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6 things to do before your early 30s
Posted 20 August 2019
It’s easy to feel bombarded by all of life’s demands, and guilty for not having all your ducks in a row. The truth is, not many people do have it together and that’s ok! It’s never too late or early to sort out some of your ‘life admin’ and to help things run a little smoother.
Here are our suggestions of 6 things to do before your early 30s…
1. Get your Superannuation sorted
Simplifying your superannuation now will help you save more later.
Consolidating your Super
Firstly, log into myGov and check you don’t have multiple super accounts. Having several accounts could mean you’re paying multiple fees and charges so it’s best to pick one preferred fund.
Tracking down your Super
Tracking down your lost or unclaimed super is the next step to getting on track. There’s a tool on the Australian Taxation Office’s (ATO) website called ‘Super Seeker’ that allows you to find your lost or unclaimed super and transfer it into an active account.
2. Do a subscription cleanout
If you’re signed up to one too many subscriptions or memberships, so much so that you’ve lost track of how many you actually have, it’s time for a clean out! These memberships could be to a gym, sporting club, magazine or online TV streaming services.
Whatever it may be, if you haven’t used it in more than 6 months, it may be time to give it the flick!
An email subscription tidy up is also a good idea if you find you’re being inundated with hundreds of promotional emails each day. There will always be another sale!
3. Review or look into private health cover
Life can take unexpected turns, so being covered for items that involve a waiting period should be top of mind. Remember, it can take up to 12 months for cover like pregnancy to kick into effect.
Couples often assume they can take out pregnancy cover once they become pregnant. However, by this stage it’s too late and you’ll either need to have your baby in a public hospital or pay the full bill yourself for private hospital delivery.
It’s recommended you take out pregnancy cover at least four months before you start trying for a baby to ensure you’ll be covered.
Don’t get stuck paying Lifetime Health Cover (LHC) Loading
If you don’t have hospital cover by July 1 following your 31st birthday, you’ll get stuck paying the Government Lifetime Health Cover (LHC) Loading. It’s something the government introduced to encourage people to take out hospital cover earlier in life.
On July 1, following your 31st birthday, you’ll pay an extra 2% for hospital cover when you decide to take it out. Each year you delay, your loading increases by 2%, to a max of 70%.
For example, if you join at 35 you’ll pay 10% more for the same policy, compared to someone who joined at 30.
4. Get serious with your savings
Having a clear target or goal in mind when it comes to savings can be a great motivational tool. You’re more likely to stick to your plan if you know what your savings are specifically going towards.
Tips for successful savings
- Have a long-term goal – Choose a savings goal that will have a big impact on your life, like saving for a house or an overseas holiday.
- Use a simple budget tool – Don’t overcomplicate budgeting; use a pen and paper if you need to. If you feel comfortable enough, move onto something electronic like a spreadsheet.
- Know how much you’re spending – List all of your expenses each week. Once you put it all down and add up what certain things cost you over a year, you’re likely to reduce your spending over time.
5. Have a healthy lifestyle
Moving your body and eating a healthy diet is key to living a long, healthy and happy life. The longer you keep that get-in-shape determination the more likely you’ll stick to this way of living, but it’s really never too late!
Try and find a fitness regime that you enjoy. If you have an emotional connection to your choice of exercise, you have a better chance of being enthusiastic about it. If you’re not a gym person why not try an out of the box exercise like hiking, pilates, cycling or rock climbing.
And remember, always feel good about yourself today. Focus on being healthy from the inside out!
6. Create a will
If you already have a family or you’re thinking of starting a family, writing a will is a smart idea. It’s best not to leave your family’s future to chance.
What is usually included in a will?
- How you want your assets to be distributed and to whom – This is the ‘who gets what part.’
- Who will carry out the terms of your will – This person is known as the executor and it should be someone you trust.
- Who will be the guardian of your children – This is an important way to make sure they are placed with someone you trust.
Even though it is most common to have a lawyer guide you on this process, it is possible to have a go at writing one yourself. There are free online templates available to use as a guide, along with DIY will kits that you can buy.