Saving for your future can feel daunting, especially as a 30-something. But as you get older, you start to realise how important it is to have a good financial plan so you know you won’t be struggling in 10 years or face a significant drop in your standard of living should you face some roadblocks. This is where being financially responsible becomes more of a priority.

Here are some tips to help you start saving for your future now that you’ve reached your thirties:

1. Have a Budget

Regardless of how much you earn, it’s important to stick to a budget, and it shouldn’t be static at all. This is because you go through different stages in your life that affect your finances, and a budget will put you on the right path.

In your thirties, you’re beginning to face more expenses, which is why it’s only smart to have a set budget and stick to it.

2. Save as Much as You Can

You already have a career ahead of you and earning enough money to save more, so do it! This is also a good idea if you’re in a relationship because you can benefit from two income streams and someone to share the load of living expenses, such as groceries, rent, etc.

Keep in mind that just because you’re earning more money than in your 20s doesn’t mean you should spend more. As your income grows, it’s wise to have more solid financial and savings goals as early as now.

3. Increase Your Super

Now is the perfect time to think about your superannuation contribution and potentially boost it. Doing so will maximise your retirement savings. So, if you haven’t done all the necessary steps in your 20s, you no longer have an excuse now.

On the other hand, if you’re one of the many Australians who withdrew from their superannuation in the last 12 months, think about how you can replenish your super balance. You can also consider making personal super contributions.

4. Explore Extra Income Streams

It doesn’t hurt to have additional income streams—as long as you’re able, why not, right? It can be as simple as selling stuff you no longer use at home or starting a freelancing gig you can do after your 9-5. You can also consider opening a small business you can grow throughout the years.

The more income you have during this time of your life, the better it is for your savings. As a result, you’ll be more financially secure in the future.

5. Identify Your Insurance Needs

You have more responsibilities now, so identifying or revisiting your insurance needs is a smart move. Consider taking out private health insurance before you turn 31 so you can avoid paying a lifetime health cover loading on top of your premium.

Consider your personal insurance as well. Imagine if something happens to you, and you couldn’t work—where will you get the money you need to survive? With adequate Life, TPD, Trauma and Income Protection cover, you can rest assured you can power through no matter what happens.

Start Saving Today!

One of the biggest decisions an adult can make is how to save for their future. The older you get, the closer you are to actually reaching it; yet, there is still time to make changes.

If you need more guidance to save up for your future effectively, you can get financial advice in Central Coast here at Central Coast Financial Planning Group. We can assist you in making sound financial decisions. Contact us today! We are located on the Central Coast Highway, Erina, NSW.