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How to save money in your 30's

Your twenties were all about fun. Parties and travel. Shiny cars and chic bars. And (if your twenties were anything like my twenties) serious f*cking of finances, and a potential problem for Future You.

Now you’ve hit thirty, your perspective has started to shift. You’re thinking more about saving, and less about spending. And if this is new territory, it can be overwhelming.

If you need help figuring out how to save money in your thirties, here are six ways you can get started today.

1. How to save money in your 30s: know where your money’s going

Your first priority in the next decade is simple: financial peace of mind. And you’ll only get there if you’re crystal clear on where your money’s going. This is the most important change you can make. Not only that, it’s the foundation for future financial freedom. 

Not sure where to start? Check out my FREE budget guide.

2. How to save money in your 30s: rid bad debts

You may love the feel of smooth leather every time you sit in your Mini Cooper Sport. But do you love how the $40,000 debt feels? 

Debt can be crippling. And it can easily accumulate if you’re not careful. AfterPay, ZipPay, and credit cards with attractive reward programs make indulgent purchases easy and appealing.

But every fortnight, when you hand over a third of your after-tax salary to pay off those debts, do you feel excited? Optimistic about the future? 

Imagine how it would feel if those same dollars were setting you up for future financial freedom. Consider downgrading your shiny Mini and pay off as much of the loan as possible. Close all lines of credit. Start to rid those debts and prepare for a better financial future.

3. How to save money in your 30s: build assets

Building assets is a smart way to plan for your financial future. Does saving for a home seem out of reach while you pay off debt? Make it a goal for when the debt’s paid off. 

Also consider an investment property, even before you buy a home. With tenants paying rent, much or all of your mortgage may be covered. All while enabling you to continue saving for your own home. 

Asset purchases aren’t limited to property either. Shares or managed funds also get your money working for you. I always recommend seeking advice from a registered financial advisor before making any investment decisions. Get in contact with our partners at Mortgage Escape Australia for free financial modelling overview.

4. How to save money in your 30s: protect assets

Now you’ve started to prepare for your financial future, you need to keep it safe. That means protecting your assets with the right insurances. Your home needs home insurance. An investment property needs landlord’s insurance.

And make sure you protect your most vital asset: YOU. Income protection insurance covers 85% of your income for up to 12 months if you’re unable to work due to an unforeseen injury or illness. 

I also recommend an emergency fund that can sustain your lifestyle for 3-6 months. Start by transferring a small percentage of your salary into a dedicated, fee-free account. Ideally with a separate bank to your main accounts. This will cover you if you need to stop working for whatever reason. I recommend talking to the financial advisors at Money Maze for your insurance needs.

5. How to save money in your 30s: start a side hustle

Keen to accelerate those savings? Turn your spare time into money with a side business. 

Here’s the thing with side businesses: this is bonus income. So use it wisely. If those debts are still haunting you, use it to pay them off. Debt-free? Contribute to your emergency fund, or transfer straight into a high-interest savings account. 

Wanna know how to get started? The $6.3bn gig economy offers thousands of opportunities from professional freelancing, to cleaning, and running errands. 

The booming gig economy means there’s money waiting to leap into your bank account. To grab your share, check out platforms like Airtasker, Upwork and Deliveroo

6. How to save money in your 30s: put retirement on your radar

While it’s common to think your 30s are too early to worry about retirement, the reality is very different. More than half of Australians worry they won’t have enough money when they reach retirement. Be like the other half: start planning now and make sure you have enough.

Set a goal age and estimate how much income you’ll need to live comfortably. If you’re really not sure, you can also reverse engineer it by calculating how much you’re likely to have

You also need to stay on top of how your super is invested. Youth is a time for high-growth investments. But as you get older, your money has less time to recover from volatility or crises. So you may want to move your funds to balanced accounts.

And if you’d like to retire before 65 (which is the earliest you can access your super), you’ll need a clear plan. Think about how you’ll fill the gap between income from working and being able to access super. Build your investment portfolio, or use the 4% rule for withdrawing from retirement funds.

The sooner you start, the less pressure you’ll have to catch up in later life. 

Now you know how to save money in your 30s — start today!

You’re now armed with six ways you can start to save money in your thirties. The next step is to take action.

If you want to unf*ck your finances and get on the path to financial freedom, you have to change your mindset and your behaviour. You have to implement.

And if the thought of going it alone scares the pants off you, my judgement-free financial coaching can help. All you have to do is book a call and we’ll get started!

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