The 6 Ages of Wealth (Part 2 – In your 30s)
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This decade in your life can be known as the money trouble years - stretching every dollar. They can also be considered as the baby making years, which in itself can be stressful! You’re not sure if you are doing 'life' right and getting constant advice from anyone and everyone. There is so much to think about and time flies.
There is time off work to have kids (if you choose to have them!), add to that potential day care costs when you return to work, which can be costly and seem like you are effectively working for less. Then there's the mortgage repayments; savings; education costs; everyday things like food, petrol and utilities; the list goes on and on!
Even the prospect of buying a house can be daunting – What suburb to choose? How big a mortgage? The 30s can be an overwhelming time and requires planning. There's just so much going on in this decade - if you don’t stop to look at your life and spend some time planning – you may just wake up one day and wonder where the last 10 years went.
It’s not all doom and gloom in the 30s though. With all this responsibility comes the joy of family - the start of a potentially exciting life in the home you chose to purchase, with the person you chose to spend your life with and your children. Now is the time to start planning for the future you imagine and setting goals you can accomplish.
Here are 6 tips for your 30s:
- Do a budget – And stick to it. People hate to hear the word budget, but it doesn’t mean “miss out on things”, it just means track your money and be careful.
- Save a home deposit – If you’re renting, determine the house you want, the loan you need to get it, then work backwards. If your mortgage payment would be $650 pw and your rent is $400 you should be saving a minimum $250 per week.
- Don’t plan for kids – You’re never going to be ready, so if you want kids and you are in reasonable shape, go for it.
- Think Super – By now you may have had a few different jobs and may also have several super accounts. Review what you have and which fund is best to rollover and consolidate your other super funds into.
- Get a Will – If you’ve got kids, getting a will in place is a minimum.
- Check insurances – You really need to see a financial planner to get this sorted. Mortgage insurance? It covers the bank, not you!
Sound Life Financial Services 98411688
Source: Taken from an article written by Teresa Ooi from the magazine “The really simple guide to Money” by Big Splash media Pty Ltd
The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.
Jane Looker, Thelma Jaekel and Sound Life & Superannuation Agencies Pty Ltd t/as Sound Life Financial Services are Authorised Representatives of Synchron AFS Licence No. 243313.
