30 Life Lessons - Finances | Amber But Better

30 Life Lessons - Finances

Today is part 4 of my series on 30 at 30 - Life Lessons. And we're going to chat about Finances, saving, getting and staying out of debt. I know not everyone's favorite topic, but there are some serious topics to be covered here. If you would like me to do a more detailed post on any of these, please comment!

This series has sections; Confidence and Beauty (see here), Living with Intention (see here), Self-Care (see here), Finances, and Adulting. Stay tuned for more great content and to join the conversation!

Finances

Picture from Pixabay

Here are the lessons I have learned that have helped me stay out of debt, raise my credit score, and all around keep a healthy financial balance in life!

Budget! It doesn't matter what system you use, as long as you use one. I use a spreadsheet to calculate my monthly income versus expenses. The trick is to be honest with yourself; if you spend $50/month at Starbucks put it in. If you aren't honest you'll end up going over budget every month and will get discouraged. I include everything from savings, fun money, dog food, medicine, rent, car, cable, all of it! It really will help you see what's going on with your money and where you can save or spend.
Save. It's easy to get caught up in paying bills, expenses, and buying the things you want/need. But, it's so important to have money saved in case of a medical issue, lost job, or other large expense. They say having 6 months salary is best (I know I don't have that), but just whatever you can. Have it automatically taken out so you don't think about it. And keep it somewhere you won't have easy access (like not in your checking account)
Have a retirement setup and know about your options. I am lucky in that I've worked at institutions where Financial Wellbeing was focused on and I was able to take some workshops on my retirement. But you can research your retirement company, bloggers, or other websites (LifeHacker has some good articles) to learn about your options. Also, any matching by your company is free money and you should take it by having the required minimum taken out of your paycheck.
Credit, Credit, Credit. Having good credit is so important nowadays. I am no expert and there are no definite rules but, I would say healthy credit = having cards but not carrying a balance month to month, paying down debt using the snowball method, paying bills on time, and credit history. I can talk more about this in a future post if anyone is interested. I've seen how important this can be and have done some research on keeping a good credit score.
Invest in Real Estate if you're able. I don't currently own, but when I did I looked at it like an investment. I went into the situation looking for an affordable mortgage that wouldn't make me house-broke, a location that was up-an-coming and would increase my property value. When I sold my home I was very fortunate to have thought of these things. And when I purchase again, these will still be at the top of my list. Real Estate (done smartly) is almost always a good idea :)

Join the Conversation!

What is the best financial advice you ever received?

What are your tips to save more?

Amber But Better