{"id":9,"date":"2016-04-04T14:56:41","date_gmt":"2016-04-04T12:56:41","guid":{"rendered":"http:\/\/zcp.co.za\/main\/?p=9"},"modified":"2016-09-06T14:03:38","modified_gmt":"2016-09-06T12:03:38","slug":"common-financial-mistakes-in-your-thirties","status":"publish","type":"post","link":"https:\/\/zcp.co.za\/main\/common-financial-mistakes-in-your-thirties\/","title":{"rendered":"Common financial mistakes in your thirties"},"content":{"rendered":"<div id=\"pl-9\"  class=\"panel-layout\" ><div id=\"pg-9-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9-0-0-0\" class=\"so-panel widget widget_black-studio-tinymce widget_black_studio_tinymce panel-first-child panel-last-child\" data-index=\"0\" ><div class=\"textwidget\"><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Saving in your thirties becomes increasingly difficult as your financial responsibilities increase. However, sound financial decisions during this phase of life can have profound benefits at a later stage.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Here are some common financial mistakes to avoid:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The first is failing to draw up a budget. A proper budget is the starting point of all financial discipline and should be physically written down for later reference. Include your partner in this process as it is important to ensure that you are both on the same page.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The second mistake is do too much too soon. Before investing you need to have accumulated enough savings. It is vital to have an emergency fund, which must have sufficient reserves to cover at least a couple months worth of expenses. This should protect you from a debt spiral in the case of an emergency.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The third mistake is accruing bad debt. A loan to buy a house is considered \u201cgood\u201d debt. Bad debt is using credit to finance furniture, electronics, appliances, vehicles and other items that devalue over time.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the age of 30 retirement may seem like it is still a long way off, but it is important to start contributing to your employer\u2019s pension fund or a retirement annuity. You should try to contribute at least 15% of your gross monthly salary, there are significant tax benefits to such a strategy.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It can be easy to fall under the illusion that bad things only happen to other people. Make sure you have adequate life insurance, dread disease, disability and medical cover.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Another common blunder is to contend that wills are only for the elderly. Draft a will, review it regularly and don\u2019t forget to tell your loved ones where to find it.<\/span><\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Life insurance is important if you have dependents. It is imperative to ensure your dependents will be in a position to maintain their current standard of living if you pass away. Determine the exact amount of life insurance you need and review your cover regularly as your financial needs change<br \/>\n<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, at this stage of your life, you still have a long way to go to retirement and are in a position to take on more equity exposure. It is essential to get proper advice with regards to your investment decisions.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Need some assistance? Let\u2019s get in touch!<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Source: <a href=\"http:\/\/www.moneyweb.co.za\/\" target=\"_blank\">www.moneyweb.co.za<\/a><\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Saving in your thirties becomes increasingly difficult as your financial responsibilities increase. However, sound financial decisions during this phase of life can have profound benefits at a later stage. Here are some common financial mistakes to avoid: The first is failing to draw up a budget. A proper budget is the starting point of all [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,2],"tags":[],"class_list":{"0":"post-9","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-blog","8":"category-tips","10":"post-with-thumbnail","11":"post-with-thumbnail-large"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Common financial mistakes in your thirties - ZC PRETORIUS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zcp.co.za\/main\/common-financial-mistakes-in-your-thirties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common financial mistakes in your thirties - ZC PRETORIUS\" \/>\n<meta property=\"og:description\" content=\"Saving in your thirties becomes increasingly difficult as your financial responsibilities increase. 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