Five financial moves to make in your 30’s

June 14, 2016

This is the decade to start building your financial security.

A lot of personal and financial changes can happen when you are in your 30’s. Whether it’s starting your own business, getting married, having children or buying a house, each of these events will dramatically impact your financial situation and potentially alter the path you take to achieve your financial goals.

Luckily, with a little planning and a few smart decisions, you can ensure that you stay on track to meet your goals, both short term and long term. Here are some tips that can help:

  1. If you have a child, open a Registered Education Savings Plan (RESP). The government will contribute up to $7,200 (or more, depending on your financial situation) on top of your contributions. So, start contributing early to maximize your RESP’s growth potential.
  2. Increase your retirement savings. In your 20’s, you may have been making ad hoc contributions to your Registered Retirement Savings Plan (RRSP). In your 30’s, however, you need to get serious about retirement planning. There’s no magic number when it comes to how much you should contribute, although a minimum of 10% of your monthly income is a typical rule of thumb.
  3. Start your emergency fund. The older you get, the higher the stakes are when it comes to employment. Spend this decade building an emergency fund that can protect you from an unexpected illness or job loss.
  4. Begin tax and estate planning. Now is the time to start thinking about tax and estate planning. Do you have a will? Do you have enough insurance? Are you making investments in the most tax-efficient way?  
  5. Work with an advisor. Since your financial situation is getting more complex, your 30’s are a good time to seek advice. Advisors can help you manage your investments, connect you with other professionals like lawyers or insurance brokers, and provide you with peace of mind that you are on the right track to reach your financial goals.

Checklist: Things to Do

Open an RESP (if you have a child)

Make regular RRSP contributions

Build your emergency fund

Ensure you have a will

Book a meeting with your financial advisor today to ensure that your financial plan is right for your personal circumstances. For more information on how an advisor can help, visit

The contents of this Web site are provided for informational and educational purposes, and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. Please consult with your own professional advisor on your particular circumstances.

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