Your Finances in Your Thirties

| August 01, 2017
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For the majority of people, their thirties are when they get a little bit more stable in their career, and many start a family.  However, children, combined with generally higher incomes, can provide more challenges for finances.  Here are a few tips to stay on top of things.


  1. Continue putting money into your retirement savings.  If you didn’t start contributing in your twenties, the time is now.  The sooner you start, the more time you have for the money to potentially grow.
  2. With a higher income than you had in your twenties may come the urge to increase your standard of living and the amount you spend.  Don’t.  Consider what other uses that money could be put towards, whether paying down debt or saving for your future.  It’s okay to treat yourself to something you’d like, but you don’t want to spend all of the increased income.
  3. If you have children and want to help them pay for school, it’s time to start saving if you haven’t already.  The sooner you start saving, the longer the money has to accumulate before it’s needed.  When it comes to saving for college, there are multiple options to choose from based on your goals and your current finances.  Your advisor can help you decide what works for your particular situation.
  4. While it’s not the most exciting prospect, you need to think about what would happen to your spouse (and children if you have them), if something happened to you.  It may be a good idea to check with an estate lawyer to make sure everything is in order and up to date.
  5. Keep working to stay on top of any debt you may have.  It can be easy to rack up credit card debt, or to get overwhelmed with car loans or student loan payments.  Use your budget to make sure you know what’s coming in as well as going out each month. 

Everyone’s situation is different, and everyone’s thirties will be different financially as well.  Hopefully these basic tips can help you stay on a forward financial path throughout your thirties.  If you have questions about your specific situation, please feel free to contact our office.

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