Financial Get On With Being an Adult Tips

The Denver Post recently reprinted a list from Kiplinger Washington Editors called “9 financial get-on-with-being-an-adult tips for your 30s.”  The list included:

  1. Advance your career
  2. Rethink your budget
  3. Write Your will
  4. Pay off non-mortgage debt
  5. Save at least 15% of your income for retirement
  6. Adjust your insurance coverage
  7. Increase your emergency fund
  8. Diversify and rebalance your investments
  9. Monitor and improve your credit

Great list, Kiplinger!  I’d like to add two more of my own:

Kristi’s #1:  Do away with car payments forever.  How?  Buy a car that will last you 10 years.  Spend the first 5 years paying it off.  Resist the temptation to trade that in for something new and shiny!  Keep driving the car and save that car payment in a new car PURCHASE (not lease or borrow) fund.  When you have enough saved to buy your next car without taking a loan, go for it.  Then, start saving to replace that car. If you are in your 40s and still paying huge car payments, you may be buying more car than you can afford.

Kristi’s #2:  Stop mooching off of your parents!  If your parents are paying regular bills for you (cell phone, insurance, car payments, student loans), or helping you make big purchases (cars, grad school, homes, iPhones), they may be putting their own retirement in jeopardy.  Then, you know what happens?  When they run out of money at age 80 they’ll be moving in with you.  So, cut the cord and live within your means.  You’re in your 30s for goodness sake!


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