07-Sep-2018 written by : FSI-Team
If you are a lady in your 30’s, chances are life is a mixed bag. On the one hand, you are progressing in your career but are grappling with growing financial responsibilities on the home front. As a result, more often than not, your finances remain in doldrums. The good news is you still have the time to get your finances in order with some easy moves. Here five financial tips you can put to good use to feel in better control of your finances.
If you are married by the time you are in your 30s, or are planning to get married soon, take stock of your financial plan with your spouse or fiancé. Have a serious discussion about the existing debt at hand, your repayment schedule, current spending pattern, expenses and your future financial ambitions such as taking a home loan. In a nutshell, your entire financial plan should be reassessed in consideration of both your financial health.
Once you have a better idea about your joint finances (assuming you are married), change your investment strategy. Even if you are not married, this is a crucial step that any woman should consider in her 30s. Take stock of your financial goals, and see if your existing investments are taking you closer to your financial goals.
For instance, if you are saving up to take a home loan or saving up for the education of your children, are your current investments building up the corpus you need to achieve this goal? If not you need to alter you strategy and choose different instruments that can help you fulfil your ambitions. A good way to fulfil your financial ambitions is dividing your goals into three buckets, short, medium and long term and invest according to each goal. If you think you do not have the wherewithal to do it all by yourself, you can consider opting for the services of a financial advisor.
One of the major reasons for the deterioration of finances is handling of credit. To get a better hold over your finances, take stock of your credit card usage. A thumb rule of credit card usage is spending only the amount you think you can repay within the billing cycle and repaying the amount in full. If you are not doing so already, make full repayment of your credit card outstanding amount a financial goal. The second thing you need to do with regards to credit card usage is ensure that your credit utilisation (the amount of credit you use as against the total credit made available to you) is under 30%. This will ensure that your credit health is in order and your CIBIL score is satisfactory.
Once the ladies hit their 30’s they do all they can to ensure that their health is in order. Thus they keep a strict watch over their diet and exercise regularly. Take the same approach to your credit health when you are in your 30’s. If there are major life goals that are yet to be met and you intend to access credit for the same, it is imperative that you keep a hawk eye on your credit health. When you apply for any line of credit, the prospective lender will take your CIBIL score into account. Think of your credit score as a barometer of your financial health and ensure that you get access to cheap and timely credit. A score of 750 out of 900 is mandatory for your credit application to go through.
When you are in your 30s, you are in the prime of your life grappling with many responsibilities such as a home loan, education of your children and healthcare of elderly parents. During times such as these, it is easy to forget about retirement, that seems aeons away. This is a crucial mistake that most investors make. While it is important to plan for important life stage events, leading a comfortable retired life is a goal you should never lose sight of. Thus, when you are in your 30s and have most likely gone a few steps ahead in your career, allocate a higher amount towards your retirement savings. If this means making some alterations to your existing budget, stretch yourself a bit to do so.
As any financial pundit would tell you, a woman has a natural affinity for saving and nurturing. The irony however is, that women, especially in India, have left financial decisions in their families to the men in their lives, despite the fact that they are equal contributors to family finances.
However, that is changing in recent years, with more and more women choosing to live independent and emancipated lives after the completion of their education.will put you in good stead!