Ignite FB Tracking PixelBuying a Home and Managing Money in Your 30s - Dara Lewis
Buying a Home and Managing Money in Your 30s

by Dara Lewis 12/03/2018

Your thirties are a time of many important financial decisions. Many people are starting families, buying homes, and getting settled into their careers by the time they turn thirty. The following ten years are often marked by salary increases, moving into larger homes, and saving for retirement.

It’s vital to have a solid grasp on personal finance in your thirties, as it is in many ways the foundation of your finances for the decades to come. So, in this article we’re going to give you some advice on buying a home and managing your money in your thirties.

Straighten out your credit

If your twenties were a volatile time of incurring debts from student loans, car loans, and other expenses, then it’s paramount to get your credit in order in your early thirties. Having a high credit score can secure you lower interest rates on a home loan or let you refinance your loans at lower rates.

Start by making sure your bills are on auto-pay, and be sure to settle any older debts from your younger years. You can also use a credit card for recurring expenses, such as gas to get to work or groceries, and then pay them off in full each month. This way, you’ll build credit and avoid accruing  interest at the same time.

Reevaluate your lifestyle and long term goals

A lot can change from the time you turn 25 to the time you turn 35. Your goals might shift from finding a home near the ocean to finding a home near a good school district for your children. You might also have the shocking realization that your children will be heading to college sooner than it might seem, and that you’re still working on paying off your own student debt.

Consider things like the size house you’ll need for your family, where you want to live and whether that involves being close to aging parents, and reallocating money depending on your retirement goals.

Rethink your insurance coverage

Gone are the days when all you needed was a car insurance policy to get by. As you age and your responsibilities grow, you’ll need to think about the future for you and your family. That may include a more comprehensive health insurance plan for your family, a life insurance policy for yourself, or increased covered for home and auto insurance.

Automate the headaches away

With all of these growing responsibilities, it can be easy to get frustrated with the time you’re losing to keeping your finance in order. Fortunately, there are many tools at your disposal in the internet age that will make all of those responsibilities an afterthought.

First, get a budget planning app, like Mint or You Need a Budget (YNAB). Next, set up your bills to auto-pay if you haven’t yet. Then, put reminders in your phone to periodically check your credit score and reassess whether you need to pay for certain monthly services (do you still watch Hulu?). Finally, if you haven’t yet, make sure you have your paychecks direct deposited into the accounts you’d like them to enter so you don’t have to worry about them.

About the Author

Author
Dara Lewis
Dara Lewis re-joined the housing industry in 2015 after two years of living in the Caribbean. Her previous experience includes over 12 years in the multi-family housing industry within North Carolina, Ohio, Kentucky, and Indiana-managing, and leasing apartment communities for REIT's, as well as individual owners/investors. Now a licensed realtor in Maryland, Dara obtained her ABR (Accredited Buyer Representative) and NAR green professional designations in 2016, and has been a member of WOMEN'S COUNCIL OF REALTORS since 2015. At the beginning of 2018, Dara is proud to have successfully achieved membership into the Real Estate Million Dollar Association (REMDA). Dara is an active member of Trinity Church in Towson, is the volunteer coordinator of the Towson High School Sports Boosters Bull Roast and enjoys assisting the Towson High School Music Boosters whenever possible. Dara is a graduate of Shenandoah University in Winchester, VA, and enjoys traveling around the world, as well as watching her sons play soccer from the sidelines. Dara is ready and excited to help you with all your real estate needs. Read More Specialties and Designations Works With First Time Home Buyers, Country Homes, Resale Residential, Suburban Living, Urban Living, Single Family Homes and Townhomes ABR Cities Served Baltimore, Bel Air, Cockeysville, Cockeysville Hunt Valley, Forest Hill, Glen Arm, Hereford, Loch Raven, Lutherville, Lutherville Timonium, Monkton, Owings Mills, Parkton, Parkville, Perry Hall, Pikesville, Reisterstown, Ruxton, Sparks, Timonium, Towson, Westminster, White Hall, White Marsh Counties Served Baltimore, Carroll, Harford, Baltimore City