Your 30s are a time of great change, with a lot of key decisions to make and responsibilities to take on. If you’d like to get ahead and make some smart money decisions, here are some expert tips we’ve collected for you.

Create an emergency fund

Having an emergency fund can provide much-needed financial assistance when the unexpected crops up. From paying for car repairs to paying for unexpected medical costs, emergency funds can give you valuable peace of mind.

If you’re saving for a house or keen on paying debt off quickly, your rainy-day fund may help you keep your savings and credit cards untouched should an emergency occur.

Get serious about your retirement savings

When you are in your 30s, retirement suddenly doesn’t seem so far off. Obviously, the more you save now, the better your retirement lifestyle will likely be.

Repaying debt might be a bigger priority right now, and rightly so, but don ’t defer your retirement savings until you are debt-free.

Even a small amount, or a small increase on what you are already paying, may reap rewards when you retire. The benefit of compounding interest means your savings increase over time - so the sooner you start, the more benefit you gain.

Pay down your consumer debt

Getting rid of debt is always a good idea. Not only are you paying interest that reduces your own savings, the repayment commitment impacts your disposable income - which also reduces your savings and retirement funds.

Pay more than the minimum payment on credit cards, try to pay off your hire purchases before the expiry of the interest-free period, and assess whether you can pay off any of your personal loans faster. If possible, look for ways to make extra repayments on your mortgage, to free up cash and be debt-free well before retirement.

Explore investing

Investing really is for everyone. Whether you have a little or a lot to spare, investing can help you get higher returns than you would get in a bank savings or term deposit account.

With some online investing options, you can start investing with as little as $5, and choose which funds you want to invest in. Even better, you can do it all from the comfort of your own home, or on your phone while you are out and about.

Of course, we do recommend talking to a qualified financial adviser before making investment decisions.

Get your estate planning in order

Do you keep putting off your Will, thinking you’ll ‘get round to it’, or think you don’t have much so it’s not worth it? If you don’t have a Will when you die, it is called ‘dying intestate.’ This then means your assets are distributed according to the Law, and it may not be what you or your family want.

Getting your Will completed does not usually cost a lot, but it will save your family a lot of time and stress at what will already be a difficult time. Estate planning is not just about your Will; talk to your solicitor or Trustee company about having in place Enduring Powers of Attorney. These allow a trusted person to make financial and/or health decisions on your behalf, if you are unable to.

Protect your most important assets

You might have your house, contents and car insured (and if you don’t, it’s a good idea to!) - but what about your other important asset? That’s right - YOU are your most important asset. Without you, how does your family earn an income and pay their everyday living costs?

Talk to your financial adviser about Insurance for all your assets, not just the tangible ones.

Of course, there are lots of other steps you can take to be smart with your money in your 30s. These are just a few ideas that we think will help you on the way.

If one of your smart money steps is to consolidate some personal debt, talk to the team at Loanspot about your personal loan needs today. Contact us on 0800 100 050, we’re here to help.