Ten Money Tips For Those in Their 30s and 40s – Your Financial Checklist

As you approach middle-age in your 30s and 40s, here are ten money tips to keep your financial house in order. Think of it like your financial checklist and if you are doing most of these, you should be in good shape as you head towards retirement

  • Start saving for retirement: If you haven’t already started saving for retirement, now is the time to do so. The earlier you start saving, the more time your money has to grow (compounding 101), so it’s important to start as soon as possible.

  • Contribute to a 401(k) or IRA: Consider contributing to a 401(k) or IRA to save for retirement (see limits). These types of accounts offer tax advantages that can help your money grow faster.

  • Create a financial plan: Develop a financial plan that outlines your short- and long-term financial goals. This can help you stay on track and make informed decisions about your money

  • Pay off high-interest debt: If you have high-interest debt, such as credit card debt, focus on paying it off as soon as possible. This can help you save money on interest and improve your financial situation.

  • Increase your emergency fund: An emergency fund is an important financial cushion in case of unforeseen expenses. Aim to have at least three to six months’ worth of living expenses saved up in an easily accessible account.

  • Start saving for your children’s education: If you have children, now is a good time to start saving for their education (e.g. via a 529 plan). This can help you avoid having to take on a lot of debt when it’s time for them to go to college.

  • Save for your own future education: If you’re interested in going back to school, changing careers or pursuing additional education, start saving for it now. This can help you avoid taking on student loan debt later on.

  • Consider long-term care insurance: As you get older, you may want to consider purchasing long-term care insurance to help cover the costs of care if you become unable to take care of your

  • Revisit your will and estate plan: It’s important to update your will and estate plan as your circumstances change. Review your will and make any necessary changes to ensure that your assets will be distributed according to your wishes.

  • Take advantage of employer benefits: Many employers offer benefits such as 401(k) matching and health insurance. Be sure to take advantage of these benefits to help improve your financial situation.

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