RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

What should be your financial goals in your 30s?

down-arrow
November 27, 2020

Table of Content

 

If you are stepping into your 30s or will be soon, you must know that this is a crucial decade for you, a time of many responsibilities and commitments. It is important that you have clarity about your financial goals and have a plan etched out to meet them. Managing investments and insurance are a crucial aspect of your financial roadmap for the long term.

Time to build a retirement corpus

One important long-term goal is to have a comfortable retirement. Building a corpus for your retired life is not a goal you suddenly think up as you approach those years. Starting early is extremely important. The 30s are the ideal time to start building a corpus. You could opt for a protection and savings insurance plan that helps you not just protect your family and yourself but also ensures savings. Opting for a non market linked plan means you a portion of your premium goes into investments and their performance is not market-dependent. Committing to any form of investment in your 30s and sticking to it for the next three decades would mean that you have a sizable retirement corpus. To calculate the amount of the retirement corpus you will need, there are different rules. You would need to estimate your expenses currently and apply at least a 6 to 7 per cent inflation rate for the years left till retirement. The result needs to be multiplied at least 25 times to arrive at a corpus you must target. 

Monitor your credit score

Another aspect you would need to look at in your 30s is to ensure a good credit score. A poor credit score will affect your borrowings and also reflect poorly on your finances. If you have any pending bills or small debts, pay them off and don't add to your debt burden. Also, avoid using too much credit percentage against the credit you have available. Having a certain amount of financial discipline helps in building a good credit score. A good credit score is typically 700 or more. Anything that touches 800 or more is considered excellent. 

Create an emergency fund

Creating an emergency fund so you can plan for any unforeseen events is another important aspect of financial planning when you are in your thirties. Ideally, you would need at least a year's worth of expenses in an emergency fund. The fund is important in the case of a sudden job loss or if you would want to take a sabbatical. It gives you the leeway to plan your future better when you know you can fall back on the emergency fund. Although it looks huge, saving a month's expenses every year of your thirties (the decade) helps a great deal. 

Get an insurance plan

Insurance is an important aspect and not to be missed as part of your financial plan. There are many types of insurance policies but you could pick one that not only provides you cover but also helps you save a part of the premium. A non-linked savings insurance plan gives you the option of getting regular payouts and is ideal if you may need an additional income at any point in your life. There's always adequate coverage for you and your loved ones in the case of any unexpected twists that life may throw at you. 

Diversify your investments

Once you have ensured that you have an investment and insurance plan in place, you also need to make sure that your investments have adequate diversification. Like the adage goes, it is never advisable to put all your assets in the same basket. Ensure that you have different forms of investment, and in different asset classes so that at a time when one asset doesn't perform well, you have another to fall back on. A reward-risk balance should be at the centre of your plan. So, make sure to have an asset allocation strategy and use a combination of investment opportunities, including different types of mutual funds, fixed deposits or a savings insurance plan. 

Conclusion

Turning 30 is a landmark and the decade is when you will see the most responsibilities and commitments but it is also the decade when you can plan your finances better. You have a steady income earning capacity and in your early 30s you also have the room to put aside some of your earnings to ensure a good retirement corpus. Most importantly, the thirties are the ideal time to get yourself a reliable insurance plan that is not market linked and is a savings and protection plan to hold you in good stead for the future. Pick a plan such as HDFC Sanchay Plus that is a non-linked non participatory savings insurance plan ideal for someone in their 30s who is creating a roadmap for their financial future. 

ARN:ED/09/20/20585

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Who Should Know Your Financial Secrets? Here’s Why It Matters!

Who Should Know Your Financial Secrets? Here’s Why It Matters!

Know who in your family should be aware of your financial secrets. Understand why sharing financial information is crucial for securing your family's future.

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

Preserving Your Investment: How New Tax Rules Affect Real Estate Sales Before 2024

Financial Freedom for Women Entrepreneurs: Unlocking Success with the 50-30-20 Strategy

Learn financial freedom for women entrepreneurs with the 50-30-20 strategy. Discover expert tips for balancing dreams, responsibilities, and achieving long-term growth.

Financial Freedom for Women Entrepreneurs: Unlocking Success with the 50-30-20 Strategy
Fast-food is tasty but also cheap. Is it possible to eat healthy on a budget? Previous
Ways in which guaranteed payouts aid in meeting your family's needs Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches