3 Finance Tips For People In Their 30s
Whether you have always been bad with money and have decided that your 30s are as good a time as any to get better at it or you simply didn’t make enough money in your 20s to really consider taking any smart financial advice, it’s never too late to start taking control of your finances. Many people don’t really feel like they have fully reached adulthood until their 30s, so this is when they begin thinking about trying to be better with financial stuff. If you would like to join in or just need some simple advice, here are 3 finance tips for people in their 30s.
Start Saving More Aggressively
In your 20s, 30s, or even. 40s, retiring one day may not even be on your radar because it feels so far away. But the truth is, you need to start saving for retirement as soon as possible. The amount you will need to survive after you are no longer working will be pretty substantial, plus you need to be prepared for inflation and any emergency costs that may come up.
Start saving as aggressively as possible, as early as possible, and you will be much better off in the long run. Your 30s are a great place to start because you are likely finally in a position where you have money to save.
Combine Finances With Your Spouse
If you are married or plan to get married soon, combining finances with your spouse can be a good idea for many reasons. Not only will it look better on paper for things such as taxes, buying a house, etc. but it also makes it easier for you to understand what you can and can’t afford, and what your spending habits look like. When you have all of your money in one place, it takes the hassle out of planning and budgeting.
Of course, you’ll need to discuss this with your spouse first and make sure they are on board with it. But if you have a happy marriage and both have separate incomes that you contribute to your life together, combining all of your finances may help you out a lot.
Think About Your Children’s Future
If you have children or are considering having them at any point, you will need to factor this in when trying to manage your finances. Unfortunately, kids can be expensive, and for many that doesn’t end just because they have reached 18 and moved out. If you want to pay for your children to go to college, you should have a separate savings account set up just for that – and don’t forget to keep adding to it, because tuition is expensive!
Just because you are in your 30s now definitely doesn’t mean you have it all figured out, especially not when it comes to finances! Hopefully these tips help you out.