|March 30, 2018||Comments Closed|
There’s no question that reaching your 30’s is a big milestone for everybody. Whilst some of us may have started a family, bought a house, or even started a new career, this decade of our lives has a critical financial impact for your future. For the majority of folks, our financial commitments have likely grown and juggling costs 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 learned a thing or two, however this decade of our lives is the time when we really should grow and seriously look into our financial circumstances. We need to prioritise commitments, such as our kid’s education and retirement account, and take the most suitable steps to obtain a bright financial future for you and your loved ones. Life can certainly get more complicated in your 30’s, however by prioritising a few crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making minor lifestyle alterations, you can noticeably strengthen your financial circumstance now and in the decades to come, so here are some personal financial goals that everybody in their 30’s should think about.
Broaden your emergency fund
Hopefully you created an emergency fund in 20’s, saving enough funds for a couple of months’ worth of expenses. This is a great goal to obtain in your 20’s, but earning more money and having increased financial obligations in your 30’s signifies that your emergency fund becomes considerably more important. Financial experts strongly recommend that people in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Bear in mind, moving back in with your parents is much more difficult in your 30’s, particularly if you’re a parent yourself.
Evaluate your insurance plans
Usually, people’s circumstances change dramatically in their 30’s. You may have bought a new house, a new vehicle, or have started a family, so it’s imperative that you evaluate 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 in conjunction with your current insurance coverage. Even when your personal circumstances haven’t changed in your 30’s, you should still examine your insurance coverage a couple of times a year to make sure that you’re getting the best rates and premiums.
Boost your retirement savings.
Now is the time where you should start increasing your retirement contributions, especially if your workplace offers a salary sacrifice plan. Making voluntary super contributions is an excellent way to grow your nest egg, so if you receive a pay rise, look at using the extra income towards your retirement savings. In addition to this, if you start a new job or career, always make sure 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 review your budget and make sure you’re living well below your means. The key to improving your wealth is to expand the gap between what you earn and what you spend. You’ll quite likely need to trim some expenses such as eating out 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 rather than dollar amounts, as this makes it a lot easier to figure 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 plunging deeper into debt, seek financial assistance immediately. Generally, the sooner you do something about it, the more possibilities will be available to you. Many people 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 possibilities available for those in financial distress, so if you need any financial aid, reach out to Bankruptcy Gosford on 1300 818 575, or visit our website for more information: https://www.bankruptcy-gosford.com.au/