Your 20s are often seen as a time for enjoyment and spontaneity, but once you hit your 30s, reality sets in. You might find yourself grappling with a quarter-life crisis, reflecting on the past decade and wondering where the time went. 

Is starting over in your 30s okay, or have you missed your chance entirely?

🤔 Is My 30s Too Late to Get Things Together?

This is a breaking point at which many start to feel dejected and think that It's “too late” to start taking control of their finances — and it’s understandable, but it’s false. 

If we’re talking careers, roughly 22% of workers across the US considered changing careers. In fact, the average age that most people make a major career change is 39 years old.

🛣 Why Do People Start Over in Their 30s?

People may “start over” in their 30s for any number of reasons, but some of the most common examples are things like:

• Loss of a job
• Career shift
• Relationship fallout
• Major move out of state

At this stage of life, you have way more life experience and knowledge about both yourself and the world around you, and you can use this experience to cultivate a better life (and future) for yourself.

Starting over in your 30s is okay, and it’s okay to start “late” too.

🎯 Where Do I Start?

Beginning your journey towards lasting financial success in your 30s starts with a crucial first step: a thorough and honest assessment of your current financial health.

Step 1️⃣: Assessing your situation

• This means conducting a comprehensive personal financial audit. Take a deep dive into every aspect of your finances.
• Evaluate your:some text
  • Income streams
  • Monthly expenses
  • Outstanding debts
  • State of your retirement savings
• The key here is being transparent with yourself; write down all these figures to have a clear, tangible overview of where you stand.

Step 2️⃣: Goal setting — turning those insights into action items

With your financial snapshot in hand, the next phase is envisioning where you aspire to be and establishing concrete financial goals. This step is about identifying adjustments and changes that can bridge the gap between your current state and your desired financial future.

Depending on your situation, this might include:

• Establishing and maintaining a solid emergency fund and consistently saving a portion of your income. Keep it fully funded at 3-6 months' expenses and prioritize using it for real emergencies only.
• If you’re starting a new career path, maybe it’s increasing your professional toolbelt by learning new skills.
• Aggressively saving and investing to make up for lost time.
• Eliminating high-interest debts that are weighing down your budget every month.
• Developing a retirement investing routine you can follow that if done consistently, will put you in a better place to retire in 30 years.
• Combating lifestyle creep by differentiating between needs and wants. Prioritize spending on experiences and items that align with your true values.

Step 3️⃣: Crafting a plan of action

The journey to financial well-being can often make you feel alone and stuck.Truthfully though, you don't have to navigate the path of starting over in your 30s alone, and you shouldn’t.

Doing Well is here to offer the personalized support and guidance you need by providing human intervention to your financial plan that respects your circumstances.

To get you started below, we’ve compiled a list of action items tailored to those in their 30s looking to get the ball rolling with their finances:

1. Budgeting: Create a comprehensive budget that houses everything—from routine expenses to saving, investing, and paying off debts (Don’t worry, we’ll help you).
   
   
2. Debt management: Develop a strategy to pay off high-interest debts systematically and explore debt consolidation options to simplify repayment.
   
   
3. Saving: Establish an emergency fund for unexpected expenses, and set savings goals for short-term and long-term objectives.
   
   
4. Investing for retirement: Research and choose a retirement investment plan suitable for your goals. Consistently contribute to your retirement fund, taking advantage of employer matches if available.
   
   If you’re an entrepreneur, starting your own business, or just working side jobs — there are personal investment options such as Solo 401Ks, Personal IRAs, and SEP IRAs
   
   
5. Review your insurance - and consider life insurance: Assess your current insurance coverage for adequacy. If you have dependents, your 30s may also be prime time to consider life insurance to protect your loved ones in the long term.
   
   
6. Self-improvement savings: Make room for furthering either your own or your dependents' education. Whether you yourself are going back to school or you’re planning for the day your kids will, saving for education is just as important as any other item on this list.

It’s not too late to get things right — in fact, there’s no better time than now. Starting over in your 30s can represent a turning point for your money, and serve as the foundation of a sustainable financial future.

More than pursuing a new career, your 30s can also be a fresh start that might lead you to connecting with new people, meeting new friends, and ultimately forging a new life that improves your financial well-being

And you don’t have to go at it alone, we’re here to help. Doing Well understands just how distinct your situation is — there really is no good comparison to you and your unique life, and your finances should be treated with that level of nuance. Unlike generic AI solutions, we provide personalized, human support tailored to the unique demands of you and your life.

We’re here to help with

• Building a comprehensive financial plan and budget based on your personal situation and goals.
• Repairing your credit, planning to buy a home, saving for the future, and much more.
• Offering ongoing support that adapts to your evolving personal circumstances.

Doing Well offers you budgeting assistance, recurring monthly calls, and ongoing email support anytime so that you can worry about your life while we worry about optimizing your finances.