AVOID THESE 6 MONEY MISTAKES IN YOUR 30s!

As you get into your 30s, you’ll realize that they’re a crucial decade of your life. You may be past the point where you don’t know what to do but you can still find ways to be proactive with your money.

Here are money mistakes you should learn to avoid in your 30s:

1. NOT HAVING AN EMERGENCY FUND

It is important to have an emergency fund to avoid debt in later life. Ideally, this account should cover three to six months of your essential expenses so you can cover any unexpected events such as losing your job or costly medical issues. It is highly suggested to put your emergency fund in a saving account so you can access it immediately and do not need to worry about a downturn in the markets affecting how much money you have.

2. BEING UNDERINSURED

Most people don’t like to buy insurance because it means paying for something that they hope to never happen/use. However, the consequences of being uninsured are so large that they can wipe you out financially. One accident on the job or medical emergency can change your financial structure just in the blink of an eye.

The types of insurance that are highly recommended are:

– Term life insurance

– Health insurance

– Disability insurance

– Renter’s insurance

3. MAKING MINIMUM PAYMENTS ON HIGH-INTEREST DEBT

If you have high-interest personal loans or credit card debt, it is suggested to pay them down as aggressively as possible before you focus on a low-interest loan or a mortgage. The faster you can pay those high-interest loans off, the more money you can put towards other financial goals that become increasingly important as you progress in your 30s.

4. BUYING TOO MUCH PROPERTY/HOUSE

Home/property ownership is gratifying and can lead to wealth creation. However, it is not guaranteed. You have to make sure that your housing budget includes room for things like unexpected repairs, maintenance, and potential changes to your future income if you start a family.

5. NOT AGGRESSIVELY SAVING FOR RETIREMENT

Retirement can seem far away when you are in your 30s. But every dollar you save for retirement now will be 10 to 20 extra years to accumulate compound interest than money saved in your 40s and 50s. You can set up an IRA (Individual Retirement Account) that will automatically move money from your checking account on payday.

6. SAVING FOR YOUR KIDS BEFORE SAVING FOR YOURSELF

When you become a parent, it is natural to want to put your kids’ needs in front of your own. However, saving for your children’s college education before you save for your own retirement is a terrible mistake. There are many ways to pay for college such as scholarships or applying to less expensive institutions but there is no way to pay for retirement other than saving.

When people enter their thirties, there are typically 20-30 common money mistakes they’re making. However, we’ve narrowed it down to the 6 most important money mistakes that need to be fixed if you want significant financial improvement.

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How to Save Money by Organizing Your Life

Organizing your finances will make you better at making spending choices. Organizing your purchases will help you deal with personal debt. Generating wealth is not always about having the most assets or money to spend. Sometimes analyzing your assets and planning for their future use pays off in an unexpected way. A lack of organization can harm your finances as much as being short on cash.

How you are potentially losing money because of disorganization.

Duplicate Items

You may have purchased duplicate items because you can’t find what you need when your need it OR you don’t even know you have it.

Late fees

23% of adults say they pay late fees because they can’t find the bills. How many late fees have you paid in the last year?

Excess Stuff

Just looking around your house, I bet you can see things you no longer use, or in reality, never used. How many hundreds of dollars are represented in your stuff?

Subscriptions

Do you have more than one streaming service subscription? Now, how often do you really use them?

Eating Out

This is an easy way to get food on the table, but it is definitely not the healthiest or the best financial decision.

What you can do starting TODAY

Go on a treasure hunt

Put like items together and see what duplicates are lurking. Visit your storage unit and make a plan to eliminate your dependence on this space.

Become more mindful of your future purchases.

You could even create a 30-day list and see if you still want the item(s) after 30 days. This reduces the spontaneous buying that is so easy to get caught up in.

Create a meal plan

One week I spent $30 on groceries because I already had most of the items at home. If I didn’t have a list or a meal plan, I would have certainly spent more than that!

Take really good care of your stuff

This includes your car, lawnmower, computer, sports equipment, children’s toys, etc. For example, it costs less to replace a spark plug and air filter every year than to buy a lawnmower every 3 years.

If your own peace of mind wasn’t enough to motivate you, maybe knowing there is a direct financial benefit to getting organized will do the trick!

Other financial benefits of organizing your life:

Make money on the items you are willing to sell. Have more time to spend on money-generating activities such as starting your dream business or pursuing a higher-paying job.

Have more time and energy to devote to your own self-care for better emotional and physical health.

More time and energy to explore free and active hobbies such as walking, yoga, library trips, journaling, biking, etc.

You may feel like money is a topic that has nothing to do with your life. However, it’s important to not think this way as personal finance has a huge impact on every aspect of your life. Regardless of your financial situation, whether you’re looking to make more money or trying to save money, it’s worth staying organized. It is crucial that you make financial organization a priority in your life. This will allow you to get a better understanding of the different aspects of your finances, create more wealth, and keep it over time.

If you need any financial help or advice, check out Ingram Taxes. They offer FREE Financial Consultation and FREE BUSINESS CHECK-UPs, and credit repair assistance, 24/7.

 Call or text 866-824-1440 to join the Ingram Taxes Club or visit www,ingramtaxes.com to know more about the services they offer.

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4 Key tips to Get Better With Your Money

Get a Better Financial Mindset

You need to work on your mindset to succeed financially. Keep a journal, read books, watch motivational videos, or get a mentor.

Define Measurable Goals

Make sure your goals are measurable. Break down your big goals into small, easily digestible chunks so you don’t get overwhelmed

Prepare Your Financial Plan

Then, set up a plan for allocating funds to each of your goals based on the priority you have assigned to them

Budgeting is Your Friend!

If you want to get better with money, you have to love it. A budget helps you track your spending and income.

If you want financial tips and information regarding your taxes, 📩 text 866-824-1440 to join the Ingram Taxes Club. they will answer any financial questions you have.

Need someone to answer business credit questions? Book a FREE consult on ingramtaxes.com.

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7 Ways to Increase your Income

You’re building your career and figuring out your future; amidst these processes, it’s likely that you’re encountering some periods where opportunities to make a little extra money would come in handy. Have you been saving up to buy something expensive, like a car or a house? Or maybe you simply want to have an emergency fund in place. Whatever your goals, there are lots of ways to save more on your budget by looking for ways you can make some extra money. Here are seven ways to increase your income.

Side Business

With a side business, you have another source of income. While it won’t make up for the loss of a lucrative day job, it can go a long way toward helping you as you look for another job. Plus, you can use the extra income to build up your emergency fund for just these situations.

Voiceover Work

Voiceover work is a way to make extra money by having your voice recorded.

How to Make Money at Home Using Your Voice

  • Voice Overs for Videos. One of the most popular at-home jobs using your voice is to voice over for videos.
  • Voice Overs for Commercials. Voicing commercials is another way you can make money at home using your voice.
  • Sell Radio Ads.
  • Create Audio Books.

Make money from your hobbies

If you do something you love, it can be turned into a new stream of income.

Here are 12 Profitable Hobbies that make money

  • Writing
  • Illustration and design
  • Music
  • Cooking
  • Gardening
  • Photography
  • DIY crafts
  • Comedy
  • Coffee
  • Memberships
  • Brewing beer
  • Gaming

Share your Ride

You can apply for Uber or other rideshare companies if you have a reliable vehicle and a good driving record.

Sell clothes online

The way to bring in extra money is by listing your old clothing on an online platform like Poshmark.

Online Surveys

Many companies are hiring people to answer surveys, so you can increase your income by doing them.

Share skills

Suppose you have any unique skills. You can share your skills online like Upwork, Fiverr, and others to increase your income.

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