Here, we look at how people in their 30s can afford some of life’s biggest expenses and cement their financial future. Thirty-year-olds must keep expectations realistic. Life’s busy for people in their 30s with statistics showing many Australians buy a house and start a family in their thirties.
According to the Australian Bureau of Statistics, In Australia today, the average first homebuyer is about 33 years, and the average age for new mums is 30 years and new dads 33 years. So how can 30-somethings be in the best position to afford these big expenses while ensuring that they are building their retirement savings?
People in their 30s spend many years saving in a unit or shared house or their parents’ house. Being financially ambitious is not always a bad quality but you have to keep your head out of the clouds. Many people forget that their parents may have taken decades to live in a nice and fashionable furnished home or been in a position to purchase an investment property.
As your family expands, it’s important to organise a budget and to be able to abide by it. This is particularly essential for those who have lived it up in their 20s. Today is a great day to implement a good savings habit and get your finances in order so your future is bright.
A simple and clear plan with discipline and some flexibility along the way will see you achieve.
Stay on top of your Situation
It’s important to have a clear picture of your financial situation. The first step is just to know what you own and what you owe. From there it’s great if you can know what income is coming in, and what’s going out in expenses. If you know these basic items you’re a long way down the road of finishing work one day in really good financial shape.
“But if you’ve lost touch with where you are financially it’s a lot easier to avoid any problem areas and delay making a change – and that won’t help you in the long run.”
Protect your lifestyle
Life and income insurance are considered as a luxury by many and too expensive by others but if the unforeseen should occur it can help your family get back on track.
It is a morbid thought, but all your plans to own your home, put kids through school, travel abroad, retire comfortably are based on earning an income from work or business for a fairly long time into the future
In your 30s, you have so much of your working lives in front of you and if that’s taken away by ill health or an accident, there needs to be a backup plan to make sure you’re still financially secure to protect your goals.
Build your financial knowledge by talking to professionals, reading books and sourcing information online. Talk to us about our financial advice, mortgage broker, and insurance services. If you’re not sure that ok as we are happy to refer to other professionals if required.