Riding the financial rollercoaster of life in your 30s

You’ve farewelled your 20s, and just like your taste in weekend pursuits has changed, so have your financial priorities. In the second of our milestone series, here are some key financial facts to help smooth out any financial dips when you’re in your 30s.

I do… or do you?

Financial issues rate as one of the most common causes of marriage failure, so it’s important to think about whether you and your partner are financial compatible before you walk down the aisle.
How do you let money flow through your hands – is one of you a spendthrift and the other a scrooge? Opposites don’t always attract when it comes to money. Do you know what assets (and liabilities) each of you is bringing into the relationship? Are your financial goals in line?

Just married

After you’ve tied the knot, make sure you don’t fall in to the trap of purchasing all the toys and luxuries of today and paying for it with tomorrow’s money. This is the fast way down the slippery slope of debt which can take a very long time to see the end of.

Pitter patter

Having children is of course a joyous ride, but one that could make your bank account scream. Financial planning and family planning should go hand in hand. The importance of understanding how much you can really afford to spend, relative to your income at this time, can’t be overstated – and there’s a lot more to consider than a new little mouth to feed.
As well as saving for additional expenses that come with a baby, you’ll need to plan for the loss of an income, especially if you or your partner is planning on taking extended parental leave.
In the next article in the series we’ll look at tips for people in their 40s when the kids are at school.

Any advice given is general only and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.