The 30s take the simplicity of the 20s and replace it with multiple moving parts. Newer, clearer goals come into place, such as when you want to retire, and planning for a family. None of this has to be complicated, but you do need an idea of where you want to arrive and a road map to get you there.
If you don’t know where to begin, start by educating yourself with the wealth of information you can find online or in various self-help financial books. You could also look at a fee-based financial planer who offers advice specific to your situation. Some of the advice they might offer could include:
- When you are in your 30s, you are still young so you are able to be more aggressive with your long-term savings.
- Make sure you are maximizing your 401(k) contributions, especially up to your employer match, which is essentially free money you would otherwise be leaving on the table.
If you find that you just can’t seem to set aside anything extra for savings, start tracking every penny that you spend for an entire month (if you aren’t already), see where your “money leaks” are, and start making some decisions as to what is truly important to you. Sometimes just a few simple adjustments can free a chunk of change to help meet your savings goals.
In summary, every age group has with it a list of things you need to do in order to be where you want to be down the road. The 30s is no exception. Be sure to be honest with yourself, make the necessary changes required to reach your goals, and keep your focus on the road map you have laid out in front of you.