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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. 
Author
Director | Certified Financial Planner ® | Grad Dip FP | Authorised Representative No. 227297

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