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Financial Planning in Your Thirty’s

Financial Planning

Now that you have left your twenties behind and enter into a new phase of life in your thirty’s, the level of responsibility changes and that requires you to make a lot more important decisions for your life.

Planning your finances in your thirty’s, needs to be more strategic so that you can orchestrate plans for a financially happy life!

Read these five tips that can help 30-somethings in their financial goals and planning:

1. Try to advance in your career.
When you were in your twenties, your career was fresh and you were all about learning and improving on your specific skill set. Now that you are older, you can begin to further expand your talents and look for more challenging opportunities that might arise in the workplace. There are, of course, instances where you might still find yourself in a junior position- that is no problem.

This should not deter your career prospects. If you feel that you need to improve yourself with more educational credits, you are still young, go ahead and do it. If it means that you will gain a greater advancement in your career, it will be worth your time and effort.

2. Make Plans For Your Big Dreams.
You may have thought about starting a business or buying a house and to have those things you need a good amount of saved up money. Take control of your finances and set specific targets for when you want to reach your goals.

By having a healthy, disciplined, and straightforward financial plan you will set a steady route to fulfilling your dreams.

3. Plan for a New Home and Potential Family.
During your single days or when you were just dating, life was so much simpler and delightfully selfish. Now that you may have found your ideal partner, and are looking into a long-term relationship or marriage, a whole new set of responsibilities arise and you need to find ways to accommodate them.

Think about all the essential expenses and those that are not. Start to think of home loans and the cost of having a baby. Budgeting for eventual financial success for your family takes time and a great deal of thought.

4. Be prepared for the unexpected.
Life is always going to surprise you. Whether joyous or tragic, if it requires money and you should be prepared for anything. This is when your emergency fund will come in handy. If you have not started to save for an emergency fund, now is your time to start doing it! If you have a family or are planning to start one, making sure that you have medical aid and any other life policies for you and your loved ones needs to be in the forefront of you financial decisions.

You should also try to be as honest with your partner about your financial status. Tell them about your debts, accounts and insurance policies that you may have.

5. Start To Look Into Some Serious Investment Plans.
You have been a responsible young woman and had begun to save small amounts of your money in your twenties. Now is the time you get in touch with trusted financial professionals and begin to spruce your investment portfolio or start to invest in one if you have not already. Try to have a diverse range of investments and look for plans with the best returns. Good investment plans are not going to give you instantaneous returns, so you need to be smart about what you choose and be patient with them.

There you have it, 5 tips that will surely help you in effective financial planning in your 30’s.

Busi Nhlapo

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