Unconventional Financial Tips, Tricks, & Planning for People in Their 30s

Finances can get quite complicated for people in their thirties. It is often a time when people start their families or purchase their first home. Either way, everyone should look into traditional ways to save and plan for their future, such as contributing to IRAs and college funds. But sometimes, there are unexpected costs that arise. We’ve outlined some of these issues, typical for those in their 30s, as well as some less conventional ways to save below.

PLAN FOR THE UNEXPECTED

While you can never guess what the future will bring, there are ways in which you can prepare yourself for those unexpected events that become a financial burden. We’ve listed some examples below.

• Medical Emergencies – There is nothing scarier than a medical emergency. You want only the best care for yourself and your loved ones, but it can be too expensive if you have to pay for everything out of pocket. That’s why we recommend looking into different health insurance plans. You can look into packages offered by your employer or private plans. These range in cost and accommodate different needs. Here at Davie Kaplan CPAs, we even have employee benefit plan audit services to help you evaluate your current package. In case of a medical emergency, you want good insurance by your side.
• Pet Health Issues – Lots of people neglect to think about the cost of having a pet. If your pet gets sick, a trip to the vet can be very expensive. We recommend bringing your pet in for routine checkups and spaying females to avoid any serious health issues.
• Major Vehicle Repairs – If you own a car, you know that there are lots of parts to maintain. And if they’re not taken care of quickly, they can lead to hefty service bills. That’s why we recommend following a strict maintenance schedule. That way, you know your car is in good shape and catch early warning signs if something starts to falter. If you have a minor repair, we recommend looking into doing it yourself. While you don’t want to experiment with a complicated repair, small ones can easily be done in your own driveway with the help of manuals and online videos. Want to save even more money? Consider carpooling, biking, or walking to regular places like the office or the grocery store. This will save money on gas and reduce the amount of wear and tear on your vehicle.
• Major Home Repairs – Lots of people in their thirties are also homeowners. Bills can pile up if you need major repairs like a new roof, air conditioning, and siding, just to name a few. Just like vehicles, we recommend keeping a strict maintenance schedule to stay on top of things needing to be fixed in your home. If something seems off in your home, fix it right away. Typically, the longer you wait on home fixes, the worse they get. Save money by doing the repairs yourself. Contractors can be quite expensive, and lots of home fixes can be done efficiently with just a little instruction. Plus, you can typically find all the tools and parts you need at a good price at home improvement stores. There is also homeowner’s insurance and flood insurance for those who live in areas with a high flood risk.
• Unexpected Travel – Your thirties are a time of change. Summer weekends are filled with weddings, and unfortunately, many are affected by the loss of loved ones. This can lead to unexpected travel expenses. Last minute trips are quite pricey, so we recommend setting some money aside in case of an unplanned trip. Look for cheaper alternatives to flying, such as busses and trains. You can also look into hotel alternatives. For example, Air B&Bs tend to be much cheaper than a last-minute hotel. Finally, you can save money on food. Bring snacks or quick breakfast foods from home. You can leave them in your hotel room and save time & money when you are getting ready in the morning.

Looking for more tips & tricks for unexpected expenses? Check out Money Crashers’ recommendations here.

LITTLE WAYS YOU CAN SAVE

Looking for other ways you can save money? Some basic tips we recommend are:

• Make your own food! While eating out can be convenient, it can add up. You do not have to be a master chef in the kitchen either. There are lots of quick and simple recipes you can find all over the internet.
• Get rid of cable. Cable packages can be quite costly, and there are many cheaper entertainment options out there. Check out streaming services, like Netflix or Hulu, which offer services for under $20 a month. Cable services can cost hundreds, and most users do not even use majority of the channels.
• Become a DIY expert. Need a simple fix or help putting something together? Look to online video sites such as YouTube for instructions. There are many how-to videos that will give you step by step instructions on little fixes you need. These save lots of money because you’ll only have to pay for tools or parts, whereas a handyman would typically cost an additional hourly fee.
• Go through your credit or debit card statements. While this seems trivial, looking at where you spend your money and how much you spend on different things might surprise you. You might find that you are spending more than you thought on morning coffees or drinks at the bar.
• Take advantage of free community events and happy hours! Just because you are looking to save money doesn’t mean you have to curb your social life. Look into happy hours at the bars near you to grab drinks with coworkers and friends. Or you can look into free events around your community like festivals or plays in the park. You can find events in the Rochester area here.

Looking for more advice? Contact the Davie Kaplan team of CPAs in Rochester, NY!