Are you financially ready to take on your 30's? This phase is one of the most crucial times in your life, financially speaking. Your responsibilities may be changing, whether you are buying a new house, starting a family, or embarking on a new career path.
Whatever your 30's hold for you, the way you handle this change in life can very well determine what your finances will look like for the rest of your life.
If you are looking for ways to take control of your finances now, Your Future Strategy suggest a list of practical ideas which may inspire you to take charge now so that you can rest easy later.
• Advance your Career:
It is very important for you to develop a marketable skill in your early twenties, which in turn gives you an opportunity to increase your earnings in the future. Take some time to research potential career paths within your organization, or if you are looking for a change, ensure any potential new employers can offer you the pathway you want. If you want to advance your career, always try to have an open communication with your boss regarding your goals, and don't forget to continue building your network – opportunities won't always come from within your current employer. It is also important to remember that no matter what your experience level, you can always learn. Online courses or advanced degrees can only enhance your career opportunities.
• Protect your Finances:
Emergencies like an unexpected drop in income, loss of employment or illness can occur at any point in time and seriously affect your ability to meet current or future expenses. Having an emergency fund and appropriate insurance cover is essential to true financial security and may help to safeguard your financial interests efficiently. Building a backup fund isn't always easy, but the benefits far outweigh the short-term pain. Similarly, choose an income protection cover that suits your needs. In the event of illness or injury, you want to know that your family's financial needs can be met even if you can't work for a period.
• Focus on the Long Term:
As your income stabilises in your thirties and you have financial protections in place, it's time to prioritize your medium-long term goals. We strongly recommend writing down a financial plan and sticking to it. This may involve some honest self-reflection when going through your bank statements and deciding what expenses you can cut from your life, but this is exactly how you can find room in your budget to start putting towards your future. What that looks like will be different for everybody – you may be saving for your own home, for a rental property, or wanting to start a more structured investment portfolio.
Whatever plans you have in mind, make sure you can dedicate at least a portion of your income towards your future goals. Just like your emergency fund takes care of the unexpected, now is the time to put more effort into the expected – your own financially secure future.
• Live Life while Saving
Set a goal today to make the most of life in your 30's. Many people think financial planning is all about putting all of your money aside for retirement, but this couldn't be further from the truth. Good financial planning takes into account your future goals but also ensures you can live life the way you want to in the here and now. Often it isn't even a matter of working harder or finding more money, it is simply a matter of using your money more effectively. Many people find when they take a serious look at where their weekly wages are going, small sacrifices or smarter spending can free up money they never thought possible. It can sometimes feel like an impossible task to find extra money for saving or planning, but we can assure you it can be done.
If you want more information on how your financial planning can help you take care of your current needs while keeping a watchful eye on your long-term goals, our financial advisers in Brisbane, Gold Coast and Sunshine Coast, Your Future Strategy team, can help you develop a financial strategy to take the stress out of managing your money.
Whatever your 30's hold for you, the way you handle this change in life can very well determine what your finances will look like for the rest of your life.
If you are looking for ways to take control of your finances now, Your Future Strategy suggest a list of practical ideas which may inspire you to take charge now so that you can rest easy later.
• Advance your Career:
It is very important for you to develop a marketable skill in your early twenties, which in turn gives you an opportunity to increase your earnings in the future. Take some time to research potential career paths within your organization, or if you are looking for a change, ensure any potential new employers can offer you the pathway you want. If you want to advance your career, always try to have an open communication with your boss regarding your goals, and don't forget to continue building your network – opportunities won't always come from within your current employer. It is also important to remember that no matter what your experience level, you can always learn. Online courses or advanced degrees can only enhance your career opportunities.
• Protect your Finances:
Emergencies like an unexpected drop in income, loss of employment or illness can occur at any point in time and seriously affect your ability to meet current or future expenses. Having an emergency fund and appropriate insurance cover is essential to true financial security and may help to safeguard your financial interests efficiently. Building a backup fund isn't always easy, but the benefits far outweigh the short-term pain. Similarly, choose an income protection cover that suits your needs. In the event of illness or injury, you want to know that your family's financial needs can be met even if you can't work for a period.
• Focus on the Long Term:
As your income stabilises in your thirties and you have financial protections in place, it's time to prioritize your medium-long term goals. We strongly recommend writing down a financial plan and sticking to it. This may involve some honest self-reflection when going through your bank statements and deciding what expenses you can cut from your life, but this is exactly how you can find room in your budget to start putting towards your future. What that looks like will be different for everybody – you may be saving for your own home, for a rental property, or wanting to start a more structured investment portfolio.
Whatever plans you have in mind, make sure you can dedicate at least a portion of your income towards your future goals. Just like your emergency fund takes care of the unexpected, now is the time to put more effort into the expected – your own financially secure future.
• Live Life while Saving
Set a goal today to make the most of life in your 30's. Many people think financial planning is all about putting all of your money aside for retirement, but this couldn't be further from the truth. Good financial planning takes into account your future goals but also ensures you can live life the way you want to in the here and now. Often it isn't even a matter of working harder or finding more money, it is simply a matter of using your money more effectively. Many people find when they take a serious look at where their weekly wages are going, small sacrifices or smarter spending can free up money they never thought possible. It can sometimes feel like an impossible task to find extra money for saving or planning, but we can assure you it can be done.
If you want more information on how your financial planning can help you take care of your current needs while keeping a watchful eye on your long-term goals, our financial advisers in Brisbane, Gold Coast and Sunshine Coast, Your Future Strategy team, can help you develop a financial strategy to take the stress out of managing your money.
