Financial Planning in your 30’s

As you round the corner from your twenties into your thirties, the realities of life begin to sink in. Time somehow feels more precious and your day-to-day responsibilities begin to pile up. You may no longer be able to travel for extended periods of time or make that big move to the city of your choice.

Its official, you’re adult-ing. Now in your thirties, it’s likely that you’ve already made, or are about to make, those lifelong commitments that you only dreamed about in your twenties — getting married, buying a house, and laying down permanent roots near close family and friends. While certain things are impossible to plan for, there are actions you can take now to help ensure a financially secure future for yourself and your family.

Here are three major expenses you can start planning for now.

Retirement

Once you’re in your thirties, you are halfway to the average retirement age of 60. This means that you have a limited amount of time to “rake in the dough” before you would ideally not need to work anymore.

As an entrepreneur, it’s probable that you love what you do, and you may not wish to retire until well into your seventies or eighties. However, you may feel differently once you reach that age and it’s always nice to know that you don’t need to work if you don’t want to. Having a hefty retirement fund will allow you to spend your golden years devoted to passion projects that don’t need to be profitable, practicing hobbies you love, and spending more time with family and friends.

Rainy Day/Mini Retirement fund

In your thirties, you’ve learned that unexpected events are bound to arise and it’s better to plan for them now than to wait until they are already upon you. Whether you want to have padding in case you decide to leave your current career or because your business partner suddenly wants to dissolve the company, it’s good to start putting money away now. Ideally, you will never need to use your fund for that rainy day and instead, use it for a mini-retirement. Either way, it’s best to start building it now by putting a small amount away each month.

Significant Life events

Buying your dream house, getting married, or saving for your first mini-retirement are all top of mind as you enter your thirties. Saving up for a down payment on your dream property may be difficult if you don’t give yourself enough time to plan. The same is true if you plan on taking a mini-retirement in the next five years. Starting a separate fund for significant life events like these is something you can start doing today and your future self will thank you for it.

We’re here for you

At WealthJar, we know that entering your thirties can be an abrupt lesson in adulthood that once seemed like a faraway land in your twenties. But it’s easy to gain control of your finances and plan for your future by using the tools available to you at WealthJar.

Get started now.