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10 Tips For Financial Success in Your 30s

By Solid Serenity Legal Solutions


1. Advance Your Career

While you spent your 20s honing skills that could contribute to your career, your 30s should be about sharpening your focus and deciding what that career will be and then working on advancing in your career. If you haven’t already, make a career choice and stick to it.

2. Rethink Your Budget

Your salary, your needs, your wants, and your dreams will all likely look different in your 30s than they did in your 20s. Make sure your budget reflects the changes in your life and manage and rethink your budget at least once each year.

3. Adjust Your Insurance Coverage

Whether it’s a new car, moving from a renter to a homeowner, or just to make sure you have the best rates you can get, making sure you have the best insurance for your situation is an easy way to keep your finances healthy. Check with your trusted insurance agents to see if you can get better deals.

4. Pay Off Non-Mortgage Debt

Successfully paying off your debts in your 30s will allow you to focus on building up your savings and retirement funds in your 40s and beyond. If you limit your monthly payments now, you can save more in the future.

5. Increase Your Emergency Fund Balance

Your goal for your emergency fund should be 3 to 6 months of living expenses saved up in case something goes wrong. As your living expenses go up , your emergency fund should increase with them.

6. Save At Least 15% of Your Income for Retirement

Experts recommend saving 15% of your income for your retirement fund starting in your 30s. If you ever truly want to retire, starting early will help you build up that nest egg for when you decide you want to stop working.

7. Diversify and Balance Your Investments

If you set a good financial foundation in your 20s, your 30s are an opportunity to take some calculated risks with your investments. You should also use your 30s as a time to find a balance to those risks by diversifying how you are investing your money.

8. Monitor And (Possibly) Improve Your Credit

Better credit will help tremendously with the bigger expenses that come in your 30s and beyond and monitoring and improving your credit score is important in putting yourself in a position to take on those expenses and give you the opportunity to take out loans when you need them. Luckily, with so many free credit checking sites, it has never been easier to stay up to date on your score. Our personal favorite is Credit Sesame.

9. Write Your Estate Plan

Once you reach your 30s, you probably have built up an estate, and possibly, a family of your own. As hard as it can be to think about, you need to consider what will happen to your money and your loved ones if you’re not here.

Meet with an estate planning attorney now to draft a plan to ensure your family will be taken care of and your goals for your assets will be met if something happens to you.

10. Focus on You

Trying to keep up with the Joneses in your 30s is both a strong temptation and a sure fire way to kill your wealth before it has a chance to grow. Living like you are rich before you are rich is the best way to ensure you will never be wealthy. Focus on what your goals are and what you and your family need to be successful in meeting those goals.

If you need help with your estate plan, call us at 405-548-5763 or email us today!