top money tips for your 30s
Many people say that their 30s are the best years of their life, and we hope that’s 100% true in regards to your money too! Your 30s are a great time to get your financial foundations sorted and start investing for your future.
Check out the episode where Glen and John shared their top money tips for your 30s, but remember to consider your own personal circumstance with these tips – adapt these to suit your situation:
Before you read on check out Glen and Alex’s money tips for your 20s.
#1 know thyself
Make sure you’re doing what you want to be doing;
Are you happy with where you are at in life?
Do you love your career/business?
What are you loving about life, and what is hard?
Are you confident in who you are and where you want to be?
The rest of your money strategy will sail so much smoother if you’ve figured out who you are and where you’re going (it’s especially helpful if you can figure this out pre-kids! Life gets a LOT busier lol).
Set aside a day to dream – have a brainstorm and reflection day where you word-vomit your life aspirations and goals onto paper. Don’t be embarrassed – own it! It’s your life, so live it.
If you’re struggling with mental health issues chat with your GP and see what support is available to you. It’s totally ok to be facing some mental health challenges – many people do – don’t be ashamed, seek support and chat with your GP.
#2 keep refining your life strategy, and prioritise accordingly
Ten years is a long time and so much can change. What you wanted at age 21 could be completely different now that you’re 31. Keep checking in with yourself, your partner or your family and make sure you know what you’re aiming for. What’s your goal and strategy to achieve that goal? Prioritise your money to suit. Get your ducks in a row and start making steps towards your goals!
#3 get your money under control & get out of debt
So what were your 20s like financially – a little loose maybe? Don’t stress. Start simply – step back and check that your money management system is working. Don’t feel embarrassed, don’t feel stupid – just bring it all out and use this to learn. Check out the Glen James Spending Plan if you’re looking for somewhere to start.
Ask these questions as you audit your expenses:
What’s my income every week/fortnight/month?
What are my expenses compared to this income? Do the numbers line up?
If not, can I either increase my income, or decrease my expenses?
Which expenses can be cut?
Also take stock of your consumer debts – credit cards, personal loans, buy-now-pay-later schemes. This debt impacts you in a few ways – it soaks up a bunch of money you could be saving, it chokes your cashflow every time you get paid, and it could impact how much you can borrow if you’re looking at buying a first home. Not worth it right? The debt snowball is a popular and effective way people have tackled this debt so check out Glen James’s blog on that. Once the debt is gone reassess your spending plan and check out how much cash has been freed up!
#4 get your foundations sorted
Glen James has made a sound financial house diagram which shows you how you can set up your financial life. Start at the bottom and work your way up but everyone’s story is different so don’t worry if things have happened slightly out of order for you. This is a handy guide for what areas to tick off your checklist when getting your financial foundations sorted.
#5 invest for your future
Do the you of tomorrow a sweet favour – invest, somewhere that grows and in something you want to invest in. Choose investment areas that you like and will grow overtime so when you open them up in a few years they’ve gained some weight. If you’re unsure about what options are available to you consider things like shares and property, and jump on the m3 Facebook community to ask what others are investing in and why they like it. Listen to podcasts, read blogs, read books, get informed and choose what you like.
#6 knuckle in on your mortgage strategy
If you have a mortgage then make sure you’re prioritising it in your spending plan, and that you’re getting the best deal. Chat with a mortgage broker to make sure your deal is the best it can be – a mortgage is pretty big so get it right! If you need help with finding a mortgage broker, get in touch. Also check out John’s tips for how to pay off your mortgage faster.
#7 factor in family stuff
Having kids is a pretty decent financial responsibility. You might have kids already, you may be expecting a kiddo or you may hope to in future – incorporate family planning and needs into your spending plan. It’s not just things like buying a cot, toys and clothes – it’s long term things like daycare and education, medical bills and insurances. You might need time out of the workforce to care for newborns or sick kids, so be prepared with how you’ll tackle challenges like that.
Do your best to incorporate your goals into a broader goal plan for the whole family – write a list together of what you’d like to achieve individually and together and set your course to those. These goals may shift but you’ll be giving yourself and each member of your family the opportunity to share what they’re passionate about, and work together to achieve those goals.
#8 plan in fun stuff
Remember that European backpacking holiday you paid for using a credit card?...yeah those days can be done. Even if you’re just keen to have a weekend away somewhere nearby, save up your cash within your spending plan to pay for holidays like this with cash! Everyone needs a break to refresh your headspace and have some fun – don’t apologise for prioritising whatever fun you want and can afford. Maybe you’re into painting, fishing, pottery, studying, reading, camping, collecting typewriters – who cares! It’s your life. You. Be. You.
