3 Financial Changes Everyone In Their 30s Should Be Making

3 Financial Changes Everyone In Their 30s Should Be Making

If you’re in your 30s and have yet to really take your financial life seriously, there are a few things that you should be doing in order to make sure that you’re at a good financial spot now and for the future. So if you’re ready to take this next step and begin leveling up your finances, here are three financial changes everyone in their 30s should be making. 

Commit To Building Your Credit Score

For many people in their 20s, the idea of being able to get something on credit is very enticing. However, once it becomes apparent that the money needs to be paid back and that interest will start accumulating rapidly, buying on credit can lose its appeal. But before many younger people get to this point, they’ve already racked up quite a bit of debt. So if you’re someone who didn’t take your debt and your credit seriously before, now is the time to do something about it.

To help ensure that you have high enough credit scores to get the bigger things that you want out of life, like a new car or to buy a home, you’re going to want to start working to build your credit score as high as you can. To do this, you need to stop taking out additional lines of credit, pay more than your minimum balance, and make sure that every payment you make is always on time. 

Take Your Emergency Fund To The Next Level

While everyone knows that they should have some money in savings in case an emergency situation arises, not everyone realizes that this number needs to continue to go up as your expenses go up. So now that you’re in your 30s and you have more responsibilities with your money than you did in your 20s, your emergency fund likely needs to grow, too. 

To know how much money you should have in your emergency fund, think about what your living expenses are for three to six months. And if you don’t have that much liquid cash in your savings at the moment, start working to build that up now. 

Get Serious About Retirement Savings

Along with your emergency savings, your 30s is when you should start getting serious about your retirement savings as well. So if you’re not already contributing to a retirement plan, put things in place to begin doing this as soon as you’re able.

In your 20s, many people feel like they have all the time in the world to start contributing to retirement. But once you get into your 30s, you realize that this time will come sooner than you think, and if you don’t start investing now, you could quickly fall behind. Life is always more enjoyable when we live in the moment-to focus on today rather than plan for the future. That’s not a good strategy when it comes to preparing for our older years.

You’ll have to think ahead and prepare for every phase of your life. You may want to travel the world after retirement, or you may choose to live in a retirement community or supported living facility in your later years when you need help on a daily basis. It is common for people who value maintaining their independence and doing things that are important to them to hire professional Senior Home Care services. Whatever you plan to do, you should be able to afford it.

If you’re ready to make some changes to your financial life now that you’re in your 30s, consider using the tips mentioned above to help you get started.  

David Robertson