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How to Manage Your Money in Your 30s

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How to Manage Your Money in Your 30s
Now’s the time to save for retirement and other goals like down payments and college savings.
By Kelsey Sheehy Senior Writer | Small business, personal finance Kelsey Sheehy is a senior writer and NerdWallet’s expert on small-scale business. She joined NerdWallet in 2015 and worked for an entire six-year period as personal finance writer and spokeswoman before shifting gears to write about business decisions and issues faced by owners of small businesses. Kelsey’s articles have appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch among other publications. She is also the author of a column on millennials and money for The Associated Press along with some other writers from NerdWallet. Kelsey has been featured on the “Today” show, NBC News and ABC’s “World News Tonight” and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice and many other publications. Before becoming a member of NerdWallet, Kelsey covered college (and how to finance it) for U.S. News & World Report. She is located in Washington, D.C.

April 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 efforts and manages the team responsible in expanding NerdWallet content to additional topics in personal finance.

Previously, he has worked as a channel manager at MSN.com, as a web manager at University of California San Diego as well as as an editor for copy and staff writer for The Los Angeles Times. He holds a Bachelor of Arts in communication and a Master of Arts in Anthropology.

A majority of the products featured here come from our partners who pay us. This affects the products we review and the location and manner in which the product is featured on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here’s a list of and .

Your 30s can be an exciting but challenging decade. While you may be advancing your career and making higher wages, it is possible that you could be faced with the financial burdens of purchasing a home or having kids.
Beyond for you or your family members, experts recommend 30-somethings take these steps to .
Make these money moves Show More

1. Open an IRA
You are probably aware of the importance of saving money for retirement and getting started early to benefit from compound interest. It is also likely that if your company offers an employee retirement plan, it is important to benefit from it. But what about the other benefits?
You might want to consider investing in a combination of the traditional IRA or Roth IRA accounts. (See .)
One approach is to first make sure you get the full match from your employer on your 401(k) before moving switch to the Roth IRA. The annual maximum will be $6,000 for people who are within the income limit — $124,000 (filing as single) as well as $196,000 (married filing jointly) for 2020 and $125,000 (filing as a single) or $198,000 (married filing jointly) for 2021. If you are over your IRA limit, you can redirect your contributions to 401(k).
This option assumes you have a plan sponsored by your company at your disposal. If you’re one, start an IRA by yourself using an internet broker. Robo-advisors such Betterment and Wealthfront use an algorithm to create the account and run it, automating investing for you according to your age as well as your retirement goals and the risk tolerance. That tolerance should be , in the case that you’re just a few years away from retiring.
Regardless of your plan, contribute what you can afford , and then bump up the amount as your earnings increase — adding a percent or two each time you get an increase, with an aim of setting aside 10% to 15 percent of your annual earnings to retirement savings.
More information about investing
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2. Establish financial priorities
Make sure your spending is in line with your priorities. In addition to the increase in your retirement savings when you make more money, make sure to control your spending.
Avoid falling into the temptation to spend more just because you’re earning more. Instead, you should be mindful of your spending. Partner with your spouse, if you have one, to determine what is important to you and your family.
To check in on your spending habits, enter your earnings into using the below calculator. NerdWallet suggests allotting 50% of your income to needs, 30% to wants and 20% to savings.
A certified financial planner will also help you set up the right plan taking into consideration your financial goals.
Make sure you save for emergency situations and goals. Savings should be a first priority. If you don’t have an emergency fund begin there.
It may take some time to fully , so work in increments. Start with $500, then $2,000, and eventually make it a goal to fund three to six months of living expenses. This will help you focus on other objectives including saving up for a down payment on a new house or for college if you have kids. This should be done in addition to saving for retirement.
Make sure you have separate accounts for each purpose, suggests Brian McCann, founder of Bootstrap Capital LLC in San Jose, California. You should have an online savings account to save money for your down payment, or home repair fund and another one for buying a new car, and the third to save for that dream vacation.
” Remember: Your kids are able to borrow from student loans if necessary; your retirement can’t. ”

It is a good idea to kick your savings for college immediately you’ve got children, by using 529 plans or any other tax-advantaged plans. With an IRA for instance, you can take out funds for eligible education expenses with no penalty.
As with saving for retirement, the earlier you begin, the more time you have to increase. Therefore, contribute as much as you can without having to sacrifice savings for retirement, in order to get the maximum benefit from your savings. Keep in mind that your kids are able to use student loans in the event of need, but your retirement won’t.
More information on achieving your financial goals
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3. Get disability and life insurance
It’s not a good idea to consider the worst-case scenario, but making plans for it can make life a little easier should it occur. This is where insurance comes in.
Employers typically pay 60% of your base salary in the event that you are disabled or sick to go back to work. For many people, that’s not enough.
Evaluate your current income and financial goals for the future to figure out what you need, says Tracy St. John, Financial advisor and co-founder of Financial Avenues LLC in Kansas City, Missouri. Then, look at what your current disability plan will pay. If there’s a gapin coverage, look into purchasing an additional plan right now.
“As you age, it’s going to cost you more,” she says.
Only purchase what is within your budget, but choose a plan that allows you to alter coverage as your income increases.
, even if you have coverage through your employer, St. John says. Like other policies life insurance will only get higher in cost as you age.
More information on the process of getting insurance
Maximize the value of your cash
Track all your spending at a glance , so you can see your trends and spot opportunities to reduce your expenses.

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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