Smart Financial Moves to Make in Your 30s

Your 30s are typically a decade of big changes. Maybe you’ve gotten married and expanded your family. Maybe you’ve purchased your first home or made advancements in your career. Wherever you’ve landed in life, your 30s present an opportunity to look at the financial decisions you made in your 20s, re-evaluate your situation and make the moves necessary to secure your future.

7 money moves to make in your 30s

If you spent your 20s establishing a solid financial foundation, this is the time to build on the progress you’ve made. But if you made a few financial mistakes in your 20s, that’s OK too. You still have time to correct them and get back on track. Here are a few smart money moves to make in your 30s:

1. Adjust your budget.
   If you never got around to creating a budget, or you struggled sticking to one in your 20s, now’s the time to get serious about it. Knowing where your money is spent every month can make it easier to find ways to cut expenses and save money toward retirement.

2. Pay off existing debt.
   If you accumulated debt in your 20s, try to pay down accounts with the highest interest rates first. By reducing or eliminating your balances on higher rate debts, you can potentially save on interest and increase your financial security.

3. Improve your credit score.
   Establishing and maintaining good credit can benefit your finances now and in the future. So use your 30s to work on correcting any past missteps and strengthening your credit score. There are multiple ways to check your credit score for free. Once you know where it stands, you can start taking steps improve it.

4. Prioritize saving for retirement.
   Financial planning in your 30s should not only include retirement planning, it should prioritize it. Considering that you’re about halfway to retirement age, this is a time to ramp up your efforts. Look into starting or increasing contributions to an individual retirement account or your employer’s 401(k). And whenever possible, make the maximum allowable contribution to these accounts. Just think, if you invested the maximum IRA contribution of $6,000 every year starting at age 30, your account would be worth about $400,000 when you turn 60.¹

5. Increase your emergency fund savings.
   The last thing you want is a major unexpected expense getting in the way of reaching your financial goals. A safe minimum amount to keep stashed in an emergency fund is around three months of living expenses. If you have a family, it may be wise to up that amount to make sure you’re covered should any surprises pop up.

6. Find a financial advisor.
   Solid financial planning in your 30s should start with a licensed professional. Not only can they give expert financial advice for 30-year-olds, they can help map out a game plan to reach important milestones, including becoming financially independent. Ask a family member or trusted friend to recommend a financial advisor or follow these tips for finding one.

7. Create a will.
   As you work hard building your nest egg, you want to make sure you protect it. Having a will in place gives you the peace of mind of knowing your assets will be given to the loved ones you designate should you pass away. It’s a topic that many of us would rather avoid, but it’s an important one because if you die without a will, the state dictates who gets what. There are online tools to help you write your will yourself, but it may be better to contact an estate attorney to get the ball rolling.

Work hard toward your financial goals in your 30s

The best financial moves in your 30s start with a commitment to budgeting your money, keeping debt under control, and saving as much as you can as often as you can. Adjusting your strategy along the way, as your financial, family and career situations change will ensure you stay on the right path as you enter your 40s.

1. Investopedia. “How Does an IRA Grow Over Time?” https://www.investopedia.com/ask/answers/090115/how-does-ira-grow-over-time.asp