Financial tips for 30-year-old clients

These days, people aren’t buying houses and starting families in their 20s. Often, Gen Yers will focus on their careers, businesses and savings plans first.

But as your clients age and enter their 30s, consider how you can help them transition from one stage to the next. Here are 3 conversations you need to start at that point:

1) Tying the knot: Couples need to discuss their finances with one another before taking the plunge. This is especially crucial if one carries debt, like student loans, since they need to have a payment plan.

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2) Buying a home: About 6 in 10 Canadians in their thirties (58%) own a home, says Scotiabank. Interest rates may be low now but reducing the length of mortgages goes a long way toward managing homeownership costs.

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3) We’re pregnant: Kids are expensive, so having a monthly and long-term budget is key for new families. Clients will need to balance the costs of minor needs like toys and food each month with major future expenses like schooling through RESPs, for example.

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