Saving is hard, especially as you get older and there are more responsibilities thrust your way. If you’re not quite into the wilds of the third decade yet, worry not, as today I’m bringing you some expert knowledge in the form of Jon from The Money Shed – the UK’s largest community website dedicated to earning money from home! Read on for a guest post guide to all things saving and spending…
The Difficulty Of Saving Money In Your 30’s
Your 20’s are a time in your life where you can afford to be a bit more reckless with your money. You generally have more disposable income which means you don’t have to budget as much. But once you reach your 30’s all of this goes out of the window.
Once you’re in your 30’s you will have to start thinking about saving more for the future. This includes planning for your retirement and thinking about your family. The chances are that by the time you are 30, you will have more responsibilities then when you were in your 20’s. This means that you should try and save more money in order to be able to deal with those responsibilities effectively.
The Homeowner’s Dilemma
Many people who are in their 30’s own their own home, or at least are trying to save for a deposit for one. This means that you should be saving money for said deposit. Or you should make sure you always have an emergency fund should anything go wrong with your house. The older you get, the more expensive problems become, so having an emergency fund is pretty essential.
However, because you are more settled in life, you are more likely to have bigger bills which will make it harder to save. If you are saving for a deposit, or trying to save for an emergency fund then you may find it hard to actually save a decent amount. The problem with being in your 30’s is that you should be saving more, but you are also spending more.
A good way to combat this is to make sure that whatever you are spending, you are putting 50% of that into savings each month. Although this may seem like a lot at first, you will be grateful for it later. Once you have set aside the amount you need to spend every month, you will be left with your disposable income. This is where your savings should come from. So it means that you may not be able to afford to go out to eat every week, and you may not have the money for a shopping trip every month. But spending this money is one sure-fire way to make sure your savings never get topped up.
Pensions And Family Considerations
Other money troubles that come in your 30’s are pensions. Suddenly you want to start thinking about the future, which includes making sure you are comfortable in retirement. Many companies offer a pension scheme which you should always make sure you are enrolled in. If your company doesn’t then you should look into private pensions. Although the future may seem like a long way off, the sooner you start thinking about it, the better off you’ll be.
Another thing that suddenly happens to you in your 30’s is family. Many people find that their 30’s are the time when they start having children and getting married. This is great but it does also come with increased financial responsibility. Saving for your children, saving for marriage – it all adds up. It seems like there is always one thing after another to pay for, and it seems that you can never keep hold of money long enough before it has been spent.
The Bottom Line
Making sure to budget properly is a good tip to help save money. It doesn’t have to be a lot of money each month, but a little is better than nothing at all. Remember, many people in their 30’s have lots of stuff figured out, and some people have nothing. Many people compare themselves to others and think they should be doing the same thing. It’s important to note that you are unique and just because someone else your age has everything sorted, doesn’t mean you should.