1. Retirement Planning For 30-Somethings: Introduction
  2. Retirement Planning For 30-Somethings: Check Your Progress
  3. Retirement Planning For 30-Somethings: Enhance Your Budget
  4. Retirement Planning For 30-Somethings: Increasing Your Savings Rate
  5. Retirement Planning For 30-Somethings: Reducing Savings
  6. Retirement Planning For 30-Somethings: Managing Life Changes
  7. Retirement Planning For 30-Somethings: Managing Your Credit Score
  8. Retirement Planning For 30-Somethings: Managing Your Investments
  9. Retirement Planning For 30-Somethings: Avoiding Withdrawals
  10. Retirement Planning For 30-Somethings: Deposits And Loans
  11. Retirement Planning For 30-Somethings: Retirement Resources
  12. Retirement Planning For 30-Somethings: Conclusion

At this stage, you should already have a budget in place. If you don't, one should be designed to help ensure efficient management of your income and expenses. If you do have a budget in place, consider enhancing it to accommodate your changing financial profile. The following are some recommendations:

  • Revise or develop your balance sheet so as to clearly identify your assets, debts and other liabilities, and your net worth. This will also help you to determine how much you have saved for retirement, whether your emergency fund is sufficient and if you are overextended in debt.
  • Meet with your interested parties and individuals who contribute to the decision-making processes that affect your finances, and discuss your financial goals and objectives. These interested parties include your spouse, individuals who might help to cover expenses, and your financial advisor.
  • Determine when and how your revised budget will be implemented. Creating a budget is only helpful if it is implemented.
It may be necessary to revisit and reevaluate your new budget, so as to determine the impact of any changes that were made. If the new budget is not working effectively, improvements can be made. A revision of your budget can also help to identity opportunities for adding more to your retirement nest egg, and an opportunity to increase the efficiency with which you allocate and spend your disposable income.


Retirement Planning For 30-Somethings: Increasing Your Savings Rate
Related Articles
  1. Personal Finance

    Here's How to Create a Successful Budget

    Break your expenses into needs, wants, and savings goals for a budget plan you can stick to.
  2. Trading

    Top 5 Budgeting Questions Answered

    You don't need a degree to understand your money, begin saving and pay down debt.
  3. Personal Finance

    How to Create a Budget You Can Stick With

    Following a budget can be difficult. But it’s usually the difference between living a stressful retirement versus the retirement of your dreams.
  4. Personal Finance

    4 Easy Techniques for Budgeting Money

    Budgeting money is critical for everyone, but to be successful at creating and sticking to a plan, it’s helpful to have some tricks up your sleeve.
  5. Personal Finance

    This Is the Year to Start Budgeting

    Whether your issue is credit card debt, student loans (or the fact that Social Security isn't rising next year), it's time to learn how to build a budget.
  6. Personal Finance

    5 Things to Know About the "B" Word

    Use a budget to create a financial selfie and stay on track.
  7. Tech

    Explaining Clients Why They Need a Budget

    The truth is that budgeting isn't just for times when your money is tight or your life is undergoing a major transition. Budgeting is for everyone, rich and poor alike.
  8. Personal Finance

    5 Budgeting Steps for Young Families

    Here are five steps young families can take to create and stick to a budget.
  9. Personal Finance

    3 Alternative Budgeting Styles: Which One Suits You?

    Not everyone is cut out for online or heavily-involved budgeting. Here are some budgeting solutions.
  10. Managing Wealth

    How to Create a Budget With Your Spouse

    Learn how to create a budget with your spouse, whether you're a newlywed or you've been married for decades.
Frequently Asked Questions
  1. What is the formula for calculating earnings per share (EPS)?

    Learn why earnings per share (EPS) is often considered to be one of the most important variables in determining a stock’s ...
  2. What is the formula for calculating internal rate of return (IRR) in Excel?

    Understand how to calculate the internal rate of return (IRR) using Excel and how this metric is used to determine anticipated ...
  3. What is the formula for calculating net present value (NPV) in Excel?

    Understand how net present value is used to estimate the anticipated profitability of projects or investments, and how to ...
  4. Why are IRA, Roth IRAs and 401(k) contributions limited?

    Find out why contributions to IRA, Roth IRA and 401(k) retirement savings plans are limited by the IRS, including what the ...
Trading Center