Once you reach your 30s, things get serious. And by serious, we mean your finances. You will want to take your finances seriously. So, if you haven’t been following a budget by now, then it is high time that you do the needful.
Of course, you will want to work your way steadily toward more financial freedom – but – you will need to have a roadmap at hand. In other words, you will want to align your life goals with your finances so you can prepare for a brilliant life ahead.
Here are some essential goals that you will want to start working on by the time you are in your 30s.]
Read on to learn more!
Progress in Your Career
By entering your 30s, you will want to find out what you are good at. We all have weaknesses and strengths. And there are areas in our personal and professional growth where we can excel if we really want to.
That said, you will want to figure out what you are good at and then proceed to put in some serious time and effort to get better at and hone your skills in whatever it is. It is important to mention here that you can immensely benefit from taking up additional courses and taking advantage of potential training opportunities.
You can also continue with your education – trust us – it is never too late.
Nonetheless, when it comes to progressing in your career, you can also talk to your employer and ask for a raise. You will want to do your research and assess your potential market value. If you are taking way below your market value, then you will want to ask for a raise.
You will also want to assess the potential responsibilities that you can take to progress in your career. Perhaps, you will need to learn new skills. In the end, it all comes down to progress. The better you are at your job, the more you will earn. The math is as simple as this.
Make sure to take the feedback from your employer with a positive mindset. However, you will want to keep in mind that sometimes the best thing to do is to find a new job.
Get More Money into Your Emergency Fund
If you are like most people, there is a thin chance that you might have established an emergency fund in your 20s. However – it is never too late to start establishing and working on your emergency fund.
Now, when it comes to establishing an emergency fund, you will want to assess your monthly expenses first and then save an amount that equals six months of your living expenses.
To start establishing your emergency fund, you will want to be strategic with saving money. Initially, you will want to save at least 30% of your monthly income and send the fixed amount to your savings account.
You will want to check out joy-wallet, one of the best high-yield savings accounts and quite popular for building up funds for urgent uses. You will want to establish the financial goal of increasing the amount in your emergency fund as you know that the living expenses will be higher in the upcoming years than they are now.
The key to establishing an emergency fund lies in sticking to a budget. And the key to sticking to a budget comes down to one’s mindset, power of will, and discipline. Usually, people struggling with a budget make one fatal mistake.
They pay everyone else and for everything else before they pay themselves. For instance, they pay their monthly bills, mortgage, utility bills, and groceries, and also treat themselves to fancy dinners and buy new clothing items first; and, if there is some money left, they send it to their savings account.
Here is what you will want to do: you will want to set aside a set percentage of money from your income to your savings account and then proceed to pay your bills and pay for other things. In other words, you will want to pay yourself first before you pay for everything else.
Reassess Your Budget
In your 30s, you develop a better understanding of yourself and know exactly who you are and what your priorities are. And if not, it is time to sit down and assess what you truly value in your life.
But – you will also want to assess your needs and wants and understand that you don’t necessarily need what you want and vice versa. Once you have set your priorities, you will want to spend your money on those things while eliminating the rest.
You will also want to gravitate towards intentional living. For instance, instead of living for the weekends and spending your money partying and drinking, you will want to work on self-improvement and making memories instead of traveling and spending time with your loved ones.
Furthermore, you will want to be more mindful about what you spend your money on, how you spend it, and where you spend it. Doing so will save a lot of money in the long run and pave the path to a better financial future.
Understand Lifestyle Inflation
As you advance in your career and age, you will be making more money. That said, you will want to understand a simple aspect of life and money: the more money you make, the easier it gets to spend money.
You will start to see that the things that you could not experience and purchase in your 20s, you can afford them now. With money come possibilities – but – you will want to understand what lifestyle inflation is all about.
We urge you to be more mindful and careful in your 30s. Despite the amount of money you might be making, you will want to assess your wants and needs and focus on your needs so that you can continue living within your means and avoid lifestyle inflation.
Sticking to a budget doesn’t mean that you cannot enjoy life – in fact – it leads to more financial freedom, and eventually, you will be able to reach your goals, including traveling the world, paying off your debt, buying your own house, etc.
