Your 30s is probably the most confusing time of your life because you’re suddenly burdened with a bunch of responsibilities that require financial support. It may be your spouse, having kids, your parents, a business decision or anything else, and then there’s saving, which seems almost impossible to do. However, keeping aside even the smallest figure will make a huge difference. If you start investing US$5,000 per annum in your 30s, by the time you’re 65 you will have US$1,000,000. Sounds like a challenge, doesn’t it? Here at Indonesia Tatler, we have come up with several investment steps you could take in your 30s that your future self will be extra-thankful for.

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During your 30s, you could be working your dream job, or you could still be hopeful of landing that ideal job. Whatever it may be, salary raises are something you will definitely experience, and that increase in your salary may be very attractive. Who doesn’t love a raise? However, the best thing you could do is turn your raises into your savings, and your financial situation will look better than ever. Keep living that pre-raise lifestyle and use the figures from your raise as savings for your future.

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During your 30s, you could have several bank accounts, but the important one you should keep is an Individual Retirement Account (IRA), which is known to be a successful way to save money. Take advantage of the tax benefits having this account gives you. With an IRA, you won’t need to pay any taxes on the interest you earn each year. A tax-free life sure sounds neat, doesn’t it?

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The most important way to get this done is to have a proper credit report that you review and revamp each year, so you know what your current credit situation is, which will help you make decisions if you can take more credit or have reached your peak. Reviewing your bank transactions and credit card bills may actually be more helpful than you think. It gives you an insight into your financial situation that may seem absolutely different externally.

The importance of goalsadult-3327336_1920.jpg

When we say goals, we mean actual goals that you promise to achieve. Short-term goals and long-term goals… Both will make a huge difference. Your short-term goals could be financial goals you want to achieve within the span of a month or two. Long-term goals can range from one year to 11 years or even more, depending on how much you can take on your plate. However, the primary importance of setting goals is the motivation and enthusiasm they give you, knowing that you have something to look forward to.

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Take a good look at your budget and think: if you can reduce it, why not? Taking a look at your budget closely might give you insights into what you might have thought was important, but actually isn’t and could be used for savings instead. Your budget could change on the basis of days, months, or even years, as long as it is sufficient to meet your needs.

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Tags: Wealth, Wealth Management, Money, Invest, Budget, Banking, Goals, Investing