If your 20s are all about partying, exploring the world and gaining new experiences, your 30s should be about getting serious and making the right decisions. Life is too short to be wasted on investments that prove to be meaningless in the long run. Below are some sound financial decisions every 30 something Filipino should make to ensure they have an even better life in their 40s, 50s, 60s and beyond.
Build an emergency fund
It’s important to have an emergency fund once you’re in your 30s. This is better known as money you can use just in case something the unexpected happens. Whether it’s money for an accident or a sudden payment that came out of nowhere, having an emergency fund can help you get through those tough times.
Invest in a health card
Health is wealth. But unfortunately, health care in the Philippines isn’t the best. That’s why Filipinos often invest in health cards or insurance that may help them or their dependents when sickness strikes. Philhealth is the usual go-to health insurance but there are other options you should consider.
Planning for your family
Starting a family is serious business. When you are in your 30s, you will want to start a college fund for your children. Before you do this, make sure you research which college insurance account is the best for your kids.
Buy your own property
Living with your parents in your 30s is not fun, especially when you’re about to start your own family. Look for a property where you can begin your new life as a responsible adult. Find a home that fits your finances and your lifestyle needs as well as one with extra space should want your family to grow in the coming years.
Create a retirement plan
We know that retirement is still far from your current plans. But starting to fund for life in your 60s/70s should be a priority. Use online calculators to find out how much money you will need to save once you hit retirement age and start preparing on how you can get that amount.