Money Management

Saving by the decade – Increase your savings

DATE | 07/06/23

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This article is the second in a series that will cover savings strategies you can follow in each decade of your life.

Building that nest egg for your daily needs can be a challenge. And for many, the idea of saving for retirement is often a ‘tomorrow’ idea—until it becomes ‘soon.’ But the longer you wait to save, the more it can cost you. We share some general guidelines to make saving a bit easier by the decade.

Your 30s: Increase your savings

During these years, you may want to save up for a home. You should also continue to build your emergency fund and tackle student loans and debt.

If you’re starting a family, you’ll want to make sure they’re properly protected by reviewing your personal insurance policies to ensure they have the appropriate coverage to protect your family and belongings. Consider adding umbrella insurance and life insurance in the mix.

Life insurance is an important part of your family’s financial stability and well-being. If anyone depends on your income, they would likely struggle if you were to pass away. It’s a simple answer to a very difficult question: How will my loved ones manage financially if something were to happen to me? Member Benefits offers a variety of life insurance options through our partner, Associates of Clifton Park. You can get a comparison quote online without providing any personal information.

If your budget allows, consider saving for your children’s academic future with a 529 college savings plan such as Wisconsin’s EdVest plan. These plans provide certain tax advantages, and grandparents and friends can contribute, too!

As a younger person, time is on your side in terms of the market and your future ability to generate income. While it can be a challenge to balance out family expenses, you should still put aside as much as you can towards your retirement. You may want to increase your after-tax options by adding a Roth IRA account to your savings plan, which has more investment options and no required minimum distributions (RMD) during your lifetime. A Roth IRA also has more flexibility with respect to accessing your money prior to retirement.

Member Benefits can help you make educated financial decisions based on your situation, investment objectives, and risk tolerance. Use our Investor Suitability Profile Questionnaire to help you determine what kind of investor you are.

You may want to consider scheduling a financial planning consultation to discuss budgeting, saving, or a net worth analysis. Learn more about our financial coaching options.

<<Read Part 1 of our series on saving in your 20s.

>>Read Part 3 of our series on saving in your 40s.

Sources: Citizens First Bank, Forbes, Vanguard.

Your actual situation may be different depending on future rates. No guarantees are expressed or implied. If you choose to invest in the 403(b) or IRA programs, fees will apply. Consider all expenses before investing. Mutual fund management and redemption fees may apply.