Financial planning 101: How to prioritise your finances in your 30s

Julie Brownlee, Fsp Invest, 14 Jul. 2015

Tags: financial planning, financial planning in your 30s, personal finance, finance tips 30s,

For many of us, your 20s is when you start working full-time after leaving education. You may buy a house, get married and start a family.

When you reach your 30s, if you haven’t already given any thought to financial planning, it’s time to start.

So what should you focus on?

Read on to find out…

Financial planning tip #1: Retirement savings

If you haven’t already, you must start contributing to retirement savings in your 30s. This is a financial planning must.

Leave it any later than this and you’re really going to struggle to build up the amount you need.

The earlier you start saving for retirement, the better.

You should aim to “put away a minimum of 15% of your salary each month into a retirement fund,” Money Shop explains.

Financial planning tip #2: Advance up the career ladder

Once you reach your 30s, you’ve been working for around a decade and it’s time to push for more. Your choices are:

  • Working towards promotion in your current job;
  • Looking for opportunities elsewhere; or
  • Starting your own business.

You need to use the experience you’ve build up so far to increase your earnings.

Financial planning tip #3: Clear your debt

Paying off debt stops you being able to put your money to work in other ways. So you need to clear your debts as quickly as possible.

Clear “student loans, credit card debt or a car loan” as quickly as you can, says Daily Finance. Prioritise putting your money into your debts. You’ll save yourself money in interest too.

Financial planning tip #4: Make sure you have adequate insurance

If you have children, other dependents or a partner or spouse, make sure you have life insurance. This means that should the worst happen to you, you won’t leave them in financial chaos.

This is essential financial planning if you have a house you’re paying off.

Financial planning tip #5: Write a will

By the time you reach your 30s, you will likely have started to build some assets up, including your home.

Make sure you write a will detailing all your wishes.

So there you have it. How to prioritise your finances in your 30s.

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