In your 30s? You Should Be Planning for the Future!

by Kaylie Phelps

There is never a time in life when there is not competing demands for your income. In college days, money can sometimes be tight, though student loans are designed to fund education. It is widely accepted that career prospects improve with graduation. Student loans need to be repaid and that commitment must be factored into a personal budget. In the early days of a working life there will be other bills to pay and while there are no convenient way of lending these days only without credit check lenders can bring some luck for you with slight high interest rates ; often monthly rent if the job has taken you away from home to a new city. However, after a decade of working, you should be in reasonable control of your finances and your monthly pay check much healthier than when you started out. It is the time to really plan for the future if you haven’t done already.

Your student debt should have gone down; ideally it is fully paid off, but at least it is not the most expensive debt in modern day life. If you got a credit card to help fund your education and you have built up a balance, merely paying off the minimum the card company requires at the end of each statement period, that is expensive debt. You might ask how can taking on more debt solve that problem? If you take out a cheaper personal loan repayable by installments you can pay off a credit card balance and save yourself money beyond the short term because you will be avoiding wasteful interest payments. By all means keep a credit card, but only use it for convenience and pay the full amount appearing on the monthly statement every time.

Ideally, you have reached your 30s then without too many financial problems because by then you really should be thinking well ahead.

Retirement

The demands on your money by then may be a mortgage and a growing family but there is something else that you should be considering and that is retirement even though it seems a long way into the future. The sooner you are making regularly savings into a retirement account, the more chance it has to grow. Compound interest is a great ally for saving but it needs time to work.

Retirement is not going to be cheap. However, the difference between what you can save if you put a fixed sum away from the age of 35, and what you will have if you delay until 45 is extremely significant; your fund will be more than double. For example, if you put aside $250 every month for 30 years from the age of 35, your fund will be $280,000 with 7% average growth. If you delay for 10 years, it will be $123,000. If you don’t start until 55, it will be a mere $41,500! You would be putting away $30,000 extra by starting at 35 than at 45, but the difference in your fund would be $157,000!

Mortgage

The recession was effectively caused by the inflation in the real estate market and the toxic debt that financial institutions found themselves owning. That said, real estate has been seen as a good medium to long term investment and that remains the case. If you can build a deposit and negotiate a mortgage, then you can expect the value of your real estate to grow over your working life. You may want to sell and realize your asset on retirement, especially if you buy a family home and you no longer need something as large.

In any event, you should look at real estate as a good investment for you and your family. If you buy in your early 30s, you should be mortgage-free by the time you retire, so even if you don’t sell, your monthly expenses should fall.

After 10 years of working, hopefully, you will have decent credit history that you ensure your mortgage application succeeds. As mentioned earlier, if you get control of your finances and don’t carry expensive debt like credit card balances, your position should be fairly good.

A College Fund

When you have a small family you certainly have responsibilities. If you can just put a small sum aside every month, come the time when they are going to college, you may have a sizable fund. Remember the example of what compound interest can do, given time. The choice of how you invest this money is yours, and perhaps it is worth taking professional advice? There are tax advantages if you are saving for higher education so what do you think?

Summary

Financially your 30s are an extremely important time. Think about where you stand, where you would like to be, and also where you want to be when you retire. It may be time to act!

FacebooktwitterrssinstagramFacebooktwitterrssinstagram

How to Fix Appliances Yourself and Save Tons of Money

by Mrs Money

The other day, our dryer quit working how it’s supposed to.  We have an LG dryer that we bought to go with our washing machine when we bought our house ten years ago.  It has a special sensor that can tell when the clothes are dry, and I love it! There is no guessing and no over drying clothes, which leads to tons of static.  I had put a load of wet clothes into the dryer, set it on “normal”, and went about my business doing my chores.  After about an hour (much longer than usual), I went to check on it and discovered the dryer said it had six minutes remaining in the cycle.  I stopped it, opened the dryer, and found the clothes were beyond dry and hot.  I figured it was a fluke, put in the next load, and then continued doing what I was doing.  The same thing happened- I went down to check on them and saw again that the dryer was displaying six minutes left in the cycle.  Gah. Not good.  I freaked out, thought we would have to call our a repairman or buy a new dryer, both which would cost us money that I’d rather not spend.  I got the brilliant idea to try to fix the dryer ourselves, and went about trying to come up with a solution.

How to fix appliances yourself and save tons of money

Search the problem

This is my first step- diagnosing what the problem is. Many times, others have had the same experience and have gone looking for advice on how to fix it. I searched “LG dryer stuck at six minutes” and plenty of results came up. I looked at some of the links and found out that most likely the sensor in the dryer was dirty and needed to be cleaned. Easy! Not to mention, it would save us so much money versus calling out a repair person.

Look for videos on how to fix it

With this particular problem, it seemed pretty straightforward on how to fix it: take apart the dryer lint trap, remove all the lint, clean the sensor, and put it back together. It didn’t seem necessary to look for a video. However, a few weeks ago Mr. Money had to replace a door handle on our 2005 Ford Freestyle and got hung up on one step. He searched for a video on YouTube, found one, and the repair was successful! There is such a wealth of knowledge available on the internet today.

Shop on Amazon or eBay

When in need of parts, Amazon or eBay are my go-to to find replacements. When I needed the door handle, the first place I looked was Amazon. Luckily, there was a seller that had a prime eligible item and I ordered it and had it shipped to my house in two days!  So easy.  A few years ago, I needed a laundry detergent cup dispenser for my LG washing machine. I looked on eBay and found one for a lot less than the local appliance store. I like ordering things online, especially with kids, because it’s so much easier than going to the store to get it.

Fix it!

Generally, after all the above steps, I have a pretty good idea on how to repair the issue at hand. If I get stuck, I repeat one of the steps until I have a better clue as to how to fix it. I have also found using message boards geared towards appliances/appliance repair has been very helpful if I’ve gotten stuck. There are so many nice people out there willing to help!

Hopefully these tips will help you repair your appliances yourself and avoid spending money unnecessarily. Have you tried to fix appliances yourself to save money?

Related Posts Plugin for WordPress, Blogger...FacebooktwitterrssinstagramFacebooktwitterrssinstagram