Are you nearing thirty ? Then, following are the policies that you could follow to have a thriving thirty and improve your finances
- Reallocate your funds : Your goals have now differed from when you were twenty to when you are thirty so adjust and allocate funds to your changed goals. At twenty, the money which was spent on shopping on bags may now be changes to shopping with the same amount for your baby’s diapers.
- Adjust your insurance coverage : Make sure the type of insurance provided to you is still benefitting you 100%. Various insurance schemes may be very enticing to you, but you need to select the best one according to your changing needs and wants of your family members.
- Save upto 15% for your retirement : 30 is the exact age when you need to start building up your savings for retirement. Save, not less than 15%, and incase you get a performance bonus or reward bonus, try saving that up for retirement too for your long term future benefit.
- Gear up your emergency fund : Your emergency fund needs to be increased by your thirties as you may have additional responsibilities of a family, a house loan or a baby. To cater to all of these, your funds should be raised.
- Increase or diversify your portfolio : Start adding up on your investments or rather diversify your money in a number of investments to create a large portfolio which will not only add upto your savings but also reduce the potential risks involved.
In the era of instant gratification, it truly is difficult to think beyond tomorrow. But we never really sky dive without a parachute, do we? It is imperative to have a safety net that will help you soar into your 30’s and beyond. Save, Insure and Invest for a happy future !