Starting your financial planning early is the key to a secured future. If you are a woman in your 30s, you need to start doing the same immediately. Even in this era, when most women have financial freedom, they tend to rely on their partners for any financial strategy. This needs to change, as you need to have complete control over your money as an independent individual.
Listed below are five golden financial tips to help guide you during this phase of life.
Start saving now for retirement
Having financial security after retirement is important to ensure that you do not have to rely on anybody else for your monetary needs. Starting to save for your retirement during your 30s or even earlier is the ideal time. Doing this gives your savings time to grow. You have to start investing a portion of your paycheck in a fund that accumulates a large wealth over time. This way, you will be able to build a fortune over the next 30 years.
Separate account vs. joint account with partner
You need to understand that there is no problem with having two separate accounts, one with your partner and one individually. You may have some financial liabilities that you need to share with your husband. These include house rent, car loan, and various other obligations. Having a joint account serves this purpose more effectively. You must also have an individual account, which you can use to meet your personal financial needs.
Also Read: Reasons Why Personal Loan is the Best Bet for the Cash Strapped
Build an emergency fund
Emergency funds are very important. The money saved in it can help you in times of financial or medical crises. The size of the fund depends on your needs and the amount of money that you can save. However, having enough money to back you up for at least a year can be quite helpful in times of needs.
Early savings and investments
Investing your savings in the right options is crucial to building the best possible portfolio. If you start investing in your 30s, you will be able to give enough time for your money to grow. This way, you will have a large amount of savings for the future.
Buy the right insurance plan
We never know how the future might turn out. A sudden death of the earning member can result in a financial crisis for any family. This is why you must consider investing in an insurance plan. For example, a term insurance plan can provide financial stability to your family if something untoward happens to you. A life insurance plan is your best defense against an unfortunate circumstance. You can easily buy online term insurance at a competitive price.
Also Read: Why should millennials start investing in Mutual Funds?
Mental peace comes from the knowledge that the future of your family is secured. There is nobody better than you who can make sure of this with well-thought-out financial planning and investments.
