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Finances In Your 30s. Are You Where You Need To Be?

Updated: Aug 9, 2023

finances in your 30s

For many of us, the thirties are typically a very interesting transitional period in life.

Your partying becomes less frequent and possibly less intense as the recovery time increases! You might have an undergrad course or TAFE training in the bag, and you’re deep into your career, working up the promotional ladder. Perhaps you’ve met a life partner and want to settle down, buy that house and start a family. You’ve built up some key assets - car, furniture, expensive sporting equipment, artwork. Maybe you’ve decided to go out on your own and start a new business? You’ve evolved and matured, and you want your finances to follow suit.

That’s where ActOn Wealth comes into the picture.

If you want to look at how to manage money in your 30s, organise to catch up with a top financial advisor in Melbourne. However, meantime, here are some ideas to get you started!

Start a budget planner

Want to know how to save money in your 30s? We know it doesn’t sound original, but it all starts with budget planning. Understanding your cashflow and budgeting may seem uninspiring, and you’ve done well to get where you are so far without them. However, you’ll do even better with a budgeting plan.

If you’ve never done anything like this before, don’t worry. It will not spell the end of life as you know it, and you won’t miss out on anything. This is more a practice of being smart than sacrificial. Once this is locked in, you are ready to rock. Get smart with your money in your 30s, and every other decade will thank you for it!

Safeguard your wealth with life insurance and income protection

You’re in your thirties, and no doubt you have a lot to show for it. Assets, a steady and rising income (statistically, you’re a decade away from earning the most you ever will), good health. You’ve plenty on the horizon. So what would you do if suddenly the tap turned off and you no longer had a steady salary? Don’t make the mistake of thinking it’s unimaginable for you. Life happens to every single one of us, and some of it isn’t ideal.

That’s why income protection insurance is so important, especially at this stage of life when your mind is focused on achieving some pretty big-ticket items. The last thing you want is to waste days wading through brochures and information to find the best income protection insurance. We know the risk protection industry, its operators and products like the back of our hand, and we can quickly provide you with a uniquely curated shortlist of options, as well as sage life insurance advice.

Health check your super fund

In theory, this is probably developing to quite a decent amount by now. Still, it’s important to make sure the fees are not unreasonable and that growth targets are being met.

If you hardly ever look at your superannuation or someone else is overseeing it, we reckon chances are it’s not performing nearly as well as it could. Auditing your super can be a low-maintenance way to start saving money in your 30s, simply by making it work smarter for you. We have a huge amount of experience in this area and will quickly be able to identify if this is performing.

Another option might be self-funded superannuation. As the name suggests, it involves more of a hands-on role from you. Benefits can include everything from potentially lower fees, higher returns, more flexibility with tax, and greater control - you get the picture!

Setting up a self-managed super fund is not laborious when you have experts on hand to guide you through the process. For excellent self-managed super fund advice, come to our team!

Make savvy property investment decisions

Owning real estate is part of the great Australian dream, isn’t it? We’re conditioned to believe once we have that brick veneer and backyard (or inner-city warehouse conversion!), we’re set. Real estate decisions must never lead with emotion. That’s why it can be great to have a financial advisor offering property investment advice. We keep things impartial and objective, but we also analyse the opportunity from every angle to determine if it is best for you. The last thing you want to do at this point in life is over-extend yourself. Ensuring you’re with the right lender, on the right rates and taking advantage of any Government incentives. We know the market well, and our financial planners are also fully-qualified mortgage brokers. This means we have the skills to find the best lending deal for your overall financial health, not just the one with the lowest rates.

Is an ethical investment important to you?

If ethical wealth creation is a big caveat for you, we’re delighted to hear it. Our ethical financial advisor enjoys working with clients who want to look after others and the world along with themselves. Gone are the days that tolerate and even champion wealth at any cost. If finding the right ethical investment services are a big part of your wealth building, we’re here for you.

It’s not too soon to begin retirement planning

Ouch - that’s a little confronting, isn’t it?! OK - you’re a long way off your golden years yet, we get it. However, seeing a retirement planner sooner rather than later will deliver in spades down the track (when it counts). The best retirement advice we can give any client at any stage of life is to start planning immediately. Your thirties are not too late, but nor are they too soon (there is no such thing as too early!). Speak to an expert retirement financial advisor on our team to discover how practical and painless this can be.

Don’t bury your head in the sand about estate planning

OK, if you thought retirement planning was confronting, then estate financial planning certainly is. It’s important to be clear on an estate plan the moment you start accruing assets and/or savings. We get that this can feel like a morose topic, but it’s a practical one. You’ve gone to all this effort to build your wealth, make sure you allocate it the way you amassed it; on your terms. Our estate planning advice is sensitive but pragmatic and will do a lot to provide you with peace of mind.

Contact the best financial planners in Melbourne

Want to make some smart money moves in your 30s? Start by contacting the best financial planners in Melbourne. We’re here to grow your wealth now and every decade to follow!

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