As many of us trudge into our Thirties after thriving in our Twenties, we probably need to start thinking about the future rather than the here or now.
Once we get into our Thirties, a decade in the world of work is pretty much under our belts and still with plenty of time on our side, many important financial responsibilities are going through a demanding phase including mortgages, childcare and quite possibly the final few payments of a student loan.
As a bunch of 30 ods, the team at Your Money Saving have had a brainstorm for your benefit and have created 7 things that you should be considering in your 30’s.
A Better Pension
Despite being enrolled into a pension scheme automatically since entering the workplace, this is very unlikely to be enough for you to support yourself when you do finally retire.
Although if you’re in your thirties, retirement may feel like a long time away and you may have bigger priorities such as childcare, making larger pension contributions now will have a big effect on your quality of life when you do retire.
As wonderful as the NHS is, it doesn’t cover everything and you may need to pay for some sort of treatment that won’t be free or ever cheap.
Whether the treatment is optional or not, the NHS won’t cover you for dental surgery, mild depression or any treatment taken overseas.
Therefore, ‘saving for a rainy day’ could be well worth it for either you a member of your family that will need medical support.
Childcare is a product that many have to save for in their 30’s especially if you have more than one child that needs providing for. Depending on the amount of children and how much care is actually provided.
However, as reproduction is a skill that some have mastered in their 20’s.
In a world where an average professional is constantly learning and developing new skills, taking educational courses is inevitable for someone who wants to improve themselves.
Although your workplace may provide training for you, some may not which will leave you having to pay for your own courses.
These are unlikely to be cheap so it’s well worth putting money away in your 30’s for valuable skills that may not be relevant to you until you are in your 40’s.
Once you’ve stopped working, you’re going to have all the free time that you’ve always wanted and never had when you were in your Thirties.
Although we’ve mentioned making contributions towards your pension before, putting money away now can allow you to have the lengthy travelling experiences that you’ve always wanted or the expensive hobbies that you dreamt of having whilst working full-time.
Finally, everyone should have an emergency fund if they can. Whether it be to pay for rent if you suddenly lose your job or having money to replace your car if it suddenly breaks down, putting a small amount of income away each month could prove to be very valuable down the line.