Bankruptcy Port Macquarie
There’s no question that reaching your 30’s is a big landmark for us all. Even though some of us may have embarked on a new career, bought a house, or even started a family, this decade of our lives has an important financial impact for your future. For the majority of individuals, our financial commitments have probably grown and accommodating costs and responsibilities with saving money for the future is tougher than ever before.
Most of us have dusted off the mistakes of our 20’s and discovered a thing or two, however this decade of our lives is the time when we really should mature and genuinely look at our financial position. We have to prioritise commitments, like our children’s education and retirement account, and take the most appropriate steps to achieve a prosperous financial future for you and your loved ones. Life can surely get more complex in your 30’s, however by focusing on a couple of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle changes, you can significantly improve your financial circumstance now and in the decades ahead, so here are some personal financial goals that everyone in their 30’s should consider.
Grow your emergency fund
Hopefully you launched an emergency fund in 20’s, saving enough money for a couple of months’ worth of expenses. This is a superb goal to attain in your 20’s, but earning more money and having increased financial obligations in your 30’s means that your emergency fund becomes significantly more important. Financial experts advise that individuals in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Bear in mind, moving back in with your parents is far more difficult in your 30’s, especially if you’re a parent yourself.
Assess your insurance plans
Normally, people’s circumstances change dramatically in their 30’s. You may have purchased your first home, a new car, or have started a family, so it’s important that you assess your insurance plans so they’re up-to-date. It’s additionally a wise 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 nonetheless assess your insurance policies a couple of times a year to make sure that you’re receiving the best rates and premiums.
Build your retirement savings.
Now is the time where you should begin increasing your retirement contributions, particularly if your workplace features a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay rise, look into using the supplementary income towards your retirement savings. In addition to this, if you start a new job or career, always see to it that use the same super account which will considerably decrease costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial responsibilities, you should evaluate 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 probably need to reduce some expenses like eating out or cable TV 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 find 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 tough to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Normally, the sooner you take action, the more options will be available to you. Lots of 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 turmoil, so if you require any financial support, get in touch with Bankruptcy Experts Port Macquarie on 1300 795 575, or visit our website for more information: www.bankruptcyexpertsportmacquarie.com.au