Our last blog post highlighted “financial commandments” for 20-somethings to help them get on track for a successful financial life. But what about your 30s? So much can happen at this time in your life: you can get married, have kids, change jobs, buy a house and so on. So how can you be sure that your finances will hold up?
Security State Bank has a few more “commandments” for you to live by for a happier, more enjoyable financial life during your 30s:
Continue to invest in yourself- more financial obligations means the need for higher income. You won’t nab that promotion or higher paying job by sitting around twiddling your thumbs.
Pay off nonmortgage debt- free up money for your mortgage by paying off the rest of your student loans or any auto loans you may have taken out.
Keep paying “debts”- let’s say you make your final $300 student loan payment. Your budget is already set up to handle that $300, so what should you do with it next month? Pay yourself by putting it in your savings account!
Crank up for retirement- you saved what little you had in your 20s, but now it’s time to really start investing in your retirement. Time and compound interest are huge factors that are on your side, so use them!
Protect your assets- life’s what-ifs require preparation, so having the right homeowners or renter’s insurance, health insurance and disability insurance is vital. You should also have an emergency fund of three to six months of expenses saved up just in case.
Live simply- you are not your neighbors, family or friends, so trying to keep up with them is useless. Delayed gratification may not feel good at the time, but it beats being in debt later.
Get a will- they aren’t just for rich or old people. Nobody wants to think about the worst actually happening, but it still can. Make sure you’re prepared.
Find life insurance- again, this is added protection for your family should anything happen to you.
Be charitable- besides being rewarding, it does have financial advantages as well. Plus, it’s just the right thing to do.
Just because your 30s can be a hectic time of great change in your life doesn’t mean you can’t be financially prepared. It will help reduce stress and allow you to focus on the more important things in life. If you need any help getting your finances organized, simply call your local Security State Bank branch for assistance!