| Financial planning is a good idea no matter how old you | | | | would take to keep you afloat for three to six months |
| are, but your 30s are a great time to really focus (or | | | | and put that money in a hard to get to bank account. |
| get started) on a plan for the future. By now, you are | | | | Don't touch that money unless absolutely necessary |
| probably more established in your life than you were a | | | | for a real emergency such as unforeseen medical |
| decade ago. You have had some time to build your | | | | expenses. |
| career, ideally with a company-furnished 401(k) for | | | | Do not forget to budget for adequate insurance to |
| retirement or some other long-term plan. Whether you | | | | help protect yourself and your possessions. While |
| have a family and a mortgage or are still renting and | | | | most people receive health insurance through work |
| building wealth in other ways, you can always benefit | | | | and are required to have auto insurance, don't neglect |
| from a sound financial plan for the years to come. | | | | other things like homeowners/renter's insurance, life |
| Here are some common planning concerns for people | | | | insurance, and even disability insurance. If the |
| in their 30s and how to address them: | | | | unexpected occurs, not having insurance can undo all |
| Deal with debt - The average American family carries | | | | of your years of savings. |
| over $8,000 in credit card debt over multiple credit | | | | Really focus on retirement - If you have an |
| cards. As many people know, paying only the | | | | employer-sponsored 401(k), you are lucky, and have |
| minimums on a credit card does virtually nothing to | | | | hopefully been contributing to it regularly since your |
| lower the principle as the minimum payment barely | | | | career began. If so, keep up the good work. |
| covers the compounding interest. | | | | If you do not have an employer-sponsored 401(k) or |
| If you find yourself drowning in credit card debt or | | | | independently opened an IRA for yourself, the time to |
| unable to make a dent in the principle, make a plan to | | | | start is now. While you many not be able to save as |
| get yourself out of debt as quickly as possible. Create | | | | much money as you would have if you had begun |
| a budget and allocate as much money as possible to | | | | saving in your 20s, any money saved is a good start |
| paying off your credit cards, starting with the highest | | | | to a more secure retirement. You can also look at |
| interest rate card first. | | | | other options, including investment portfolios with |
| If you find you still have student loan debt hanging | | | | long-term options, since you still have a few decades |
| around from your 20s, it is time to get rid of those, as | | | | before you'll need to tap into those funds. |
| well. As with the credit cards, come up with a | | | | One of the best things about being in your 30s is |
| long-term solution for getting the debt paid off, even if | | | | having a better idea of what you want out of life. Use |
| it takes you the next five years to do it. | | | | that drive to make wise financial decisions, and don't |
| Pay attention to savings and insurance - An | | | | worry too much if you haven't made a plan just yet. |
| emergency fund for unexpected expenses is always | | | | As long as you start soon, you should be able to tuck |
| a good thing to have. Estimate how much money it | | | | away a nice little nest egg for the future. |