Your 20s and even 30s often seem to fly by, filled with studying, working, traveling, and enjoying life. But eventually, financial carelessness needs to be replaced with solid plans for the future. Working eight hours a day—or even longer—doesn't necessarily mean someone will get rich quickly. Many people don’t even have the time to develop sound financial habits. So, is it too late for Millennials once they hit their 30s or 40s?

“Absolutely not,” said Christine Dang, a financial adviser at Fox & Hare, as quoted by the Financial Review on Thursday (July 31, 2025). In her view, people at that age are typically in their most productive years, which gives them a greater ability to save and invest. Moreover, they are likely to have the maturity needed to set goals and stick to them.

“They still have 30 years ahead to save and invest for their future,” Dang emphasized. Here are five tips for people in their 30s to start building wealth:

1. Prioritize Saving and Cut Excessive Lifestyle Spending

Matt Hale, a senior financial planner at Rising Tide, said that saving is crucial. “People need to understand their current financial position. It can be as simple as reviewing your last 90 days of credit and debit card transactions, entering them into ChatGPT, and letting it categorize them,” he explained.

He suggests allocating money into different “buckets” based on goals, such as saving IDR 100 million for a term deposit and IDR 15 million for a vacation. Essentials like groceries and bills should also be separated into their own categories. Then, set up automatic transfers to each account every payday. Importantly, there should be a separate “fun” bucket to limit indulgent spending.

“Wealth is built through short-, medium-, and long-term goals and understanding the sacrifices needed to achieve them,” Hale said. Before aiming for large goals like a house or vacation, start with small, achievable targets like an emergency fund.

2. Focus on Growing Your Income

In today’s economy, generating additional income from side jobs or passive income is essential. Decide what you’re passionate about, work on building your skills, and explore side opportunities to increase your earnings.

3. Pay Off Consumer Debt

Managing debt is a key part of building wealth. No matter how strong the desire to own assets like a house or car, the top priority should still be an emergency fund—even if you already have debt. Ideally, aim to have at least IDR 100 million in a savings account for emergencies.

“Most advisers recommend three to six months’ worth of living expenses as an emergency fund, but if you have significant consumer debt, that may not be practical,” said Hale. Start by paying off debts with the highest interest rates first—typically credit cards—then move on to the next highest.

4. If You Plan to Buy a Home, Start Planning Now

Buying a house is one goal where age does matter. Most banks offer 30-year mortgages and want assurance that the loan can be repaid. “So if you buy a house at 40, you’re committing to work until 70 or relying on your retirement fund to pay it off. That’s why sooner is better,” Hale explained.

5. Invest, But Keep It Simple

For people in their 30s and 40s, investing is essential, not optional, said Dang. This is especially true in a low-interest environment where money in the bank risks falling behind inflation.

Dang recommends low-cost index funds, such as ETFs (exchange-traded funds), because the money is harder to access than bank savings, making it less tempting to spend. At this stage, the focus should be on building assets outside of retirement funds—assets that can be used for home purchases or starting a family.

Although superannuation (or pension funds) are important, they may not be the top priority for someone just beginning to invest in their 30s or 40s, Dang explained. She encourages clients to consider two main options. One is setting aside monthly savings into an investment portfolio.

Ben Hancock, a senior adviser at Stonehouse Financial Partners, added that this portfolio could include growth-oriented assets such as stocks. “You might also want to look into listed ETFs or unlisted unit trusts that invest in real estate,” he said.