Money Skills 101: How to Build Financial Health in Your 30s

9 September 2022
Money Skills 101 How to Build Financial Health in Your 30s

People in their twenties typically make the assumption that by the time they reach their thirties, they will have figured out what they want out of life and how to attain it. However, since everyone's life unfolds at their own pace, this may not always be the case for you.


Even if you're on the right track professionally by the time you're in your 30s, it may be difficult to amass riches. You may be making more money now, but you also have new responsibilities and costs to consider, including putting away money for a house or a business or providing for your family.


In spite of the challenges, if you're in your thirties now is a great time to start putting money away for the future. This list of methods for accumulating money in one's thirties will serve as a guide for you as you go forward.


Money Habits to Build in Your 30s

Making a good financial start in your 30s is easier than you think. It's never too late to learn how to save money and put your money to work for you and generate wealth, even if you're set in your ways and need to make some adjustments.


Below are some money habits that you can practice as early as now to achieve the financial security you are aiming for:


1. Saving money consistently

Saving money on regularly and consistently is one of the simplest strategies to improve one's financial status.


More expenses to pay, more people to support, and more emergencies all add up to a greater demand for your resources as you get older. That's why it's important to consider the needs of those who rely on you when you enter your 30s and commit to a savings plan.


2. Keep and maintain an emergency fund

Having money set up for a rainy day is a smart move. If you haven't set aside money for unexpected expenses, you may need to reduce your regular expenditure or re-direct resources from other priorities allocated for your future financial goals.


Moreover, having only one emergency fund is insufficient if you are in your thirties. It is recommended to have a secondary or perhaps a third source of emergency funding set aside. By the time you approach your thirties, you should have realized that the old proverb "lightning never strikes the same area again" is not always true. It appears to be an exception that does not apply to money problems.


3. Create retirement savings for your future

It's best to start saving and planning for retirement as early as possible, even if it seems like a long way off when you're in your thirties.


Although there is no definitive answer, most people agree that you should have at least one year's pay saved up in your retirement account. Don't panic if your retirement accounts don't have enough money for that. The time to begin saving is now. Put away at least the amount your employer or business will match, or more if you can, and enjoy the free money afterwards.


4. Get clear about your life's objectives

The first step in building wealth in your 30s is figuring out what you want. Make a list and arrange them in order of importance--whether it is for student loan debt or living expenses. Avoid setting unrealistically high standards for yourself, since this can only lead to disappointment and discouragement. Instead, you should aim for attainable financial life objectives that will spur you on to greater efforts.


5. Recalibrate your expenses

Have adequate room in your personal finance for savings, investments, retirement savings account, and an emergency fund.


Find the places in your budget where you're spending too much. If you want to know where you are financially, it's essential to review your bank statements from the last six to twelve months or you can also try to consult a financial advisor. You might wind yourself spending more money than you have.


6. Spend with purpose

When you budget your money carefully, you won't waste it on impulsive purchases. Instead, you stick to your scheduled spending plan and only buy what you need. This aids in avoiding the pitfalls of high-interest debt. Carrying credit card debt has a significant opportunity cost since it hinders you from investing and putting your money to work for you, both of which are crucial to developing wealth.


On top of that, you can also maintain a good credit report when you spend money in a smart way.


7. Find multiple income streams

Having many sources of income is preferable. If you're unhappy with your salary at your day job and want to increase your financial security, consider starting a side hustle.


Active income sources, such as a job or a side business, need effort on your part to improve your financial skills and earn extra money. The more money you bring in, the less effort it takes to achieve your financial planning goals. This means there's no limit to the number of ways you may make money.


Active and passive income sources exist. Obtaining riches via passive sources of income is preferable since they take no effort on your part but it's one of the most important ways to bring in cash, so you should study how to put your money to good use and earn compound interest.


Once you've laid the groundwork for passive income, your money will do the rest.


For instance, if you purchase an affordable house and lot in the Philippines to rent out as an investment, you'll have to put in some initial effort to acquire the property, screen potential tenants, and set up the lease, but you'll then get monthly income from the rent as well as any growth in the property's value.


Secure Financial Freedom with a Low-Risk Investment

As you enter your thirties, you will undoubtedly learn how to settle into your own skin with a solid career path and establish your long-term objectives.


One of the smart ways to improve your financial future is to obtain smart investments that offer low risks in the local market such as real estate investment.


One example of this is the affordable house and lot for sale in Lumina Homes. As the leading housing segment of Vista Land, Lumina Homes continue to provide affordable yet quality housing packages to every Filipino family in its 10 years of existence in the real estate market.


Availing an affordable house and lot from Lumina will not only improve your investment portfolio but also help you to earn an additional stream of income by renting out your brand new home. Our communities are located in key cities and municipalities all over the country which yields it with proximity to major thoroughfares and highways, as well as to commercial hubs, transport terminals, medical facilities, and marketplaces-- making it a perfect residential area for everyone.


So, overcome lifestyle inflation and initiate alternative investments with Lumina Homes-- your partner in achieving your personal financial health and wealth in your 30s.

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