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Alright alright, I'm not 30-something yet. Technically I am thirty now though and have bid *gasp* adieu to the decade of 20's.
So when you are in your dirty thirties you are full of promise, full of excitement, and full of confidence. It's a great feeling.
Your 30's is also a time when you should be getting your act together because there are a ton of life milestones that you have either just completed or that you should be completing soon.
Basically being in your 30's means that you need to start acting like an adult (as much as we Generation Y like to defer this).
Sometimes I can't believe I am thirty because I feel like I should be acting a little bit less immature, and at the same time, I realize that I am very mature.
Here are some milestones when you are 30-something that you need to contend with (yeah, I know… as if you didn't have enough existential crisis bull crap on your plate).
30-Something Money Milestones
- First comes marriage- If you haven't found someone to partner up with, when you are 30-something your ovaries start ticking and telling you to hurry up. There are a lot of costs associated with this, including dating, online dating, spending money being disappointed, and when you finally find your dream partner, a $25,000 and up average cost of a Canadian wedding. Oh it doesn't stop there.
- Then comes the baby carriage- If you're lucky enough to conceive with no difficulty, there's the cost of raising a child or raising children. They don't come cheap. Say goodbye to spending money on yourself and say hello to forever responsibility (though I hear that it's definitely worth it- I look forward to experiencing this some day). If conception doesn't come naturally after a year of trying, the baby carriage can be very costly with up to $15,000 per shot of invitro fertilization costs that don't have a guarantee of working.
- But before the baby carriage comes the first home- Many people have delayed their first home purchase until they are well into their 30's for good reason, since the real estate bubble is going to burst. Many people also delay their first home purchase until they are partnered up simply because most people cannot afford to buy a home on their own.
Related: How Much Home Can I Afford?
- Then comes the RESP- With the TFSA and RRSP to already worry about, you have to start worrying about your children's education. The RESP is a great way to get some money back from the government because they reward you for saving up for your child's education.
Related: TFSA vs RESP Contributions
The Great Thing about Being Thirty
This post isn't all doom and gloom, I promise. There are some amazing things about being in your 30's (mind you, I only have limited experience so far of being in my 30's but still, I speak from experience 😉 ). For example, I absolutely know what I want in life, I know where I am headed, I know what makes me happy. I am also very happy with my career right now and also happy with my pay cheque. It feels great to be someone experienced in your field and to feel comfortable and happy with what you do at work.
Having the little extra money doesn't hurt too. Instead of scrimping and saving I know when it's okay to splurge a little and enjoy myself. I know that it's not the end of the world if I spend a little too much on dinner because I have savings built up and am meeting my saving and investing goals.
Start Investing Now
One important money milestone when you hit your 30's is to start developing good financial habits now if you haven't already. Before you know it, you will be 40 and not know where the decade went. Save money for a rainy day, save money for early retirement because who knows if the government will be there for us in a few decades when we need them. Save at least 10% of your gross income and increase it as you are able to. This will allow you to develop good financial habits and be able to navigate the financial issues that will inevitably come your way (e.g. like a new roof that needs to be repaired).
Wise mid-to-late 30-somethings and older, do you have any other financial tips you want to impart to your friends?
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