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Hit the Dirty 30? Three Reasons Your Financial Plan Needs to Grow Up, Too

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Hit the Dirty 30? Three Reasons Your Financial Plan Needs to Grow Up, Too

You may have partied, traveled and danced your way through your 20s, but when you hit that “Dirty 30,” it’s time to start playing like an adult. Adults manage money conscientiously, spending and saving in ways that reflect their lifestyle, goals, and responsibilities.

Everything changes as we mature and our financial plans should, too. In case you require convincing, consider the following truisms that apply in your 30s:

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It’s not about you anymore.

At least, not entirely. Whether that special someone is a significant other, family member, or pet, chances are good that you will acquire some financial responsibility for another living, breathing organism as you mature. Giving to those you care about is a magnificent feeling. Keep it a blessing, not a burden, by putting aside small sums each month to help you give in the manner you desire.

Financial planning includes more than investments. Be sure you are aware of the location and contents of important papers, such as wills, of those you may find in your charge. While you’re at it, check that your own documents are up to date and stored in a safe location.

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If someone or something is dependent upon you financially, it is also a good idea to look into types of insurance that may protect you and them in the event of an accident. Can you afford the bill for a medical or veterinary emergency? If something happened to you, would those you leave behind be left without a home, vehicle, or income? Talk to your financial institution about property, medical, vehicle, and life insurance; remember to ask about bundled rates or discounts for multiple services.

Still staggering under student loans, or taking a hard look at your credit cards and panicking at debt? Meet with a financial planner to discuss how to get back on track, and commit to your plan. Minor lifestyle changes can add up to big progress in paying off debt.

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Studio apartments eventually lose their charm.

Cramming the best Ikea has to offer into 600 square feet is utilitarian when all you need is a crash pad. As you develop personally and professionally, however, you will at some point want to live somewhere with enough space to welcome family and friends. Perhaps your profession will require you to see clients at home from time to time, or your boss may stop by. Forget what you want; if you have kids, you’re flat out going to need more space!

Space, of course, takes money. So does the security that comes with good neighborhoods, and furniture that doesn’t break if you lean on it too hard. Even if you are rolling your eyes while you read this and thinking that kids sound like a party-ending curse, start setting aside money for a living upgrade, now. When something perfect comes on the market, or you suddenly meet the man or woman who makes you want to build a life together, you will regret not being ready. If it helps ease the transition, think of it as the fund for a bigger and better bachelor or bachelorette pad. However you label it, start saving!

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One day, it might be nice not to work.

Retirement, that siren song reserved for your parents and “old” people. Right? Wrong. Retirement is a goal that should be on your mind now, along with an awareness that as Social Security and other benefits slowly disappear, retirement is a goal an increasing number will never reach.

If you have any aspiration of reaching retirement comfortably, you must start planning now. Look into 401(k) options at your job, or open a traditional or ROTH IRA and do your best to maximize your investment each year.

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Ready to get going?  Check out the 14 Important Steps You Should Take To Free Yourself From Debt.

Featured photo credit: seniorliving.org via flickr.com

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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