|March 30, 2018||Comments Closed|
There’s no doubt that reaching your 30’s is a significant landmark for all of us. Even though some of us may have embarked on a new career, bought a house, or even started a family, this decade of our life has a notable financial impact for the coming years. For the majority of people, our financial responsibilities have perhaps grown and juggling bills and responsibilities with saving money for the future is more challenging 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 have to mature and genuinely look at our financial position. We have to prioritise commitments, such as our children’s education and retirement account, and take the most appropriate steps to procure a prosperous financial future for you and your family. Life can undoubtedly get more complicated in your 30’s, however by targeting a number of key aspects of your finances, your money doesn’t have to be nearly as complicated.
By making small lifestyle changes, you can considerably improve your financial situation now and in the years to follow, so here are some personal financial goals that everybody in their 30’s should look at.
Expand your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough money for a couple of months’ worth of expenses. This is a fantastic goal to obtain in your 20’s, but earning more money and having increased financial duties in your 30’s means that your emergency fund becomes considerably more important. Financial experts suggest that individuals 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 much more complicated in your 30’s, especially if you’re a parent yourself.
Review your insurance plans
Normally, people’s circumstances change significantly in their 30’s. You may have purchased your first home, a new vehicle, or have started a family, so it’s important that you examine your insurance plans so they’re up-to-date. It’s also a clever idea to have a look at income protection and life insurance in conjunction with your existing insurance coverage. Even when your personal circumstances haven’t changed in your 30’s, you should still assess your insurance policies a few times a year to make sure you’re getting the best rates and premiums.
Increase your retirement savings.
Now is the time where you should begin boosting your retirement contributions, specifically if your employer offers a salary sacrifice plan. Making voluntary super contributions is a terrific way to grow your nest egg, so if you receive a pay rise, contemplate using the extra income towards your retirement savings. In addition to this, if you begin a new job or career, always make certain that use the same super account which will considerably reduce costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should evaluate your budget and make sure you’re living well below your means. The secret to enhancing your wealth is to expand the gap between what you earn and what you spend. You’ll most likely need to curb some expenses such as eating out or cable TV subscriptions, but the more money you save, the quicker you’ll reach your financial objectives. It’s also recommended to look at percentage of income saved as opposed to dollar amounts, as this makes it much easier to establish 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 make mortgage repayments on time or you’re falling deeper into debt, seek financial assistance as soon as possible. Commonly, the sooner you act, 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 distress, so if you need any financial assistance, talk with Bankruptcy Whitsundays on 1300 818 575, or visit our website for more information: http://www.bankruptcy-whitsundays.com.au/