I was having dinner with some girlfriends last week and the subject of “adulting” came up. Inevitably, finances were talked about in depth. We all offered about some tips and tricks we had learned to make it seem a little less scary because when it comes to adulting, finances is up there as one of the most important parts. Just like I mentioned before, when you don’t know something, just google it from when it’s the best time to buy a computer to what should you be saving for… There are plenty of great sites out there that can make it seem a little less scary. Some of my favorite sites are Mint and LearnVest Knowledge Center, they have tons of helpful articles about financial planning.
Some other useful tips:
- Buy cars at the end of a quarter or year end to get the best deal with negotiating (and always negotiate!)
- The 50/20/30 rule makes life a little easier! 50% to living expenses (housing, food, transportation -Louboutins don’t count as transportation!), 20% to savings goals (debt, retirement, etc), and 30% discretionary (dinner with friends, that new purse, etc)
- Get a credit card and pay it off consistently!
- Check your credit through the three credit reporting companies (Experian, Equifax® and TransUnion®) once a year on your birthday. Sure, it may not sound like the most exciting thing, but since it is free once a year (federal law), it’s an easy date to remember to do it. Check all three, since they all do things a bit differently.
- Make sure you have saved for an emergency fund, which should be about 6 months of your salary.
- Start saving for retirement today!
- My personal favorite: the best financial information can fit on an index card!
What’s your best financial advice?