Financial, Investment and Estate Planning Blog
Finances and Estate Planning are 2 critical life areas you can't leave to chance. In this blog, I will share various articles, tips and advice to help you navigate these areas. But a personalized 1 on 1 chat will always trump reading a blog. Call me today!
Rebalance your budget
Your thirties are an exciting time! For many, it's the decade to take significant steps forward in setting and reaching personal and professional goals. So it's important to focus on a couple fundamental things that are key to getting and keeping your financial house in order.
First and foremost, utilizing a budget is essential to always know where you stand financially. In a survey from Debt.com, 86% of respondents used a budget, and 40% of respondents used a budget to increase wealth or savings. It's still the best financial tool out there! If you don't have one, now is the time to commit to the budgeting habit. And if you do have a budget, updating it annually is important.
Your income, needs, and wants change in your thirties, so you must adjust your budget accordingly. An increase in income shouldn't necessarily equate to more spending. Instead, raises and bonuses create opportunities to contribute to retirement accounts. Assuming you won't access the funds until retirement age, that's multiple decades of compounding interest you can start to take advantage of.
First and foremost, utilizing a budget is essential to always know where you stand financially. In a survey from Debt.com, 86% of respondents used a budget, and 40% of respondents used a budget to increase wealth or savings. It's still the best financial tool out there! If you don't have one, now is the time to commit to the budgeting habit. And if you do have a budget, updating it annually is important.
Your income, needs, and wants change in your thirties, so you must adjust your budget accordingly. An increase in income shouldn't necessarily equate to more spending. Instead, raises and bonuses create opportunities to contribute to retirement accounts. Assuming you won't access the funds until retirement age, that's multiple decades of compounding interest you can start to take advantage of.
Want to make or revise a budget or need help prioritizing where to spend and where to save? Contact our office to schedule a time to review your financial situation.
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