Financial milestones for those ages 26-34
Many people in their late twenties and early thirties are making important financial decisions that will shape their future. Below are some key financial milestones for those aged 26-34, providing guidance to help plan for a secure and exciting future.
Be in the right KiwiSaver Fund: Review your KiwiSaver and complete a risk profile so you are in the right fund for your stage of life and circumstances. This means checking if you are a conservative, balanced or growth investor.
Keep building a rainy day fund: Hopefully, you have an established rainy day fund. If not, start by saving small amounts regularly. Automate transfers to a separate savings account, ideally at another bank, and aim for at least 3 months of living expenses.
Review insurance cover: Talk to a financial adviser to regularly review and update your insurance policies to ensure they are fit for purpose. Lots can change during this stage of life.
Review your financial goals: Keep checking and achieving your goals. Sometimes life changes and you need to make tweaks.
Marriage or living together: Ensure you and your partner are on the same financial page. Set joint goals, have regular money dates to discuss finances, and be willing to compromise on spending and saving strategies. Be open and honest.
Estate planning: If you don’t have a Will, make sure you create one or update your existing one as circumstances change. If you have had any children, list a guardian for them in your Will. Sort out Enduring Powers of Attorney too.
Purchase your first home: Use KiwiSaver for a deposit, but buy within your financial means to avoid overextending yourself.
Start a family: Plan and budget for the costs associated with starting and raising a family, including childcare, education, and how to live within your financial means if your income changes for a while.
Travelling: If this is a goal, plan and budget for travel experiences. Consider both local and international trips. Use travel rewards programs to save on costs. Ensure you have travel insurance for peace of mind.
This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request
