Finance Goals for Your 30s That You Need to Set

In Jobs, Money
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As you approach 30, there are a number of changes that you will begin to witness in your life. Some finance goals are new while others are a continuation of those that existed in your previous years. In most cases, when you reach 30, chances are that you may get married and start bearing children. This means that more responsibilities will set in as you being to take care of your spouse and children. The issue of school fees will also come in. You will also want to buy your own house so that your family can be more comfortable.

All these things require that you plan your finances well so that you do not fall into depts. This helps to ensure that you are not overwhelmed with responsibilities. You will be able to plan accordingly to ensure financial stability. This is why we present you with 7 personal finance goals for your 30s that will enable you lead a good life free from financial stress.

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Pennies now. Millions later!

1. Set aside your 6-month income savings for emergency.

You need to come up with an emergency fund and ensure that you save some money for it in the first 6 months. This is because life is unpredictable with unforeseen incidents happening every now and then. This includes accidents, injuries, sickness, calamities and many more. These are some of the things that happen and if not well prepared, they can be disastrous. The usually involve huge financial expenses. You may therefore be caught off-guard if you only budget for your regular monthly expenses. So plan accordingly and ensure no matter how little you earn, you are saving some amount for emergency. You can also use a certain percentage of these funds to set up your dream business so as to make more money.

2. Clear your non-mortgage debt.

As you continue to clear student, you should also start thinking about settling all your non-mortgage debt. This may be quite challenging especially if you have a family that is depending on you. It will require a lot of handwork, sacrifice and dedication especially if you are the head of the family. You need to device extra means of settling your debts. You can set up a side-hustle business. Don’t just rely on your regular income. It may not cater all your needs. You will need a supplementary income by engaging in other income generating activities. With dedication, this is achievable.

3. Plan your estate in the event of death.

We are all human beings and at one point in time, we shall join our maker. However, there is no point in working so hard to make much money only for your wealth to become the source of conflict in your family when you are dead. This is a mistake that most people make thus making their children to suffer. This calls for a will or a trust. Once you have made a considerable amount of investment, make sure that you write a will with guidance from an attorney. The will should state who should receive what of your estates and the person that will take custody of your children in case you die. This will help to ensure peace in your family. Your children will also be well taken care of after you will have gone.

4. Open a retirement account and increase its saving to 15%.

It is very sad to work all the productive years of your life only to retire and you do not have anything to enable you put food on the table. You do not have to depend on your children when you can prevent such a situation in advance. Therefore, once you have completed clearing your student loans, begin to deviate some amount of money in your retirement account. Continue to do this and increase savings by 15%. If you have worked hard and you are making much money in a month, save as much as you can in your retirement account. This will help you to maintain a good life that is free from financial stress even in your golden years.

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5. Buy a term life insurance.

Remember that in your 30s, you are likely to be having a family. Your spouse and children depend on you. But because life is unpredictable, sudden death may occur. This may make life difficult for your family. To avert this, consider taking a term life insurance where you will be paying monthly premium for a given set term of 10,20, 30 years and so on. This will help to take care of your family in the event of your sudden demise.

6. Begin a 529 Plan for Your Children.

Remember that your children have a right to education. As a parent, you have a right to ensure that you plan for them accordingly especially when they reach college. By starting a 529 plan, you will be able to save a good amount of money to cater for their education when they are grownups. Junior accounts are tax free, so you can take advantage of this.

7. Consider hiring accountant.

While in your 30s, your financial expenses increase and become more diverse. For instance; mortgage, insurance, college saving plans and many more. This means that you will also pay more tax. Instead of relying on software alone, get a personal accountant to guide you so that you do not overpay taxes.

8. Clean up your Credit Score.

If you haven’t done anything to maintain your credit score, odds are it could use some help. Many people underestimate the importance of their credit scores until they try to use it. Read more on credit here. (Credit Score, Does It Control You, or Do You Control It)

To sum up, everyone who is in his/her 30s should set the above goals so as to lead a life free from financial stress.

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