|March 30, 2018||Comments Closed|
There’s no doubt that hitting your 30’s is a huge milestone for us all. While some of us may have started a family, bought a house, or even started a new career, this decade of our life has a notable financial impact for the coming years. For most folks, our financial obligations have likely grown and juggling expenses and responsibilities with saving money for the future is tougher than ever.
The majority 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 at our financial position. We have to prioritise commitments, such as our kid’s education and retirement balance, and take the most suitable steps to procure a promising financial future for you and your family. Life can surely get more complex 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 minor lifestyle adjustments, you can significantly 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 contemplate.
Expand your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough funds for a few months’ worth of costs. This is a terrific goal to reach in your 20’s, but making more money and having increased financial duties in your 30’s means that your emergency fund becomes significantly more important. Finance specialists recommend that people in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Keep in mind, moving back in with your parents is much more difficult in your 30’s, especially if you’re a parent yourself.
Examine your insurance plans
Commonly, people’s circumstances change dramatically in their 30’s. You may have bought your first house, a new vehicle, or have started a family, so it’s 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 along with your current insurance policies. Even if your personal situation hasn’t changed in your 30’s, you should nonetheless evaluate your insurance policies a few times a year to make sure that you’re getting the best rates and premiums.
Increase your retirement savings.
Now is the time where you should begin boosting your retirement contributions, especially if your employer features a salary sacrifice plan. Making voluntary super contributions is a great way to grow your nest egg, so if you receive a pay increase, contemplate using the additional income towards your retirement savings. Alongside this, if you start a new job or career, always ensure 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 commitments, you should examine your budget and make sure you’re living well below your means. The secret to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll quite likely have to cut down some expenses such as eating out or cable television 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 as opposed to dollar amounts, as this makes it a lot easier to determine 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 hard to make mortgage repayments on time or you’re slipping deeper into debt, seek financial assistance as soon as possible. Commonly, the sooner you act, the more choices will be available to you. Many individuals suffer financially for many 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 turmoil, so if you need any financial assistance, speak to Bankruptcy Shepparton on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-shepparton.com.au/