are some personal financial goals that everybody in their 30’s should look at.
Broaden your emergency fund
Hopefully you started an emergency fund in 20’s, saving enough money for several months’ worth of costs. This is a great goal to attain in your 20’s, but earning more money and having increased financial obligations in your 30’s indicates that your emergency fund becomes significantly more important. Financial advisors suggest that people in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Bear in mind, moving back in with your parents is far more problematic in your 30’s, especially if you’re a parent yourself.
Evaluate your insurance policies
Typically, people’s circumstances change considerably in their 30’s. You may have purchased your first home, a new vehicle, or have started a family, so it’s very important that you evaluate your insurance policies so they’re up-to-date. It’s also a practical idea to have a look at income protection and life insurance coupled with your current insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should still assess your insurance policies a few times a year to ensure you’re getting the best rates and premiums.
Boost your retirement savings.
Now is the time where you should begin developing your retirement contributions, particularly if your employer features a salary sacrifice plan. Making voluntary super contributions is an excellent way to grow your nest egg, so if you receive a pay rise, consider using the additional income towards your retirement savings. In addition to this, if you start a new career or job, always see to it that use the same super account which will substantially reduce fees and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should assess your budget and make sure you’re living well below your means. The trick to enhancing your wealth is to increase the gap between what you earn and what you spend. You’ll likely have to decrease some expenses such as eating in restaurants or cable TV subscriptions, but the more money you save, the faster you’ll reach your financial objectives. It’s also advisable to look at percentage of income saved instead of dollar amounts, as this makes it a lot easier to establish 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 hard to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Frequently, the sooner you do something about it, the more possibilities will be available to you. Many individuals suffer financially for several 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 difficulties, so if you need any financial support, speak with Bankruptcy Wollongong on 1300 818 575, or visit our website for more information: http://www.bankruptcy-wollongong.com.au/