5 Financial Planning tips for 30-somethings!

In my opinion, you can never start planning your finances too early! 

But for me, as you enter your 30’s it is time to start getting serious about it.  Here are 5 simple tips that you can use to start your ‘serious’ financial, and future, planning: 

1. Set Clear Financial Goals: 

  • Define your short-term and long-term financial goals, such as buying a house, saving for your children’s education, or planning for retirement; 
  • Prioritise your goals based on their importance and timeline and create a budget that aligns with these objectives. 

2. Build an Emergency Fund: 

  • Aim to have at least 3 to 6 months’ worth of living expenses saved in an easily accessible, low-risk account; 
  • An emergency fund provides a safety net in case of unexpected expenses like medical bills, car repairs, or job loss. 

3. Invest for the Future: 

  • Begin or continue investing for your long-term financial goals, such as retirement; 
  • Diversify your investment portfolio to manage risk. Consider a mix of stocks, bonds, and other assets that align with your risk tolerance and time horizon; 
  • Don’t ignore your superannuation:  Check the investment strategy is right, that you are making the best use of available tax effective contributions and that you don’t have a number of different accounts.. 

4. Reduce Debt: 

  • Prioritize paying off high-interest debts, such as credit card balances and personal loans; 
  • Avoid accumulating more high-interest debt and consider consolidating or refinancing existing debt to lower interest rates if possible. 

5. Review and Update Insurance: 

  • Ensure you have appropriate insurance coverage, including health, life, disability, and property insurance; 
  • Review your coverage periodically to make sure it aligns with your current needs and circumstances. 
Director | Certified Financial Planner ® | Grad Dip FP

You might also be interested in…

Whilst there is often no single cause for market volatility, there are some conditions that can lead to it. In recent times, we have seen concerns about when interest rates and inflation, the perception of a housing market bubble, and instability in global affairs affect the ability of investors to obtain a reliable picture of the future. While these kinds of stories are not new and may not have triggered the recent stock market fall, they are some of the forces at play in the current market turmoil.
The type of concession card you may be eligible for is based on your age and circumstances. A Pensioner Concession Card (PCC) is issued to pensioners, a Low Income Health Care Card (LIHCC), is issued to someone on lower income, regardless of their age, and a Commonwealth Seniors health Card (CSHC), is available to someone who is above age pension age and doesn’t qualify for any social security payment.