After the hedonistic days of your twenties, turning 30 can seem like a wake-up call. You soon start to realise that it's time to get your finances under control and make plans for a more secure financial future. With this in mind, here are those key purchases you should aim to make as you enter your thirties.
The right kind of insurance
It's important to protect your greatest asset – you. Whether it's the risk of falling sick or losing your job, you need to take care of those areas that could impact on your ability to pay loans, bills or even daily household expenses. Disability and life insurance will could protect you and your loved ones in case something should happen. Income protection insurance covers income lost for a number of reasons. Talk to the experts at your financial institution to find out what's the best fit for you.
Your very own piece of real estate
One of the key purchases to make before you hit your thirties is a home of your own. Not only will it give you a place within which you and your family will grow but it could also builds a firm footing for the future, assuming house values increase over time and you make regular mortgage payments. The first step is to start saving for a deposit, keep track of the real estate market and look at preferred areas to live in, then talk to a broker or advisor about securing a home loan.
A much-loved, hard-earned automobile
We all know that Aussies love their cars – figures consistently show how each year is a record-breaker in terms of new car purchases. If your career is rocketing and your finances are under control, consider trading in the old model for something newer and shinier – you've earned it! You may need to secure a car loan when making the purchase so look at a range of personal or car loans, check out their terms, and figure out how much you can afford to borrow and what you need to do next.
Invest in your future
While it's not without its risks, investing in stocks and shares or even property can be a sound way of building longer-term wealth, particularly if you start early and sensibly. Your money will compound over time, earning you interest and potentially greater income. Don't delay and seek professional advice and consider your options, including how much you can realistically afford to put into an investment portfolio.
Splash out while you can
Hopefully you've been saving money since you started planning for the future, working hard and cutting back on your expenses. Once you turn 30, you might get married, have kids and focus on putting money away for future possibilities so this could be your last chance for a bit of a splurge. Why not head overseas and reap the rewards of the last few years with an amazing travel trip? Decide on a budget, reign in your travel expenses, then sit back and soak it all in because your thirties are going to be a blast.
If you'd like to get advice on opening up a savings account or securing a home or car loan, call us on 1300 747 747 or find further information at qudosbank.com.au
