K Point Wealth outlines what you should be doing to organise finances in your 30s.
As financial planners in Brisbane, we are often asked by our younger clients what they can be doing to secure their finances in the future. If you’re in your 30s and want to start getting serious about sorting out your money, below are six things you should be doing to safeguard your future.
Plan out your budget
Simply put, it’s easier to save once you have specific goals set. Having clear goals relating to aspects such as how much you want to have saved by certain milestones, or whether you want to make any investments can start you on the track to a more secure future. If you struggle with budgeting, contact K Point Wealth for a wealth creation strategy.
Invest in life insurance and income protection
Although life insurance and income protection sound serious and are not ‘fun’ ways to spend your money, they are some of the most important investments you can make. Life insurance will grant your loved ones security if you were to unfortunately pass away, and income protection will provide you with a safety net if you become unexpectedly unemployed. It’s always wise to prepare for the unexpected when it comes to your finances.
Review your super fund
Are you getting the most out of your super fund to prepare yourself for retirement? Many people jump between super funds during their 20s, so it’s important to consolidate these sums in order to build the most interest possible over time. It’s also worth weighing up whether your current super fund is right for you. 58% of super-contributing Australians use a super fund that their employer has chosen for them — meaning they may not be getting the most out of their current fund. For recommendations on what super fund is the most beneficial for you, contact K Point Wealth’s financial planners in Brisbane.
Consider an investment property
As you become more financially stable, you might consider adding an investment property to your list of assets. This can be a sensible way to generate passive income, as well as capital growth if you decide to sell in the future. Try to be realistic with what you can afford in a mortgage and carefully plan how this will fit in with your current financial situation.
Start planning for retirement
It may feel early to start thinking about retirement in your 30s, but this is one of the most effective ways to ensure a comfortable financial future. This means creating a structured plan for how you are going to allocate your finances moving forward and how much you need to be saving. If you need help creating a plan for retirement, contact our Brisbane financial planners.
Pay your debts
You may have acquired some debt during your 20s such as HECS-HELP loans and high-interest credit cards. It’s time to pay off your debts. Once debts are paid off, you can focus more on your savings, while also giving yourself more flexibility for lifestyle spending. In the meantime, make sure you’re prioritising those debt repayments.
K Point Wealth’s team of Brisbane-based financial planners can help you create better financial habits and provide practical solutions to support your long-term wealth creation. Contact us at 07 3891 5666 or email us at admin@kpointwealth.com.au.
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