30 things I learned about personal finance by my 30th birthday

  1. You have to make choices. Every choice we make with money has an affect and changes the opportunities we have to do something else with our money. It is important to understand and be aware of this.
  2. A budget is the most important financial component to your entire financial life. I have worked with so many people in financial struggles or unable to save for the future and never once have any of those people HAD and followed a realistic budget monthly. It is pivotal.
  3. Speeding tickets cost money, a lot of money. My CHOICE to speed means I can not do other things with my money :) This looks different for everyone but everyone has their “speeding ticket”. 
  4. Children cost money. As we soon go from 1 child to 3, our food budget, eating out budget, clothes – everything, you name it will increase. What I have learned by 30 is this is not a stressor. We will make a new budget and move things around, making choices! The beautiful thing is I can feel confident growing our family that we can do so financially.
  5. Just because you can afford it, does not mean you should buy it.  This would make a really good bumper sticker. 
  6. Like #5, a new toy every time you go to the store is NOT needed, and it is OK to say “no”
  7. Children mirror you. They also mirror the financial decisions you make and will take the into their adult life. 
  8. To make goals. Goals are like the sidekick to a budget. They need to be made and kept. 
  9. Review your goals, your needs and wants change, so should your goals.
  10. To remember the feeling you had the first time you purchased something BIG with CASH, no credit cards, lay away or “no payments for 3 years” and the empowerment you felt during that time. It will carry you far and successfully.
  11. Make and follow a budget, monthly. Just saying.
  12. Budget for your needs first, then your wants. 
  13. Always account for everything in a budget, do not leave anything out. 
  14. Do not be embarrassed by where you are in  your financial journey, it is one step closer to your goals, then you were yesterday AND kudos to you for turning it around. It is not easy.
  15. For financial advice, go to someone you know has been successful with money, not your broke cousin.
  16. You will make stupid financial mistakes, just learn from them. You are not the only one, every one has done it.
  17. Wait overnight (or a week, month…) for big purchases.  This will save you a lot of heartache and money in the long run.
  18. Communicate with your spouse about the way you want to spend money, before you do. This one will also save you a lot of heartache in the long run!
  19. This one I learned the hard way as a young adult. You need to understand something before you purchase it, like with investments. Read, research and then make an educated discussion.
  20. Credit cards can be really damaging, if not handled correctly. 
  21. Only buy what you can afford. This does not mean monthly payments, but the purchase it self. This was HUGE to learn. I make X amount money, I only spend X each month, plain and simple.
  22. Do not worry about keeping up with the Joneses. Their financial situation is most likely NOT what you think it is. Focus on your needs and goals, only and make decisions based on that.
  23. My parents have been married almost 40 years. It took them a LONG time to get where they are, financially. It is going to take me a while as well. 
  24. Teach your children about money! This is a crucial skill most of us did not have when we were there age, and it is that important.
  25. Take advice (again from those who have done money successfully) but always educate yourself and make the best choice for you.
  26. Savings is the 2nd sidekick to Budgeting and Goals. Savings is necessary for emergencies and short and long term purchases. It might not be fun, but incredibly rewarding in the long run.
  27. Read everything before you buy it. Understand terms, conditions and what you are purchasing. 
  28. Budgets are really important. I know, I know but it is worth mentioning a few times.
  29. Giving is an incredible feeling and a wonderful opportunity and it is wonderful to be able to do this with your earned money. 
  30. That I still have a lot more to learn, at 30 years old, for the rest of my life but I do know this: focus, drive and determination are key to a successful plan, that you and your family want to follow.

Source: Blogger Import

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