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Financial Checklist for your 30s

In your 30s, you’ve past the point of starting your financial future, but you still have so much ahead of you. You’re likely considering buying a home, starting a family or advancing your career. We’re happy to help.

Here are our top five financial items to accomplish in your 30s:

1. Investments

Your 401(k) should be growing steadily, however, don’t lose sight of its growth and progress. At your age, you can afford to invest somewhat aggressively. Your 401(k) provider should be able to counsel you on aligning your retirement planning with your risk tolerance. If you’re maxing out your 401(k) and still want to contribute more, consider an IRA.

2. Home buying

A home can be a smart, long-term investment. But before you jump in to a large commitment, be sure that you can afford it now. Lending guidelines suggest that your monthly mortgage payment should be 25% or less of your income.

3. Insurance

If you’ve married or started a family, you should consider life insurance. Life insurance is an affordable way to provide for your spouse or children if you die. Generally, the younger you are, the more affordable the insurance premiums, so getting started young can save you money in the long run.

4. Estate planning

Write a will. If you have a spouse and/or children, it’s important to address family and financial issues that may arise after your death. Depending on your particular financial situation, you may be able to craft something basic using online resources or you may need more advanced advice and direction afforded by an estate planning attorney.

5. Budget

You should revisit your budget quarterly to assess and readjust, if necessary. If you’re finding that you’re spending more than you’re earning, it’s time to tighten your purse strings. Continue to pay down your non-mortgage debt and put away money for your future.

As you build your family and cultivate your home, this is a time of your life when you’re spending money. That’s why it’s more important than ever to align your savings, your budget and your spending to continue your smart financial habits.

If you need help or would like a financial assessment on how we can help save you money, simply call us.
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