They say your 30s are the best years of your life. You finally know who you are, you actually have money to spend and—as a woman—you apparently reach your sexual peak. It’s a time filled with new excitements and challenges, and a whole lot of change.
At least, that’s what I’ve been told. I’m still comfortably in the previous decade, picturing my life at that age. I imagine I’ll have a mortgage and maybe even a kid, but I imagine I’ll have my sh*t together. By 30, I’ll be a full-blown adult.
If this sounds like you, you probably set yourself up well in your 20s. If not, don’t panic. We sat down with Financial Literacy Educator, Michelle House, to find out what to do next. Here’s what she had to say.
Financial Tips For Your 30s…
1Create financial independence.
“This is especially important for women who may be out of the workforce due to pregnancy and family commitments. Have money put aside to spend on yourself.”
2Don’t neglect your super.
“As mentioned in research, super is real money and yet $1,428 million is the total value of lost super belonging to Aussies aged 25-35. Understand how super works and consider a salary sacrifice. This is especially important for women who may be out of the work force for 10 years and not earning super like their male counterparts.”
“As responsibilities in your 30s increase, you’ll want to ask questions and get a better understanding of your financial affairs. This should include understanding how home loans work, what happens if you can’t make mortgage payments, whether your super fund is offering the best value, whether you need income protection, and so on.”
4Create an emergency fund.
“1 in 3 Australians have funds saved for financial surprises i.e. illness, redundancy…etc. Saving for a rainy day will take away the anxiety and stress of unexpected events. This is especially important as your financial commitments increase and monthly expenses like your mortgage and childcare are not optional.”
5Create a back-up plan.
“Between 20-80, there will be about 3-4 events that could affect you financially such as losing a parent, losing your job, having a business fail or sickness. Have a ‘peace of mind’ account (separate from your emergency fund) that will give you enough to live for three months to take the added stress away.”