Making Big Financial Decisions in Your 30’s

achieving financial goals in your 30s

Your financial goals during this decade are likely going to get more complicated. Many people entering their 30’s have likely gotten that first or second pay-rise and are trying to decide how they should plan their expenditures.

So how do you do all of these things at once?! Well, it’s likely that you can’t, but you also can’t just work on one goal at a time. Try and narrow it down and focus on your biggest two or three priorities. Here we outline some of the biggest financial priorities you will make in your 30’s.

Clear Your Debt and Build Your Savings

This is the most important financial priority if it applies to you. If you’re still paying down your credit card(s), concentrate on the card with the highest interest rate, while paying down the minimum amounts on the others. This will allow you more financial freedom by freeing you up to focus on other major financial pursuits.

Or you might want to consider debt consolidation to free up your finances.

Plan Your Dream Wedding

You may have found the person you want to spend the rest of your life with by now and are planning your dream wedding. Did you know the average cost of a wedding in Australia is about $36,000? And while 82% of couples dipped into their savings, 62% also got a personal loan to help get them over the line.

To stay on top of costs you need to decide what you want to comfortably afford and stick with it. From photographers to flowers to clothing, hair and makeup and venue hire and food and beverage, all of these items come at a premium when it’s a wedding.

Wedding planners take a lot of the headache out of planning – but are also costly. Do some research into where you can cut costs by:

  • Searching for bargains online
  • Checking if you can DIY some things, or if a close friend can
  • Renting instead of buying, or vice versa? Some items like glassware or furniture may have a good re-sale value, or be cheaper to rent depending on what’s on the market.

New Additions

By now you might be done with share-housing, are starting to put down some roots in your first family home and are looking at starting a family. A lot of the time this is a period where couples may start looking at selling and upgrading their cars and household items ready for their next step in life’s journey.

Will the baby seats fit nicely in soon-to-be-a-mummy’s Toyota Yaris? It might be time to get more practical wheels for the new addition(s) to the family. You can check our car loan options to help you decide.

It also might be time to turn that unattended room you use for storage into a magical little kingdom for your first child. This means clearing out the clutter and buying baby necessities such as prams, cots, changing tables, baby monitors, drawers and clothes. You may want to consider a range of finance solutions that Yes Loans can help you with if necessary.