By the time many people hit their 30s, they tend to start looking towards the future and setting themselves and their families up for financial freedom. 

Perhaps you’ve established or are advancing in your career, bought or are looking to buy a property, and are now wondering how you can set yourself up for the future? 

While there is no quick fix to setting yourself up for financial freedom, there are a couple of smart financial decisions that can begin that process and lay a solid foundation. 

Advance your career

Once you’re settled in your career and have finished immediate studies, your 30s can prove to be the perfect time for career advancement. 

This may mean additional studies or specialising in a certain role or field. 

Hear us out when we say, no extra education, study or knowledge will ever be wasted. In fact, those that continue to further their knowledge and skills in the area that they specialise in will often see a pay increase. 

Knowledge is power and employers are willing to pay for a skill that they need. 

Rethink your budget

Now may be the perfect time to double down on your current budget. 

Set yourself some personal and financial goals and then adjust your budget accordingly. 

Perhaps you’re looking to purchase an investment property. Adjusting your budget and tracking exactly where your money is going will help to achieve this goal. 

And, if you don’t already have a budget, there’s never been a better time to put one in place.

Adjust insurance coverage

Many people will take on large amounts of debt, whether that be through mortgages or personal loans, so it’s important that they are looking to the future and protecting themselves and their families. 

While a loss of income is never in the plan, it can happen. So, it’s important that you safeguard yourself and your assets in the event that you incur a loss of income. 

Pay down your debt and increase your equity

If you own your own home, paying down your mortgage at an accelerated rate will help to build equity and position yourself for future opportunities. 

As you build equity, you’ll be able to look at where you can diversify your investments and begin to build a solid investment portfolio. 

Increase superannuation contributions

Deciding to contribute over and above the set contribution percentage may prove advantageous in future years, to ensure a comfortable retirement. 

During your 30s is a perfect time to increase your contributions given your income is usually well established and approaching the peak of your earnings. If you’re able to, increasing your super contributions to 15% during this time could be a great start.

Diversify investments

Perhaps you already have shares, managed funds or investment properties? 

Diversifying these investments will help in building a solid investment portfolio that will set you up for financial freedom. 

In fact, the more diversified your investments are the more protected you are from market shifts.

To get personal advice on smart financial decisions you should be making in your 30s, book a complimentary discovery session today.