Reader Question – What are your money advice for a 30 year old?

April 26, 2021

Hi and welcome to a new Reader Question post.


I try to do this kind of post once or twice a month to give way to inquiries I receive on my personal Facebook account, the SavingsPinay PH on Facebook and through SavingsPinay PH on Instagram.


I do encourage you to send any budget, savings, investment or making extra income question you may have so I can answer through a blog post. You can send it via DM or email at izza@savingspinay.ph. This month’s reader question is:


What are your money advice for a 30 year old, single and with knowledge in personal finance?

30s should be a wake up call in terms of your finances. ⁣ ⁣


This is a period to correct past mistakes, to make advanced financial decisions, and to plan for bigger familial responsibilities.⁣


Let’s begin.



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1. Get serious with your retirement savings

There’s only a small percentage of people in their 20s that did save and invest for their future. If you aren’t part of that population, then this is the best time to build your retirement savings. Maximize the fact that you are still single and contribute as much as you can towards retirement.


Retirement is a topic I have never really gotten too deep here in SavingsPinay.


I feel like I am not the right person to discuss it especially since I’m still in my mid 20s.


But, having been part of the few who started investing for their retirement at an early age, I’ve always known that there’s no better time to plan for your retirement than now.


Investing for your retirement during the early years of your career is one of the best money moves you can ever do for your(future)self. If you need some ideas here are the three of the best retirement fund you should know of best retirement accounts in the Philippines.


2. Reinvent your career

Set some serious career goals now that you are in your 30s. Aim for a promotion or a major salary increase if you can. Your 30s is a time to focus on a career and advance as much as you can. Use the skills you’ve developed from your 20s and apply those increase your earnings.


Take time to explore on potential career paths within your organization. Or, if you feel like it’s time to change career, do so.


This is also a good time to find a side hustle you can pursue. Nowadays, just one source of income is not enough.


As someone who has done various ways to make extra money while working full time, I know first-hand the difference it could make.


The extra money I make while working full time helped me:

  • Boost my savings;
  • Increase my investments;
  • Reinvest in my passion projects and
  • Make extra money for shopping, paying bills or vacation


Here’s 41 Ways You Can Make Extra Money while Working Full Time Job


3. Pay off debt if you have any

If you’ve accumulated any credit card debt or loan in your 20s, it’s time to pay them off. Get rid of debt and reclaim your finances. Stick to a debt-repayment plan that will suit your current means.


Pay the most expensive debt first

This particular tip has been shared for a lot of times already and it definitely works. Once you have evaluated your debt you’ll surely know which has the highest to lowest interest rate.


A great strategy to get rid of debt is to pay the most expensive debt first. Focus on the debts that accumulate higher interest rate. The faster you get rid of the most expensive debt, the more money you can have to pay down the rest of your debt.


Pay the smallest debt first

This is the complete opposite of what I mentioned above. The Debt Snowball Method was first introduced by Sir Dave Ramsey. This technique suggests that you pay the smallest debt first.


Once the smallest debt is done, you will have to pay the next smallest debt until your debt is done at last. Because you are first paying for the smallest debt, you can easily feel the success and this will motivate you to stay focused on your goal.


Get your debt down to zero and refrain yourself from getting into more debt.



4. If you are not yet investing, do so

Be as aggressive as you can in building your portfolio income especially if you haven’t saved and invested enough in your 20s.


Portfolio income is the money received from investments, dividends, interest, royalties, and so on. These are the type of income you get when you invest in stock markets, mutual funds, VULs and other kinds of investments.


There are plenty of investment vehicles you can choose from. I highly recommend researching and studying the investment vehicle first and foremost before jumping to anything. Also, make sure that you have a working emergency fund first.


Go for the right accumulation based on your age – 70% invested in equities and bonds, 30% cash/liquid assets.


5. If you are already investing, diversify

If you entered your 30s and you already built a portofolio in come, you are a rockstar! Now what’s important is you learn to diversify your investments.


How does diversification work?


There are a number of ways you can apply diversification on your investments –

  • Invest across different investment vehicles – Term Deposits, stocks, UITFs, Mutual Funds, real estate, etc.
  • Invest across different industry or sectors – Consumer, Financial, Health care, Communications, Real Estate, etc.
  • Invest across different fund managers or bank providers if you are into funds


You can listen to Episode 7 of The SavingsPinay Podcast for more information about diversification.


Another form of diversification is starting a business. We’ve talked about having a thriving career in earlier but what if it’s now time to pursue your entrepreneur side?


6. Continue stepping up on your finances and learning more

Last but definitely not the least, continue stepping up on your finances and learning more. What you realize in this journey to personal finance is that knowledge is power. Learn as much as you can, as often as you can.


Here’s what I firmly believe in:


The more you know… The better you will be when it comes to your money!




Final notes from SavingsPinay

Thank you first and foremost to our reader question of the month. Celebrate your 30s more. And remember you are definitely not late to turn your finances around. If you plan to retire at 55, you are still 25 years early. A lot can happen in that 25 years.


The key here is to get started NOW. Do not wait for another month, year, or even a decade to pass by before you start building the financial foundation.


I do encourage you to send any budget, savings, investment or making extra income question you may have so I can answer through a blog post. You can send it via DM or email at izza@savingspinay.ph.

Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at izza@savingspinay.ph


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