In Your 30s? Don’t Make These Money Mistakes

9:08 pm Estate Planning, Retirement Planning

confused woman e1346097420696 In Your 30s?  Don’t Make These Money MistakesWhen you have left your 20-something lifestyle behind and are now in your 30s, you are probably becoming more settled and are looking more seriously at your future.  Now is the perfect time for you to avoid these common money mistakes to secure that future, including a good retirement:

Tapping savings for luxuries.  When we’re in our 20s, we tend to spend like there’s no tomorrow.  When you hit your 30s, you should be planning for that tomorrow and that means not tapping your savings for vacations or other luxuries.  You need to save for an emergency fund, because you never know what tomorrow will bring.

Short-term budgeting.  Now is the time to start planning and saving for bigger expenses like buying a house or a child’s education fund.

Not assessing your housing needs.  Does owning a home suit your lifestyle?  Home ownership is not for everyone.  You’ll not only need to fork out cash for the mortgage, there’s also insurance, repairs, maintenance and other expenses you will face as a homeowner.  If you already own a home and have for awhile, you may want to look into refinancing your mortgage to put more away into savings.

Not keeping track of your retirement account.  If you have a 401(k) where you work, it’s important to keep tabs on how it is growing (or not) and adjust accordingly.

Not saving for retirement.  If your income is increasing, your retirement account should be one of the beneficiaries of your growing earning power.

Not having insurance.  Having good health and life insurance can be as important as saving if something happens to you.  Shop around and compare for the best rates on all your insurance products.

Not having an estate plan.  The key estate planning documents you need to have in place are a will, advance medical directives and durable powers of attorney.  A trust may also be beneficial to protect your assets now and in the future.

If you would like to know more about how to secure a solid financial future for you and your loved ones, contact our Orange County law firm.

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