My last POST was on 10 money goals to have conquered by age 30, in this post I am looking at money goals to be achieved in your 30’s.
So finally you have hit the big 30 and bade goodbye to your 20’s. With age comes more responsibilities and you are probably responsible for your parents, partner and children. Your money is no longer your money as there are more bills to pay and mouths to feed, therefore it is only wise that one pays greater attention to their personal finance.
Please note that these are just guidelines.
- Learn to budget, live within your means but enjoy your life at same time: It is time to focus and actively manage your finances. Also, now is not the time to spend your income before it actually arrives, learn to budget and live within your means. If you can’t afford it, don’t buy on credit. This is particularly for we women, no more buying brazilian hair, shoes and bags on credit.
- Pay greater attention to your pension/fund: Depending on when you started contributing towards your pension, chances are that we may still require to save more towards retirement than what our monthly pension contribution is. It is wise to increase your pension funds contribution as this will ensure you have saved enough to live comfortably after retirement.
- Start building your gratuity account: Gratuity is that lump sum your organisation pays you upon your retirement/resignation as the case may be. However, a lot of companies have stopped paying gratuity to their ex-staff. If you work for an organisation that still pays gratuity, hurray! but if not, you can set aside a small amount each month so that you can pay yourself gratuity upon retirement.
- Have an educational savings plan for your Children: Start saving towards your children’s education. There are so many insurance company’s that have such packages. You can decide to withdraw from it yearly to pay for their current fees, or you may want to save towards their university education, thereby leaving it to compound for years.
- Buy/build a house: Now that you are in your 30’s, now is a good time to consider buying or building a house. I know this is not for everyone, but having your own house brings some sort of stability. It will really be cool if this money goal can be achieved in our 30’s before we hit 40.
I know this may seem like a lot of savings, but as little as N1,000 / N2,000 monthly can grow into thousands of Naira with the power of compound interest. You can read my post on unleashing the power of compound interest HERE.