Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

5 Financial Tips for Your 30s


Your thirties are a great time to get a handle on your finances and start investing in your future. Whether you want to buy a house, build up your retirement or spend time traveling the globe, these financial tips can help you make the most out of your money.

Finances in Your 30s: What You Should be Doing

1. Increase your emergency fund. If you started an emergency fund in your 20s, you probably followed the general rule that the fund should be about three to six months’ worth of your expenses. If your income has increased in your 30s, so should the balance in your emergency fund.

2. Invest. Your 30s are a time that many embrace the stock market* and start accruing assets for retirement. According to Time Money, you should invest most of your retirement portfolio in stocks and split the rest between a Roth IRA and traditional 401(k). It varies by situation, but you should try to save 15% of your income for your retirement, but you might consider saving even more if you didn’t save well during your 20s.

3. Pay off your smallest debts first? This is a great debate among debit consultants. If you carry multiple credit card balances, you’ll save the most money by paying off your highest-rate plastic first, right? Maybe. Two Northwestern University professors have found that people who focus on their smallest debts before tackling bigger, higher-rate loans are more successful at erasing debt. The psychological boost from eliminating a loan entirely gives you the mojo to keep paying down debt. It is truly a case-by-case basis that requires consultation with an expert.

4. Update your budget. Chances are, your financial situation is different now than it was when you were in your 20s. If you’re still sticking to the same budget you had in your 20s, it’s time to update it. Food, housing, cars, pets, kids and medical expenses will begin to evolve and require a different type of budgetary attention.

5. Get your will and insurance in order. As your savings and assets increase, you need to think about accounting for them in your will. You also need to ensure you have health insurance and disability insurance in case you’re unable to work. Finally, consider getting life insurance, particularly if you have family dependent on your income.

First Bank* Can Offer You Financial Advice

For more financial advice for adults in their 30s, visit First Bank’s Financial Education Center. You can also find a First Bank branch near you, and make an appointment to discuss your finances with one of our local branch associates or FB Wealth advisors.


*Member FDIC

This article should not be considered investment advice. Consult a certified Financial Adviser before investing in the stock market. 

Securities and insurance products are offered through INFINEX INVESTMENTS INC., Member FINRA/SIPC. INFINEX INVESTMENTS INC. and FB Wealth Management, a division of First Bank, are affiliated entities. Investment and Insurance Products are:

NOT Bank Deposits NOT FDIC-Insured HAVE NO Bank Guarantee
NOT Insured by any Federal Government Agency May Go Down in Value

———

Sources:

Northwestern Kellogg School of Management: http://www.kellogg.northwestern.edu/news_articles/2012/snowball-approach.aspx

Washington Post: https://www.washingtonpost.com/news/get-there/wp/2015/08/25/6-money-milestones-to-hit-while-youre-in-your-30s/

Trending Topics
30-Year Mortgage Rate Forecast Tips A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal… Business Grants Explained Coming up with the capital to start or expand your small business can be a frustrating task. If you’ve ever heard of business grants, they may seem like a silver… Home Mortgage Calculator from First Bank A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking… Commercial Loan Payment Calculator Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant… Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant… 3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to… Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance) A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest… Business World Credit Card Business owners use credit cards to pay for most business expenses. It's important to have a business credit card that enables you to get the most out of your money. Discover… Credit Card Processing for Businesses If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential… How To Get A Small Business Loan If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small…