The 30s are a decade of acceptance and contentment – you are settled into your career and have a good income, a young family and several bright prospects. But this decade also presents financial challenges, and investing in the right things can help you tide over them efficiently. If you haven’t yet made a list of important things you need in your 30s, then this article is for you.
From investing in child education plans to buying your first car, we present 5 essential purchases to make in your 30s:
#1 Your own house.
Buying a house is not the simple and sweet proposition that loan lenders portray it to be in their advertising. It takes years of saving up, and several more years of discipline and focus, to invest in your own home. However, the pay-off is tremendous: you and your family finally have a permanent roof over your head after years of living in rented accommodations. The money you spend on rent can instead be used to repay home loan EMIs.
#2 The best child plan.
Your growing family has increasing needs, and your priority is ensuring the wellbeing and development of your precious child. To this end, we suggest buying a great child education plan for their future – the best child plans in India help parents pay for expensive future education of their kids. Child education policies take the pressure off your future income to fund a range of college-related expenses or even your child’s wedding. Leading insurance providers offer a range of child plans in India and you must invest in them today.
#3 Life insurance for yourself.
On the subject of insurance, we hope you’ve already bought a good life insurance policy for yourself. If you haven’t, it’s time you did – the times are uncertain and your family looks to you for support. You can buy a good term life insurance plan, or an endowment plan or ULIP, depending on your future goals, current monetary situation and family needs. Life insurance helps your family keep itself afloat in your absence.
#4 A well-stocked kitchen.
Health is wealth, but many of us neglect our fitness by pursuing unhealthy food and an erratic lifestyle. Do your body and mind a favour this decade by consuming nutritious home-cooked meals sourced from your own kitchen. However, making healthy food requires a well-stocked kitchen and pantry, so do invest in the right implements (pans, implements, pots, air fryer) and food materials, and try to eat at home as much as you can.
#5 Your own car.
The days of taking private taxis and public transport are behind us, what with the Coronavirus making it unsafe to use communal facilities. It is time to buy your own family vehicle that can transport you and your loved ones safely. A car also increases your independence and gives you greater control over your travel plans. Be sure to equip the car with a fire extinguisher, hand sanitiser, tissue box and large boot space.