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How to manage your money in Your 30s

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How to manage your money in your 30s

Now’s the time to save for retirement and other goals like down payments and college funds.

by Kelsey Sheehy Senior Writer | Small business, personal finance Kelsey Sheehy is a senior writer and NerdWallet’s expert on small business. She started at NerdWallet in 2015 and spent six years as a personal finance writer and spokesperson before switching gears to write about financial decisions and challenges that small-business owners face. Kelsey’s articles have appeared on The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. She also writes a column about millennials and money in The Associated Press along with a handful of other writers from NerdWallet. Kelsey has been featured on the «Today» talk show NBC News and ABC’s «World News Tonight» and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice and many other publications. Before being a part of NerdWallet, Kelsey covered college (and how to pay for the cost) for U.S. News & World Report. She is located in Washington, D.C.

Apr 25 April, 2017

Written by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet’s news efforts as well as oversees the team that is responsible for expanding NerdWallet content to additional topics within personal finance.

Previously, he has worked as a channel supervisor at MSN.com as well as as a web administrator at University of California San Diego, and as an editor of copy and staff writer for The Los Angeles Times. He holds an undergraduate degree of Arts in communications and an Masters of Arts in Anthropology.

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Your 30s can be an exciting, yet challenging decade. While you may be advancing your career and making more money, you might also face the financial responsibilities of purchasing a house or having children.

Beyond for yourself or your family members, experts suggest 30-somethings take these steps to .

These money-making moves are easy to make. More

1. Open an IRA

You are probably aware of the importance of saving for retirement, and putting aside money early to take advantage of compound interest. It is also likely that if your employer has a retirement plan, it is important to make use of it. What else is there?

You might want to consider investing in a combination of , traditional IRA and Roth IRA accounts. (See .)

One approach is to first ensure you receive the full company match on your 401(k) first, then move switch to the Roth IRA. The annual maximum is $6,000 for those who fall within the income limit — $124,000 (filing as a single) as well as $196,000 (married filing jointly) for 2020 and $125,000 (filing as a single) as well as $198,000 (married filing jointly) for 2021. If you’re over the IRA limit, transfer your contributions back to the 401(k).

This method assumes that you have a corporate-sponsored plan that you can access. If so, you can create an IRA by yourself using an online broker. Robo-advisors such as Betterment and Wealthfront use an algorithm to build and manage your account, automatically investing for you in accordance with your age and retirement goals as well as your risk tolerance. That tolerance should be , at a time when you’re only just a few years away from retiring.

Regardless of your plan regardless of your plan, make sure you contribute the amount you can afford , and then bump the amount as your income grows — adding a tenth of a percent or two every time you earn a raise — with the goal of putting 10% to 15 percent of your income to retirement savings.

More on investing

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2. Set financial priorities

Make sure your spending is in line with your priorities. In addition to increasing your retirement savings as you make more money, make sure to keep your spending in check.

Don’t fall into the trap of spending more because you make more. Instead, you should be mindful of your spending. Partner with your spouse If you already have one, to figure out what is important to you as well as your family.

To check in on your spending, plug your income into using the below calculator. NerdWallet recommends allocating 50% of your income to essentials while 30% goes to wants and 20% to savings.

A certified financial planner will assist in setting up an action plan that takes into consideration your financial needs.

Make sure you save for emergency situations and goals. Savings should be a top priority. If you don’t have an emergency savings account Start there.

It could take a while to get it all done, so do it in increments. Aim for $500, after which you can go up to $2,000 and then make it a goal to fund three to six months ‘ living expenses. This will enable you to concentrate on other goals including saving up to put down a down payment for a new house or for college if you have kids. It is important to do this as well as saving to fund retirement.

Use separate accounts for each goal, recommends Brian McCann, founder of Bootstrap Capital LLC in San Jose, California. You should have an online savings account for your down payment or home repair funds one for a brand new car, and the third to save for that ideal vacation.

» Be aware that your children can fall back on student loans if necessary; your retirement can’t. «

Try to kick college savings into gear as soon as you have children, with 529 plans or any other tax-advantaged plans. With an IRA for instance, you can take out money for qualified education expenses with no penalty.

Like saving for retirement, the earlier you begin, the more time it takes for your money to expand. Therefore, contribute as much as you can, while not sacrificing retirement savings, to get the most from your savings. Keep in mind that your kids are able to take advantage of student loans should they need to; however, your retirement can’t.

A little more help in achieving your money goals

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3. Get disability and life insurance

Nobody wants to consider the possibility of a catastrophe, but having a plan for it can simplify life should it occur. This is where insurance comes in.

Employers typically pay 60% of your base salary in the event that you are disabled or sick to go back to work. For many, that’s not enough.

Examine your income, current and financial goals for the future to determine what you’ll need, says Tracy St. John, Financial advisor and co-founder of Financial Avenues LLC in Kansas City, Missouri. Then, look at what your current disability plan will pay. If there’s a gapin coverage, look into purchasing an additional plan right now.

«As you get older , it’s going to cost you more,» she says.

Purchase only what fits within your budget, however, you should choose the plan that permits you to adjust protection as your income grows.

, even if you have coverage through the company you work for, St. John says. As with other policies, life insurance gets only higher in cost as you age.

Find out more about the process of getting insurance

Make the most of your money

Keep track of all your expenses at a glance to understand your trends and spot opportunities to save money.

About the author: Kelsey Sheehy is a personal finance writer for NerdWallet. Her work has been covered in The New York Times, USA Today, CBS News and The Associated Press.

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