Money Goals in Your 30s to Achieve Financial Freedom
It takes time and dedication to cultivate good financial habits. For this reason, I encourage people to have money goals for each decade of their adult lives.
Of course, this also applies to your 30s. It’s vital to keep in mind that you are already halfway to retirement when you enter your 30s.
Therefore, it is essential to understand how to manage your money now by saving and developing it.
Table of Contents
What Should You Do With Your Money When You're in Your 30s?
1. Stick to a Budget Strictly
You might have experimented with the concept of a budget when you were in your twenties. You may have even written one yourself, only to periodically stick to it.
However, it’s time to start taking things seriously once you’re in your 30s. This means that you need to start planning where each and every dollar of your income will go.
Knowing and understanding where your money is going will help you make better decisions, which is the main objective of a budget. Over time, a dollar here and a dollar there usually build up.
So when you’re in your 30s, constantly follow your budget. Utilize a financial planner to assist you in controlling overall spending and savings.
2. Avoid spending your entire paycheck each month.
Stop spending your full wage each month if you want to become wealthy in the long run rather than simply temporarily rich.
You might be surprised to know that many self-made millionaires enjoy modest lives and keep to their means. They live in average-priced homes and drive used cars.
Start by saving 10% of your income and applying 90% of it to live within your means. Set up an automatic monthly deduction of 10% to put toward your emergency or retirement funds.
Increase the amount from 10% gradually, and aim to live off of 60% to 80% of your income. The remaining funds might be used for investing and saving.
3. Develop Your Career
It’s good to have money goals in your 30s. Focusing sincerely on advancing in your job is one approach to increasing your income. Focusing sincerely on advancing in your job is one approach to increasing your income.
Determine your strengths and invest the time and effort necessary to excel in them. Utilize any training opportunities, whether from your employer or on your own.
Make sure you get compensated at least what the market will allow. If not, make a raise request. Start looking for new employment opportunities if the raise is delayed. Changing jobs is frequently the best method to enhance your career and increase your income.
4. Adjust Your Insurance Coverage
Get life insurance coverage that is appropriate to your existing lifestyle and status. These are the most important coverages that you should have in mind:
- Auto insurance
- Homeowners’ or renters’ coverage
- Disability coverage
- Life insurance
- Health and dental coverage
As you progress into your 30s, life will bring changes that will impact your insurance needs. For instance, you may have gotten by with minimal to no health insurance in your 20s. But the 30s is another ballgame. Hence, make health insurance a priority.
5. Try Your Best to Eliminate Debt
Eliminating debt is one of the most important financial objectives you should strive to accomplish. Even though managing your debt is an important goal at any age, it gets even more essential as you become older.
One of your main money goals in your 30s should be to eliminate any outstanding credit card debt by the age of 40. The same is true for all debt, including student loans.
Consider debt consolidation and refinancing to the lowest interest rate for loans like mortgages.
There is no doubt that each person’s financial condition is unique. However, as a general rule, pay the debt with the highest interest rate first.
6. Set a Target Date and Amount for Your Retirement
In your 30s, you should be actively putting savings into a retirement account. If you don’t have a retirement option offered by your employer, reach out to a financial advisor. They will help you explore the best options for you.
You should also have a clear idea of the amount of money you should have in your retirement account by the time you retire. The retirement age is usually 67 depending on which country you live in.
So, do the math and figure out how much you will need by the time you reach that age.
Pay Yourself First!
Set a financial goal for yourself this year.
You’ll be able to increase your savings with the help of these FREE Money-saving templates.
How to Build Your Wealth in Your 30s
Hopefully, you have spent your 20s building a good credit score and other healthy financial habits. Now, in your 30s, it’s time to focus on building your wealth. And an investment is the best method to achieve it.
Many people are put off by the idea of investing due to the risk involved.
It is, however, important to keep in mind that when you do it carefully and thoughtfully, investing has the potential for great returns. There are also many low-risk investment options out there that you can explore if your risk tolerance is low.
In any event, the first and most crucial step is to educate yourself on investing and the principles of trading. Here’s where my book comes into play. You will learn the fundamentals of trading and gain confidence in navigating the world of investing.
Money Goals in Your 30s – Final Word
As you move forward with your money goals, remember to be patient. Wealth comes to those who have the patience and discipline to stick to great money habits.
You can also get in touch with a financial advisor and help them guide you. Their professional advice can help you touch important milestones and maybe even reevaluate the way you think about money.
Further reading: How to Achieve Your Money Goals
If you enjoyed this article on Money Goals in Your 30s to Achieve Financial Freedom or have any questions for me, please feel free to leave them in the comment section below!
Recommended Resources: If you’re interested in learning more about online trading, check out my book “Trading for Success; 8 secrets why women are better forex traders” and take a deep dive into my blog.
And if you’re concerned about improving your finances, I have developed the best money tools based on my expertise and extensive experiences such as educational books on personal finance and trading basics, and a range of digital and audio products. All of these are to help you achieve towards getting you your desired outcome most efficiently and enjoyably, enhancing the learning process.
