When you are in your 30s, your life generally revolves around securing your career, starting or managing a family, and finding your place in the world,
And while all these tasks can be challenging, building a financially safe future can feel like the most daunting.
But it does not have to be, says Mariska Oosthuizen, chief marketing officer at Sanlam.
To get started, or even to continue making the best choices, she offers the following tips:
1. Get serious with a financial advisor
Your relationship with your financial advisor is one the most important in your life, so when you are looking for the best expert for your needs you should:
- check their qualifications
- ensure you can connect with him or her
- be sure that they understand your financial goals
Research shows that most South Africans at this life stage get their financial advice online, but Oosthuizen says it is essential that you rather speak to an advisor.
“While there are great resources on the internet, there is no substitute for getting advice that’s tailored to your needs and your pocket. Getting the help of a trusted financial advisor will help you stay on track and meet your goals sooner.”
2. Recommit to your future
Your 30s is a good time to commit or recommit to your future by taking stock of your financial goals and making all the right moves to invest and save for these. You can start by reviewing your financial plans and seeing if they still align with your current goals.
“You may also want to reassess your financial situation as a lot can change from life stage to life stage. This may be a good time to adjust your savings and investments where you are able to,” she says.
You can start putting a little bit of money aside each month making sure that you stay committed to saving. Then, slowly increase your savings and investment contributions as you earn more.
3. Plan for your dependents
Oosthuizen says the best time to start saving for your child’s education is when they’re born, and as your 30s is typically when you’re planning a family, this is good time to make sure that education saving starts or is on track.
As you move towards your 40s, your education savings are adequate to comfortably cover your child’s tertiary education.
“Investing in your children’s future success is one of the most valuable moves you can make - not only for them, but for yourself. The more successful your children are, the less they’ll depend on you financially later in life,” Oosthuizen states.
IOL Business