There’s no doubt that reaching your 30’s is a huge milestone for everyone. Even though some of us may have started a family, a new career, or perhaps bought their first home, this decade of our lives has a major financial impact for the coming years. For most people, our financial responsibilities have more than likely grown and juggling bills and responsibilities with saving money for the future is more challenging than ever before.

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 children’s education and retirement balance, and take the most suitable steps to achieve a promising financial future for you and your loved ones. Life can undoubtedly get more complicated in your 30’s, however by targeting a number of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.

By making small lifestyle changes, you can noticeably strengthen your financial situation now and in the decades to come, so here are some personal financial goals that everybody in their 30’s should take into consideration.

 

Broaden your emergency fund

Hopefully you created an emergency fund in 20’s, saving enough money for a couple of months’ worth of expenses. This is a fantastic goal to reach in your 20’s, but earning more money and having increased financial obligations in your 30’s means that your emergency fund becomes increasingly important. Financial experts recommend that folks in their 30’s should have at least six to 12 months of living expenses saved in their emergency fund. Remember, moving back in with your parents is much more problematic in your 30’s, particularly if you’re a parent yourself.

 

Evaluate your insurance policies

Generally, people’s circumstances change considerably in their 30’s. You may have purchased your first house, a new vehicle, or have started a family, so it’s essential that you examine your insurance plans so they’re up-to-date. It’s likewise a good idea to take a look at income protection and life insurance together with your existing insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should still evaluate your insurance plans a couple of times a year to be sure you’re getting the best rates and premiums.

 

Develop your retirement savings.

Now is the time where you should begin increasing your retirement contributions, specifically if your workplace offers a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay increase, look into using the extra income towards your retirement savings. As well as this, if you begin a new job or career, always ensure that use the same super account which will substantially reduce 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 secret to enhancing your wealth is to increase the gap between what you earn and what you spend. You’ll quite likely need to decrease some expenses such as eating in restaurants 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 much easier to identify 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 a challenge to make mortgage repayments on time or you’re falling deeper into debt, seek financial assistance as soon as possible. Commonly, the sooner you do something about it, the more options will be available to you. Many people suffer financially for many years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many options available for those in financial hardship, so if you need any financial aid, get in touch with Bankruptcy Experts on 1300 795 575, or visit our website for more information: www.bankruptcyexperts.com.au