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How to Manage Money in Your 30s

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How to Manage Money in your 30s

Now is the perfect time to start saving to fund retirement and other goals, such as down payment and college funds.

by Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet authority on small-business. She joined NerdWallet in the year 2015 and worked for an entire six-year period as personal finance journalist and spokesperson , before switching to focus on the financial decisions and challenges faced by small-business owners. Kelsey’s articles have appeared throughout The New York Times, The Washington Post, Nasdaq and MarketWatch among other publications. She also writes a column on millennials and money for The Associated Press along with a handful of other NerdWallet writers. Kelsey has been as a guest on «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, among other publications. prior to her becoming a member of NerdWallet, Kelsey covered college (and how to pay for the cost) in U.S. News & World Report. The location of her work is 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 operations and manages the team that is responsible to expand NerdWallet content to cover additional subjects in personal finance.

In the past, he worked as a channel manager at MSN.com, as a web administrator at University of California San Diego as well as as a copy editor and staff writer at the Los Angeles Times. He has a Bachelor of Arts in communications , as well as an Master of Arts in Anthropology.

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Your 30s can be an exciting, but also challenging time. Although you might be moving up in your career and making more money, you might have to deal with the financial obligations of purchasing a home or having kids.

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

Make these money moves and show More

1. Open an IRA

It is likely that you are aware of how important it is to save for retirement and starting early to make the most of compound interest. You may also know that if your company offers an employee retirement plan, then you must make use of it. But beyond that?

Consider investing in some combination of traditional IRA and Roth IRA accounts. (See .)

One approach is to first ensure you receive the full company match for your 401(k), and then you can transfer it to the Roth IRA. The maximum annual contribution will be $6,000 for people who fall within the limits of income that are $124,000 (filing as a single) or $196,000 (married filing jointly) for 2020, and $125,000 (filing as a single) or $198,000 (married filing jointly) for 2021. If you’re over your IRA limit, divert your contributions back to the 401(k).

This approach assumes you have a corporate-sponsored plan at your disposal. If you’re one, start an IRA on your own via an internet broker. Robo-advisors such as Betterment and Wealthfront use an algorithm to create accounts and oversee your money, automatically investing on your behalf according to your age, retirement goals and the risk tolerance. This tolerance should be , when you’re still just a few years away from retiring.

Whatever your strategy, contribute what you can afford and bump up the amount when your earnings increase — adding a tenth of a percent or two each time you get an increase. You should also set a the goal of putting 10 percent to 15 percent of your income aside for retirement.

More information about investing

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2. Prioritize your finances

Align spending with your priorities. As well as increasing your retirement savings as you make more money, you should be careful to keep your spending in check.

Do not fall into the temptation to spend more just because you make more. Instead, you should be mindful of your spending. With your partner, if you have one, to decide what is important to you as well as your family.

To get a quick overview of your spending habits, enter your earnings into the calculator below. NerdWallet suggests allotting 50 percent of your earnings to essentials while 30% goes to wants and 20 percent to savings.

A certified financial planner can also help you set up a plan that takes into account your financial priorities.

Save for emergencies and goals. Saving should be a prioritization. If you don’t have an emergency savings account begin there.

It could take a while to fully , so work in small increments. Start with $500, then $2,000, and eventually increase it to cover up to three months of living expenses. This will allow you to focus on other goals, such as saving for a down payment on a new house or for college if you have kids. It is important to do this as well as saving for retirement.

Make sure you have separate accounts for each goal, recommends Brian McCann, founder of Bootstrap Capital LLC in San Jose, California. Save money online to save money for your down payment, or home repair funds, another for a new car and the final to save for that ideal vacation.

» Keep in mind that your kids could rely on student loans in the event of need, but your retirement won’t. «

Try to kick the college savings plan into gear immediately you’ve got children, with a 529 plan or other tax-advantaged programs. With an IRA, for example you are able to withdraw money for qualified education expenses without penalty.

Like retirement savings, the sooner you start, the more time your money has to grow. Therefore, contribute as much as you can, without sacrificing retirement savings to get the most mileage from your savings. Keep in mind that your kids are able to use student loans if necessary; your retirement can’t.

A little more help in achieving your money goals

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3. Take out life and disability insurance.

It’s not a good idea to consider the possibility of a catastrophe, but planning for it can make life a little easier should it occur. This is where insurance comes in.

Most offered by employers pays 60% of your base salary in the event that you are unwell or hurt to be able to work. For many people, that’s not enough.

Review your current income and your financial goals in the future to figure out what you’ll need, says Tracy St. John, an advisor to financial planning and the founder of Financial Avenues LLC in Kansas City, Missouri. Take a look at the amount that your current disability plan would pay. If there’s a gapin coverage, think about purchasing a new policy immediately.

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

Choose only the coverage that is in line with your budget, but choose a plan that allows you to adjust protection as your income grows.

Even if you are covered by the company you work for, St. John says. As with other policies, life insurance gets only higher in cost as you age.

More information on the process of getting insurance

Make the most of your money

Track all your spending at a glance to understand your trends and spot opportunities to save money.

About the author: Kelsey Sheehy is a personal finance writer at NerdWallet. Her writing has been featured on The New York Times, USA Today, CBS News and The Associated Press.

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