Financial things you should know by the time you’re 30

Finances are not always straight forward.  Depending upon your financial personality and your personal situation, your first whiff of your own cash most likely went one of two ways: you were either overcome with a sense of freedom and extravagance and blew it all in one hit OR you became Scrooge and stocked it all away.  Ok, so perhaps it was somewhere in between, but you get the drift!

So how do you go about gaining financial knowledge?

The simplest way is to seek professional advice. It doesn’t cost a fortune to speak to a financial adviser and to get help to put a plan in action. Over time your outlay for advice will pay for itself many times over.

What’s important to know?

  1. Work to your ‘financial personality’ and personal situation

To put a plan in place to suit you, you need to work it around your personal situation and personality.

  1. Set yourself an achievable budget and stick to it

Keep track of your spending, start reducing your debt (HECs, credit card, car loan) and start building some savings. If your debt is already under control, start saving a small amount every time you get paid. Pay off debt as quickly as you can and reduce outgoings

In this consumer driven world, often the perceived solution to not having enough money is to seek a job that pays more money. Of course this is one avenue to consider, however it adds pressures like finding the right job, having a probationary period and taking on more responsibility at work. Having a good look at your outgoings and cutting spending is a great alternative (or perhaps something to do in addition) to seeking a new job. We have a budgeting software that can help you with that.

  1. Salary sacrifice where possible

Depending on your employer, your type of work and other factors, you may be entitled to make repayments or pay for an appropriate purchase before your income is taxed.  This makes a significant impact on your after-tax dollars over time. Ask your employer or HR department about salary sacrifice options and a Salary Sacrifice specialist on our team can help you navigate salary sacrificing.

  1. Consolidate your super

Apart from it being an administration nightmare, having multiple superannuation accounts means you’re probably not maximising your super earnings. It might seem a long time before you will retire, but it’s important to start saving towards your retirement now. We can help you with that.

  1. Protect yourself and your money with insurance

Income Protection Insurance, Trauma Insurance and, if you have dependents, Life Insurance – all just another form of forking out for nothing in return, right?  Wrong! For a small outlay each month (some premiums can be paid from your super account so you’re not out of pocket), these important insurances protect you in your time of need. Imagine becoming injured or ill and not being able to work for a period of time – months, perhaps even a year.  Would you be able to keep up with the bills?  We can help you with this too!

Essentially, the actions you take now to set yourself up for the future, will take the pressure off down the track. Educate yourself and prepare for a better future by seeking professional financial advice.

Dimitri Kondilis

Financial Adviser

Under 30’s Specialist


Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.

Soundbridge Pty Ltd trading as, Soundbridge Financial Services is a Corporate Authorised Representative of AFTA Pty Ltd ABN 18 624 984 550, an Australian Financial Services Licensee (AFSL 507423), Registered office at 166 Quay Street, Rockhampton QLD 4700.

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