Money Moves to Make in Your 30s

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Your 30s can be a time of increased financial responsibility, with new opportunities for wealth building and potential setbacks if you're not careful. With the right mindset, wisdom from the Bible, and not letting lifestyle creep get to you, you can set yourself up for financial success in your 30s and beyond.

Here are six money moves to make in your 30s to set yourself up for future financial stability.

1. Review and adjust your budget.

As you enter your 30s, your financial situation and goals may have changed. Reviewing and adjusting your budget can help you align your spending with your current financial goals. Evaluate your income, expenses, and debt to see where you can make changes to free up more money for saving and investing. Keep tracking your spending to make sure you stay on track. Proverbs 27:23 reminds us to “Be sure you know the condition of your flocks, give careful attention to your herds”. While we don’t have flocks and herds anymore, they were used as currency and a sign of wealth during that time. In the same way, we should not neglect to keep an eye on our finances.

2. Increase your retirement contributions and your giving.

Retirement may seem far away, but it's never too early to start planning for it. If you haven't started saving for retirement yet, now is the time to do so. If you're already contributing to a retirement account, consider increasing your contributions. Experts recommend saving at least 15% of your income for retirement. By contributing regularly to a retirement account, you can take advantage of compounding interest and grow your savings over time. If you have questions about saving for retirement, talk to a Kingdom Advisor.

Saving & investing isn’t the only of our lives we can be making strides in, generosity should also be a key component that we endeavor to increase. While the stresses of this world may get heavier in your 30s, with marriage, kids or a new home, it’s important to keep eternity in mind, and invest in what truly matters, our heart towards God.

3. Review and update your insurance policies.

In your 30s, you may have more assets and financial responsibilities that need protection. Review your insurance policies, including health, life, and disability insurance, to make sure you have adequate coverage. If you've recently gotten married, had children, or bought a home, you may need to update your policies to reflect your changing needs.

4. Pay off high-interest debt.

High-interest debt, such as credit card debt, can be a major roadblock to financial stability. In your 30s, it's important to prioritize paying off any high-interest debt you have (Money Milestone 4). Consider using a debt repayment plan, such as the debt snowball or debt avalanche method, to help you pay off your debt more efficiently. By paying off your debt, you can free up more money for saving and investing.

As Proverbs 6:4–5 reminds us, “Give no sleep to your eyes, nor slumber to your eyelids. Deliver yourself like a gazelle from the hand of the hunter, and like a bird from the hand of the fowler.” Do not get caught up in keeping up with the Joneses, racking up debt and enjoying today at the expense of tomorrow.

Your 30s are the time to really get serious about your debt and not let it drag down your future.

5. Build up your emergency fund.

In your 30s, unexpected expenses can arise, such as a job loss or a medical emergency. Building up your emergency fund can help you weather these unexpected expenses without going into debt. Experts recommend having three to six months' worth of living expenses saved in an emergency fund (Money Milestone 5).

No story in the Bible demonstrates the need for an emergency fund as succinctly as the story of Joseph. Genesis 41:34-36 says “Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance.” God gave Joseph the foresight to know that times would not always be plentiful, and to plan accordingly. In the same way, we have opportunities to be prudent in knowing that we will not always have times of ease, and to plan for days that may be harsher to our wallets.

6. Create, review or update your estate plan.

If you've already created an estate plan in your 30s, it's important to revisit and update it periodically. Life changes such as marriage, divorce, the birth of children, or the death of a loved one can all affect your estate plan. It's essential to ensure that your estate plan reflects your current wishes and circumstances.

In addition to life changes, changes in laws and regulations can also impact your estate plan. For example, tax laws may change, or new laws may be passed that affect how your assets are distributed after your death. By staying up to date and making necessary updates to your estate plan, you can ensure that your assets are distributed according to your wishes and minimize any potential conflicts or legal challenges.

An estate plan can be complex, so it's important to work with a qualified attorney who specializes in estate planning. They can help you create a plan that reflects your wishes, meets your financial goals, and ensures that your loved ones are taken care of after you're gone.

By taking these six money moves in your 30s, you can set yourself up for financial success and stability in the future. As Proverbs 3:9-10 says, "Honor the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine." By being intentional with your money and prioritizing your financial goals, you can achieve long-term financial success.