Money moves to make in your 30s to spark financial success

Your 30s are a decade often marked by big financial milestones, from buying your first home to changing jobs to saving for future children.

With more years of work under your belt, you’re likely earning more money than you did in your 20s — but it can still be confusing to know exactly what you should do with it to set yourself up for financial success well into your 40s and beyond. .

Here are three smart things to do with your money in your 30s, according to two certified financial planners.

While paying off debt should also be a priority for people in their 20s, you might be even better placed in your 30s to focus on clearing outstanding debts because you’ll likely make more money, says Andrew Fincher, CFP and financial advisor at VLP Financial Advisors.

“When you’re in your 30s and you have the ability to pay back more, that’s a great time to really try not to extend that debt into your 40s,” he says.

If you have or plan to have children, your 30s is a good time to think about opening a 529 college savings account to fund their future education, especially since the average cost of college in the United States exceeds $36,000 per year and growing.

A 529 plan is a tax-advantaged savings account sponsored and administered by all 50 states and the District of Columbia. Earnings and withdrawals from a 529 are tax-free if used for qualified education expenses.

If you open a 529 account when your child is born, you’ll have about 18 years to save and grow your investments, Fincher says. This will reduce the likelihood that your child will have to worry about student debt when they are older.

State tax deductions for 529 contributions also make these college savings plans attractive, although each state is different. Maximum contribution limits also vary by state, ranging from $235,000 to $529,000, according to NerdWallet.

Your 30s are the perfect time to make sure your retirement savings are on track and potentially boost them.

If your employer offers a 401(k) match, in which they contribute money to the 401(k) based on the amount you have invested, be sure to max it out.

“Try to improve (your company’s retirement plan),” says Joe Conroy, CFP and author of “Decades & Decisions: Financial Planning At Any Age.”

“Maybe save 1% more every year for a few years to increase your savings and bring it to a better rate,” Conroy adds.

If you didn’t have a retirement plan in place in your 20s, it’s crucial to make up for lost time in your 30s. If your employer doesn’t offer a 401(k) or similar plan, you can open an individual retirement account on your own.

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