There’s no doubt that reaching your 30’s is a huge milestone for us all. Although some of us may have embarked on a new career, bought a house, or even started a family, this decade of our lives has a major financial impact for the years to come. For most people, our financial commitments 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 need to grow and seriously think about our financial position. We have to prioritise commitments, like our kid’s education and retirement account, and take the most suitable steps to obtain a promising financial future for you and your family. Life can definitely get more complex in your 30’s, however by targeting a number of vital aspects of your finances, your money doesn’t have to be nearly as complicated.

By making minor lifestyle adjustments, you can considerably bolster your financial circumstance now and in the decades to come, so here are some personal financial goals that everyone in their 30’s should think about.

Extend your emergency fund

Hopefully you created an emergency fund in 20’s, saving enough money for a few months’ worth of expenses. This is a great goal to obtain in your 20’s, but earning more money and having increased financial responsibilities in your 30’s indicates that your emergency fund becomes considerably more important. Financial advisors advise that people in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Always remember, moving back in with your parents is much more difficult in your 30’s, particularly if you’re a parent yourself.

Assess your insurance coverage

Often, people’s circumstances change dramatically in their 30’s. You may have purchased your first house, a new vehicle, or have started a family, so it’s necessary that you review your insurance plans so they’re up-to-date. It’s additionally a smart idea to take a look at income protection and life insurance along with your current insurance policies. Even when your personal situation hasn’t changed in your 30’s, you should still evaluate your insurance coverage several times a year to make sure that you’re receiving the best rates and premiums.

Increase your retirement savings.

Now is the time where you should start strengthening your retirement contributions, particularly 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, consider using the additional income towards your retirement savings. Along with 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 responsibilities, you should inspect your budget and make sure you’re living well below your means. The key to boosting your wealth is to expand the gap between what you earn and what you spend. You’ll likely have to curb some expenses like eating in restaurants or cable TV subscriptions, but the more money you save, the faster you’ll accomplish your financial goals. It’s also recommended to look at percentage of income saved in lieu of dollar amounts, as this makes it a lot easier to establish 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 slipping deeper into debt, seek financial assistance as soon as possible. Frequently, the sooner you do something about it, the more choices will be available to you. Lots of folks suffer financially for 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 trouble, so if you need any financial help, talk to Bankruptcy Experts Townsville on 1300 795 575, or visit our website for more information: Bankruptcy Townsville