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No matter what stage of life you are at, keeping on top of your finances is extremely important. You may be a millennial, saving money for university, a new car, a new house for the family; or perhaps you are saving for retirement. Good financial advice never goes unheard, and in this blog post we endeavour to provide some best practices to those in their 30s. This age bracket is often considered to be in their working prime, and is comprised largely of homeowners and young families. The 30s is an important decade in setting up for later in life. Continue reading to find out more about what you can do to maximise your monetary capabilities during your 30s.
Your 30s is when your income really starts to take off – you’re over your first ‘entry level’ job roles and are now really starting to make your mark career and salary-wise. This is why it’s a good time to get a little more focused on your finances, if you haven’t already. Some people in their 30s are already looking into getting good solid financial advice, either from an accountant or a debt management expert like Positive Solutions Finance, which is a very good place to start if you’re concerned about the debt you’re starting to carry. Below are a few helpful financial tips for 30-somethings.

Get A Handle On Your Budget

If you haven’t already worked out a household budget for yourself, you may not know how you’re tracking regarding spending and saving. Take some time to work out your necessary expenses, making sure you include your rent, travel costs, food, insurance, and utilities. Get very clear on how much you have for non-essentials because when you look to make savings, this is the part of your cashflow with the most flexibility.

Develop Your Financial Intelligence

Now that you’ve got a decent amount of money coming in the door, you might want to make sure you know a little about good money management. You don’t have to be a spreadsheet genius, or understand all the fine print in a credit card contract, but developing your financial intelligence will serve you well throughout your working life. Start by watching the finance report online or on TV once a week; perhaps look up any terms or information you don’t understand, or ask your financial advisor if you’d like some to be explained.

Set Some Financial Goals

It’s important to have an idea of where you’re at financially; it’s even more important to be very clear on where you want to be.

Try setting some savings and/or debt reduction goals for yourself. Starting with short, medium and long-term milestones can help get you started. The more benchmarks you set yourself, the more momentum you will build on your own personal journey towards financial health.

Automate Your Life & Save

Not only do you earn more in your 30s than in your 20s, but you’re also busier. This may be as a direct result of having that little bit more disposable income to take out on the town, or it may just be that you’re just more confident about embracing your interests. Whatever the cause, make sure you automate as many of your billings as you can, so you don’t get hit with unnecessary late fees. Remember how hard you work for your money – you don’t want to give it away for nothing.

Save – Before Anything Else

Finally, look at paying yourself first. You may have heard this before but not really understood its meaning. Paying yourself first means putting aside a certain portion of your incoming money for savings and/or investment (which can include debt reduction – sometimes reducing monies owed is the best savings option on the table). You should set these monies aside before you pay for anything else including bills. Most people who do this aim to corral at least 10% of incoming money but if you’re working your way out of debt, you may need to start smaller and build up to that.

Even spending 20 minutes on your finances a week can make a difference to your financial health over the long term. Getting money smart may not mean a lot in your 30s, but it makes all the difference in the world when you’re facing the rising cost of living, a mortgage, and childcare costs.

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Then to apply, simply complete our quick online application and send us a bank statement. Or call us and one of our friendly staff members will be happy to help. You can use our cost calculator to get an estimate of your bad credit loan repayment amounts. We do our very best to help every kiwi that applies. Our motto is to:

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