We’ve been working with several young, successful, professional couples in their 30s in recent months. It’s very clear that they have worked hard to establish their careers and are enjoying the rewards of dual incomes. It’s a very exciting phase of life, with incredible opportunities to shape their financial futures, however, navigating financial priorities effectively requires planning and discipline.
If you’re in this lucky group of people, here’s how you can set a strong financial foundation that supports both your current lifestyle and future goals.
Build an Emergency Fund
Life can be unpredictable, and having a safety net is essential. An emergency fund provides financial security in case of unforeseen circumstances such as a job loss, medical emergencies, or unexpected expenses.
How much should you save? Aim to set aside at least 3–6 months’ worth of essential expenses in a separate, easily accessible account. Calculate your monthly fixed costs—rent or mortgage payments, groceries, utilities, and insurance premiums—and multiply that by three to six. For a dual-income household, you may lean toward the lower end, while single-income households may prefer the higher end for added security.
An emergency fund not only gives you peace of mind but also prevents you from dipping into savings or taking on debt in times of need.
Create a Sensible Budget
Even with two strong incomes, financial success hinges on smart spending and saving habits. A budget helps you allocate resources efficiently and avoid unnecessary debt.
Here are a couple of budgeting principles that you’d be well-served to consider,
- Prioritise needs over wants: Cover essentials like housing, food, and other regular bills before indulging in discretionary spending.
- Save before you spend: Automate contributions to your savings, investments, and retirement accounts to make saving a priority.
- Plan for big purchases: Instead of borrowing to finance luxury items like an expensive car, save up over time to avoid high-interest loans. If you do choose to use finance, ensure the monthly payment comfortably fits within your budget.
Even a simple spreadsheet can help you track expenses and set realistic spending goals.
Buy a House
I know – sometimes this is easier said than done, even if the will is there! But stick with it, a strong determination to buy is a key attribute to have. Homeownership is a significant milestone and can be a smart financial move. However, purchasing a home requires careful planning and a clear strategy so make sure your finances are in ship shape to be ready to move.
Some steps to take,
- Save for a deposit: Keep building this up – the more you have, the greater your options and the ease of securing the mortgage you want.
- Understand your budget: Use mortgage calculators to determine how much house you can afford based on your income, expenses, and savings.
- Secure mortgage approval: This shows sellers you’re serious and financially prepared, giving you an edge in competitive markets.
While homeownership is a goal for many, ensure it aligns with your broader financial plan and lifestyle aspirations. Renting may remain a better option if your career requires mobility or if housing prices in your area are prohibitive.
Start Funding Your Retirement Now
Retirement may feel like a distant reality, but starting early allows you to harness the power of compound interest, turning small, consistent contributions into a significant nest egg over time.
With auto-enrolment coming over the hill in Ireland, in future all employees will be within an employer sponsored pension scheme. However for the next decade, the contribution levels will be relatively low. If your employer offers a pension scheme where they contribute and you can join, do so immediately. Don’t leave this money from your employer on the table.
In addition, maximise your own pension contributions. A rough (but good) rule of thumb is that you should be looking to save half your age as a % of salary. So, if you’re 35, you should be aiming to save 17.5% of your salary each year. It’s a lot, but your future self will thank you for it.
Time is your greatest ally when it comes to retirement planning, so the sooner you start, the easier it will be to achieve your goals.
Have a Life-Centred Financial Plan
Your financial plan should reflect your unique goals, values, and anticipated life transitions. This holistic approach ensures your money supports the life you want to live—both now and in the future.
Now is the time to start considering a few important questions and their financial implications,
- Family planning: Are children in your future? If so, how will you budget for childcare, education costs, and parental leave?
- Career goals: Do you foresee shifts in work patterns, such as one partner scaling back hours or starting a business?
- Bucket list dreams: What experiences or milestones, like travel or career breaks, are important to you in the short and long term?
- Education expenses: If higher education for yourself or future children is part of your plan, will you be financially ready to support these plans?
In your 30s, you have the unique advantage of time, dual incomes, and energy to build a financially secure future. By focusing on these priorities, you can achieve both stability and fulfilment. Let’s build your financial future together—one thoughtful decision at a time. We can help you map out these priorities, identify gaps, and create a tailored strategy to achieve your vision.