Five financial tips for women in their 30’s

Congratulations! You’re officially an adult.

Once you get over the roller-coaster ride that was your 20’s, you will realize that your metabolism slows down meaning you need to do a little bit more of exercise and eating a balanced diet.

The dreaded wrinkles begin to appear, you experience a new world of stress, decreased fertility and let’s not even talk about the hormonal changes that can worsen PMS and mood swings.

Well, no one ever told you that, did they?

However, I am here to tell you that turning 30 is one of the best things that can ever happen in your life. You stop caring about what people think of you, you wear what you want and you no longer say ‘yes’ to everything.

As you sit there feeling pleased with yourself for hitting this milestone, this does not mean foregoing your responsibilities.

If anything, this is the time to make sound financial decisions that will set you up in the future. Here is how.

I know you’re not about to die but is anyone promised tomorrow really? If you have acquired some assets and you have dependants like your children or family, it is important to have a plan for them in the event you die.

This will create a clear disposition as to what goes to who without going through long, tedious court cases to divide your properties which could have been avoided if you made a will.

Talk to your lawyer or start of light by searching for free online apps you can use to quickly draft one.

The good thing about being in your 30’s is, you spend wisely. It’s about getting value for money now. Investing is the only way you will grow your wealth.

Take the time to do your research and don’t fell the get rich quick schemes. Diversify your portfolio by looking into shares, property and other businesses you can start or partner in.

Did you know that buying an insurance cover when you’re younger is cheaper than buying it later in life? For the sake of your spouse, children and ageing parents it is a good idea to give them financial security once you’re no longer there to do so.

You never know what can happen in the future and it is therefore a good idea to secure your loved ones future. Look into life insurance and health insurance policies.

In your 30’s you have time to watch your money grow. You need to master the art of budgeting so you can have a clear picture of where your earnings are coming from and where they are going.

This will help you plan for short-term and long-term goals which includes how much you are able to keep aside. By now you are definitely making more than you did at 26 so you have no excuse not to save up.

Develop a budget and an investment strategy on creating a retirement fund. The last thing you want to do when you’re old is how to make money when instead you should be enjoying the money you set aside or invested.

Factor in that women live longer than men therefore requiring a bigger retirement corpus. If you’re in a position to set aside at least 30% of your income do so and periodically revise according to how much more you’re earning.