Your Financial Bucket List for Turning 30
Bucket lists: We've all got one in some shape or form, things we aspire to do or achieve by a certain milestone, right? Well, let’s stop dreaming about our bucket list and start living it!
Emergency rainy day fund
It’s important to try and build a buffer of cash so that you aren’t down to the wire by payday each month
This pot of money should be held separately, somewhere you aren’t tempted to dip into it for a weekend away or a new gadget
Start by aiming for an emergency pot that covers 1 months’ outgoings. Then, build this up to 3, then 6
Where is your pension?
Make time to check on your pension – if you are employed the chances are your work has set one up for you, which you may have entirely forgotten about
Get yourself an online login set up, get in there and nose about. Read some stuff and see if you can figure out what’s going on with it
How much are you adding to it each month from your pay, if anything? How much is your employer adding? HR might be able to answer this for you
How is the money that’s going into your pension getting invested?
Know your benefits
Speaking of work, does your employer offer any other financial benefits to you?
What about life insurance, illness insurance, or medical cover?
Perhaps they offer savings schemes?
Educate yourself about what you already have, and what might be on offer to you that you haven’t taken up yet. Don’t leave any money on the table!
Manage your debt
Make sure you have a clear view of any and all debts you currently have – and make a plan for paying these off
Logically, you start by overpaying on the most expensive debts first (the ones with the highest interest rate)
If you’re struggling with motivation, it might help to work hard towards paying off the smallest debt first, so you can celebrate as soon as this entire debt is repaid
Whatever you do, don’t stick your head in the sand
Pay yourself first
Try and get your monthly incomings and outgoings as organised as possible
If you are trying to save or invest regularly, try and organise direct debits so that they leave your account ASAP after payday
That way the money isn’t sitting around tempting you to spend it for weeks before it gets siphoned off for its actual purpose
If you’d like to find out more about how you can achieve your personal financial bucket list, contact Jenny at jenny@springgen.co.uk, on 0300 3030 225 or https://www.springgen.co.uk/