Wealth Connexion outlines what you should be doing to organise finances in your 30s.
As financial planners in Brisbane, we are often asked by our younger clients what they can be doing to secure their finances in the future. If you’re in your 30s and want to start getting serious about sorting out your money, below are 6 things you should be doing to safeguard your future.
Plan out your budget
Simply put, it’s easier to save once you have specific goals set. Having clear goals relating to aspects such as how much you want to have saved by certain milestones, or whether you want to make any investments can start you on the track to a more secure future. If you struggle with budgeting, contact Wealth Connexions for a wealth creation strategy.
Invest in life insurance and income protection
Although life insurance and income protection sound serious and are not ‘fun’ ways to spend your money, they are some of the most important investments you can make. Life insurance will grant your loved ones security if you were to unfortunately pass away, and income protection will provide you with a safety net if you become unexpectedly unemployed. It’s always wise to prepare for the unexpected when it comes to your finances.
Overview your super fund
Are you getting the most out of your super fund to prepare yourself for retirement? Many people jump between super funds during their 20s, so it’s important to consolidate these sums in order to build the most interest possible over time. It’s also worth weighing up whether your current super fund is right for you. 58% of super-contributing Australians use a super fund that their employer has chosen for them – meaning that they may not be getting the most out of their current fund. For recommendations on what super fund is the most beneficial for you, contact Wealth Connexion’s financial planners in Brisbane.
Consider an investment property
As you become more financially stable, you might consider adding an investment property to your list of assets. This can be a sensible way to grant yourself a passive income, as well as capital growth if you decide to sell in the future. Try to be realistic with what you can afford in a mortgage and carefully plan how this will fit in with your current financial situation.
Start planning for retirement
It seems daunting to start thinking about your retirement in your 30s, but this is the best way to ensure a comfortable financial situation for your later years. This means creating a structured plan for how you are going to allocate your finances moving forward and how much you need to be saving. If you need help creating a plan for retirement, contact our Brisbane financial planners.
Pay your debts
You may have acquired some debt during your 20s such as HECs-HELP loans and high-interest credit cards. It’s time to pay off your debts! Once debts are paid off, you can focus more on your savings, as well as giving yourself more spending money for things you enjoy. So, in the meantime, make sure you’re prioritising those debt payments.
Wealth Connexion’s team of Brisbane-based financial planners can help you create better financial habits and provide practical solutions to help you with your future wealth creation. Contact us at 07 3891 5666 or email us at admin@wealthconnexion.com.au.
