Money Tips For Working Women In Their 30s

As a working woman in your 30s, you’re likely to have a stable career, professional success, and a few more financial responsibilities than when you were in your early 20s. Since this decade of your life is probably one of the most important for career growth, it is only prudent to put the money you earn to good use.

Here’s how you can ensure that you’re being smart with your money.

Set Financial Goals

This is the first thing you should focus on. By defining what it is that you want to achieve, be it buying a home or a car for your parents, you’ll have a better idea of how you can work your way towards realising the goal. This will also help you pick the right investments for the right tenor so that you have the funds you need, when you need them. For example, you want to buy a car in five years, therefore you decide to start a monthly recurring deposit and save for assured returns.

Divide Financial Responsibilities

If you are married or have a partner, it is a good idea to divide financial responsibilities amongst yourself. While it’s best to discuss financial decisions with each other before you make them, by splitting responsibilities you can each work towards a different goal. This ensures that in times of need you can take quick action.

Create A Retirement Fund

Now is perhaps the best time to work on your retirement fund. Since you’re in the prime of your career you can tackle this goal in a focused manner. Considering the fact that women have a higher life expectancy than men, a retirement fund that beats inflation and holds up to the expenses you’ll incur in your old age is crucial. By taking calculated risks, you can start early and create a sizeable nest egg to see you through your retirement years. Consider SIPs, shares, IPOs, gold ETFs and bonds to achieve this goal.

Buy Insurance Policies

It’s important to not neglect insurance when making strides towards other goals. Apart from insuring your assets such as your home, you must also look into health insurance for your parents and children as well as for yourself. If you take a break from your job in the future, remember that you won’t have any employee health insurance to fall back on. Moreover, the coverage offered by such plans isn’t ideal which is why you must give buying the right insurance policy your full attention.

Build Your Asset Portfolio

To ensure complete security and self-sufficiency, focus on building a strong asset portfolio. Make use of the special terms available to women to do so. For instance, most lenders offer women a lower rate of interest on a home loan, around 0.05% lower than what regular applicants enjoy. Although this may seem like a negligible value, in the long run it can save you a significant amount. Moreover, certain states also have a concession on the stamp duty charges for women. For example, in Delhi women homeowners have to pay 4% stamp duty as opposed to 6%.

Build An Emergency Fund

It is equally important to tuck away some money for a rainy day. This emergency fund could help you in a number of ways provided you have easy access to it. For instance, if you find that you have to vacate the home you’re currently renting on short notice you can dip into your emergency reserve to pay for brokerage, rent and other shifting costs. Having this provision safeguards your monthly budget and protects you from having to cut corners.

Fulfil Your Family’s Needs

Your financial decisions should help you take care of your family too, improving their quality of life or provide a helping hand in times of need. This could be buying an automatic car that’s easier for your elderly parents to drive or buying a home on the ground floor for grandparents who are unable to climb stairs. Alternatively, it could mean saving to help your younger sibling pursue his/her passion of aeronautics engineering.

Keeping these tips in mind will help you maximise your wealth so that you can achieve your goals without insufficient finances getting in your way.