There’s no question that hitting your 30’s is a significant milestone for us all. Whilst 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 serious financial impact for the years to come. For the majority of individuals, our financial obligations have certainly grown and accommodating expenses and responsibilities with saving money for the future is more difficult than ever before.

Most 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 genuinely consider 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 bright financial future for you and your family. Life can undeniably get more complex in your 30’s, however by prioritising a couple of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.

By making modest lifestyle adjustments, you can greatly boost your financial situation now and in the years ahead, so here are some personal financial goals that everybody in their 30’s should take into consideration.

Extend your emergency fund

Ideally you set up an emergency fund in 20’s, saving enough money for several months’ worth of costs. This is an excellent goal to obtain in your 20’s, but making more money and having increased financial obligations in your 30’s means that your emergency fund becomes significantly more important. Finance specialists suggest that folks in their 30’s should have at least six 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, especially if you’re a parent yourself.

Review your insurance coverage

Frequently, people’s circumstances change dramatically in their 30’s. You may have bought your first home, a new vehicle, or have started a family, so it’s very important that you review your insurance policies so they’re up-to-date. It’s also a good idea to take a look at income protection and life insurance coupled with your current insurance policies. Even when your personal circumstances haven’t changed in your 30’s, you should nevertheless assess your insurance coverage a couple of times a year to make sure that you’re getting the best rates and premiums.

Grow 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, contemplate using the additional income towards your retirement savings. Along with this, if you begin a new career or job, always see to it that use the same super account which will markedly minimise costs and maximise your retirement growth.

Live well below your means.

When you find yourself having more financial commitments, you should assess your budget and make sure you’re living well below your means. The trick to enhancing your wealth is to expand the gap between what you earn and what you spend. You’ll probably need to reduce some expenses such as eating in restaurants or cable television subscriptions, but the more money you save, the quicker you’ll accomplish your financial goals. It’s also advisable to look at percentage of income saved as opposed to dollar amounts, as this makes it much easier to find out which expenses can be reduced to ensure you’re always saving more than you earn.

Seek financial help sooner rather than later.

If you’re finding it tough to meet 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 options will be available to you. Lots of people 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 choices available for those in financial difficulties, so if you require any financial aid, talk to Bankruptcy Experts Rockhampton on 1300 795 575, or visit our website for further information: Bankruptcy Rockhampton