I am on the eve of my 30th Birthday. Yep. In less than two weeks your truly turns the big 3-0. I love this post written by my sis-star, Tiffany “The Budgetnista” Aliche and vowed I would share it with my readers. Whether you are 30, over 30, or in your mid 20s, the items on this post are useful.
Enjoy and HAPPY MONDAY!
Laaaaaaadies! Need financial help?
Good. I’m a 33/yr old sis-star and I’ve made just about every financial mistake you can think of: over-drafting, bad checks (accidentally), bank account closed (by the bank), reports to Chexsystems, low credit score, having a ton of credit cards (20, at my peak), pre-foreclosure, high-credit card debt, late student loan payments, investment scams (I was the victim)… there’s more, but you get the picture.
As a result of all my mistakes, I’ve learned some pretty valuable lessons. I’m doing relatively awesome now (financially speaking), so I figured I’d share what I’ve learned with you sis-star.
Here is a checklist of 30 things every 30-year-old woman should know about money.
1. How to budget
2. What a 401k is
3. How to properly use credit (cards)
4. How to borrow money and pay it back… on time
5. The basics of investing
6. How to say no when someone asked to borrow money (and mean it)
7. The difference between an IRA and a Roth IRA
8. Your financial baseline: the lowest amount of money you can make each month and still survive.
9. What multiple streams of income are and how to get some
10. How to save for the things you want vs. financing
11. How to deal with debt collectors without freaking-out, ignoring them or avoiding their calls
12. How to negotiate discounts with your service providers
13. What a credit report is and how to read it
14. How to ask for a deferment or forbearance of a student loan, rather than defaulting
15. Why you should NEVER co-sign on a loan, not even for family (especially not for family)
16. How to buy a home (even if you’re not planning on doing so yet)
17. How to make money with a hobby
18. How to pay for a wedding without incurring debt (if you plan on tying the knot)
19. What a credit score is and how it’s calculated
20. How to help out friends and family without putting your own finances in jeopardy
21. What your time is worth
22. What your ideal life looks like and how much it would cost you to maintain it
23. How much money you want to have for retirement and what you need to be doing now to get it
24. How to clean up your credit report
25. How to save for emergencies
26. How to quit a sucky job with enough money in the bank to last until you find a more awesome place to work
27. How to lower your tax burden
28. How best to use your tax refund
29. How to pay for a vacation, before going on vacation
30. How to LIVE RICHER: to live every-day life for less money and more fun