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Coming of Age Comfortably: Financial Smarts for the 30-Something Crowd
It’s never too soon to start planning your financial future. Even if you are still in your thirties, you could be well on your way to financial security if you start planning now.
There are many things you can start doing right now that will help to secure your financial future, and here are some ideas for how to get started.
Start Saving
If you haven’t already done so, start saving as much as you can. People often have a bit more money in their thirties as their careers progress, so use this money wisely.
You might have a goal to save up for, such as a deposit on a house. Or you might just want to save extra money for a rainy day. Just make sure you get into the habit of saving regularly.
Pay Off Your Debts
If you have debts, perhaps from your student days, now is the time to pay them off. Ideally, you want to reach your forties with fewer debts so you can focus on building your nest egg rather than paying off past bills.
Adapt to Big Life Changes
The thirties is a decade where lots of big life changes may occur. You might get married or have children, for example, and this will have a big effect on your budget. How you react to these life changes is crucial.
For example, you might have to change your spending habits considerably. You might need to divert money from going out socializing to paying for baby supplies and extra food, so make sure you are flexible enough to reallocate your spending.
Borrow for Important Purchases
Don’t be afraid to borrow when you need to, but just make sure you do it sensibly. If you have an important purchase that you want to buy that will help you, but you don’t have the money available, then a loan can be very useful.
Make sure you check all of your options and compare the products available. These days you can search for personal loans online to compare different loans until you find one that is suitable for you.
Buy a Property if You Can
Now is also a great time to buy a property if you can afford it. A home is one of the best investments you can make for your future because rather than paying rent, you will be paying for your own property, which is also likely to increase in value over the years, so it’s a solid investment for the future.
Save for Retirement
Attempt to save a proportion of your earnings for retirement. Use your 401(k) to make up some of it, then add in more on your own. When you get a raise, increase the amount that you pay into it. When you are given a gift, or you come into any kind of money, consider saving it for the future, and increase your retirement savings.
Start Investing
Investing can be one of the best ways to build up wealth over a long period of time, and it does not have to be risky. In fact, if you choose your investments wisely and make sure you diversify, you can start increasing your wealth immediately.
Get advice from experts and find out what you can do to invest your money and make it go further, and don’t jump in at the deep end without any experience. Then start investing small amounts until you have a better idea about what you are doing.
Buy Life Insurance
If you have any dependents, life insurance can be a good investment. While you’re not investing in your own future, you are giving your family security should anything happen to you. There are many life insurance products available, so compare the different products and choose one that looks right for you.
Learn More About Money
One of the best things you can do in your thirties is to learn as much about money and finances as you can. Find out what you can from financial experts, talk to a financial planner, and read books about money.
Learn everything you can so that you can increase your knowledge over the years and improve your finances as you get older.
Start Planning for Your Future
Thirty-something may seem young, but it is the perfect time to start planning for a more financially secure future. There are many simple steps that you can take now to help secure your financial future and improve your chances of enjoying a comfortable retirement.
So start looking into your options and make any changes you need to in your lifestyle to start building towards a secure financial future.
Sienna Morris works as a personal finance consultant. She also enjoys sharing her tips on finances and posts on a variety of family blogs and money related blogs.
