Personal Finance Goals for the 30s

Personal Finance Goals for the 30s
0 comments, 22/06/2016, by , in Personal Finance

We were supposed to figure everything out by time we reach 30 – have a stable job or business, have savings in the bank, and so on. But let us get real, life is a bit challenging, especially when it comes to finances,  for the 30 something.

If you are feeling confused and overwhelmed about money and doesn’t know where to start, here are some personal finance goals that will help you make it through the next decade of your life.

Have at least six months worth of income in your emergency fund.

Sickness, job layoff, and other unforeseen expenses can derail your finances. Protect yourself from such by saving six months of your income in your emergency fund. This will provide you enough financial cushions in the face of unforeseen expenses. If you’re supporting a wife and children, the emergency savings will ensure

that you can continue to provide for your family while you are looking for a new job.

Pay off all non-mortgage debt.

Credit cards, student loans, and the like should be out of your concern in this stage of your life. So, if you still have some balances left, pay them off as fast as you can. Cut down your expenses with frugal living and earning extra money.

Increase your retirement savings.

While retirement may still be three decades away, now is really the best time to build your nest egg if you are looking forward to a comfortable retirement. As soon as you paid off your debt, start funneling more money to your retirement account. Increase your contributions by 10 to 15 percent. Also, consider stock market investment.

Consider life insurance.

It is hard to think about things like death when you’re still in your 30s, alive and kicking. But let’s face it, anything could happen. Investing in life insurance ensures that your family can still live comfortably when you are no longer around to provide for them.

Life at 30 can be a bit challenging, but having a goal can surely help. So, feel free to refine the above suggestions to fit your personal circumstances.

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