Are you in the 30-something age bracket? If so, do you feel like a full-fledged adult? That’s a kind of a trick question because I found an article the other day that theorized that a generation ago, people in the age 30 bracket were complete adults with their own families, jobs and homes. However, it seems that today’s 30-somethings do not grow up quite as quickly. They delay marriage and settle into their careers more slowly. As a result, their finances often also bloom later.
Save at least 10% for retirement
If you’re a 30-something and haven’t started saving yet for retirement, you should. Most experts say you should put at least 10% of your income away for retirement. Second, stop those wasteful splurges. While we all need to let loose occasionally you should know by now what makes you happy and what quickly fizzles. If you’re going to ride to work most days then that $500 bike might be a good investment. But before you spend $200 on a cashmere sweater, make sure it’s not going to end up sitting in a dresser drawer after just a few wearings.
Your time is a valuable asset
Keep your finances as simple as possible by automating whatever you can. Your time is a valuable asset. By the time you reach your mid-thirties, you should be able to see how little time you really have. Set up automatic savings transfers, online bill payments and shop online to save time and money.
Even if you don’t have a family of your own, you may have a younger brother or sister who could use some help or maybe your parents do. I saw one survey that 40% of the people queried said they expect they will have to support their parents financially. It’s just something you need to think about.
Be sure to invest in yourself
As you grow older and get more responsibilities it’s easy to forget about your own dreams and needs. Stay on track by asking yourself regularly where you want to be in another five and 10 years, and take steps to see that you get there. You might brainstorm with your spouse or a close friend to make sure you haven’t lost any dreams. Did you want to create a super efficient internal combustion engine? Develop an acclaimed television show? Start an online company you could sell for $200 million? Think big. Your 30s are when your education and work experience should start to really pay off.
Working towards your goals
Whatever are your goals, you can work towards them by finding senior people in your field to network with or by investing in classes or career coaching. You should also keep abreast of changes in your field through books, websites and blogs. If you find you have become stuck in a career rut or took a break from work to care for kids or elderly parents, it can be hard for you to feel that you’re making progress. But you can reach out to other people or take advantage of the many useful tools available online to help yourself feel better.
The new 20s?
There are people who say that the 30s are the new 20s. But by the time you reach this stage of life, you should be richer and older and hopefully wiser. And you still have many years ahead of you. So think carefully and plan ahead to make sure you do not waste them.
Watch out for debt
If you’re a 30-something with no spouse or children, it’s easy to fall into the trap of spending more money than you earn. After all, the only person you have to worry about is yourself. If you’ve succeeded at running up a huge pile of debt, we can help. National Debt Relief’s debt counselors can work with your creditors to settle your debts and save you thousands of dollars. In fact, debt settlement programs like ours are the only way you can get your debts reduced, which can help you get out of debt faster. Call our toll-free number today or fill in the form on the right hand side of this page to get a free quote.