Turning thirty is seen as one of the most important milestones in an adult's life, and to many people it represents a new level of maturity. It doesn't mean you have to stop having fun, but it is time to take your finances a bit more seriously. The following tips should help you navigate your fourth decade thriftily and responsibly.
Buy a House
It may seem counter-intuitive to save money by taking on one of the biggest expenses you might ever take on, but it really does help in the long run to be on the property ladder as soon as possible. Surveys have shown that lifetime renters spend more money that homeowners.
Don't Just Save, Invest!
There are more things to do with your income than letting it build up in a savings account. You might consider investing in property, shares or managed funds, and all of these could show a worthwhile return. However, make sure you are fully aware of the level of risk involved in your investment, and know that it is a gamble.
Knowledge is power
Do your research before making any investments or big financial savings. Read up on the topic on websites like MoneySavingExpert or the Money Dashboard blog and check with the company's competitors for a better deal.
Climb the Corporate Ladder
Often 30somethings will find themselves with a more significant income. If you keep your head down and work hard, establish your business, or work long hours and push yourself to be promoted, you will be setting yourself up for future. It may be tougher to do this in later life.
Tax doesn't have to be taxing
If you're earning more than you used to, you're probably paying more tax. Get informed, and make sure you are paying the correct amount for your income and situation; you may be entitled to benefits you're not aware of. If you need to complete a personal tax return, consider using a service like TaxScouts who will match you up with a certified accountant and help you file your tax return (plus you can get a 10% discount as a Money Dashboard user! - T&Cs apply)
Financial life begins at thirty
You may think that you have always been bad with money so you are doomed to stay poor forever, but don't believe it! There is still plenty of time to create a stable financial situation; all it takes is a little planning and patience.
Knowing is half the battle
How much do you spend every month on travel? Is one of the supermarkets you go to cheaper than the other? What is your current account balance right now? Learn the answers to all these kinds of questions by signing up and adding your accounts to free money manager Money Dashboard.
The Emergency Fund
Sometimes one-off payments will creep up on you, and you may find yourself a little short. Instead of borrowing at the last minute, keep a reasonable sum in savings, such as three months salary, to be spent only if necessary.