For each decade of your life it is important to work out a series of personal finance goals for which you will be working towards achieving as life rolls on. Your 30s will be an interesting time for you financially as you will no doubt be in a far stronger position than you were during your 20s and also you will have turned your attention far more towards the future than in your younger and potentially more reckless years.
Let’s take a look then at what kind of personal finance goals you should be looking at if you are entering your 30s.
Debt Freedom
One of the key plans which you need to make for your personal finances throughout your 30s is to be completely free from debt with the exception of your mortgage. Any credit cards should be paid off in full at the end of the month and aside from this you should really be trying to ensure that you have absolutely no additional debts by way of personal loans or car finance. It is irrelevant trying to save anything whilst you still have debts.
Mortgage Negotiations
Whatever mortgage you took out when you initially bought your property, you should be working on getting yourself a better deal as you get into your 30s. As you pay off your debts, you can up your payments on the mortgage and seek to gain yourself a far better interest rate.
Savings Pile
Savings are tough in your 20s but as you reach your 30s you should have a far healthier salary and more financial stability than you did in the past. It is important therefore that you use these additional finances wisely and look to bump up your savings pile.
Retirement Plan
Nobody thinks about retirement when they are young but once you enter your 30s you will begin to think far more about the future. In this regard it should be one of your goals to initiate a retirement plan where you will pay a small amount each month so that you will be looked after upon retirement.
Controlled Spending
The key to all financial prosperity is controlled spending and one goal that you should most definitely have is to ensure that you are spending sensibly and not wasting your money month on month.
Life Insurance Investing
Nobody wants to think about what will happen when they die but a responsible person will make some kind of plans for this eventuality and look to set up a life insurance plan. A life insurance policy will ensure that your family are looked after financially in the event of your death.
Children’s Plans
If you have children or you are planning on having kids then your 30s are when you should start to put money to one side for the kids and their college funds. Starting now will mean that by the time your children need the money, there will be plenty in the pot for them.
Remember that your 30s are a great time to really start investing in your future and doing so now will make life very comfortable for you moving forward.