April 25, 2013, 6:00 am

Things You Should Be Doing With Your Money but Aren’t

by: MD    Category: Assets and Net Worth
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There are things that you should be doing with your money but just aren’t at the moment for one reason or another. It’s time to revisit my piece on 30 financial moves before 30.

Where does the time go? Over two years ago, back in January of 2011, I wrote about 30 financial moves to make before 30.

I wanted to start off with your contributions to this article and will follow up with a few additional thoughts…

Joseph added a great insight:

“I would like to make a comment about climbing the ladder (#7 & 8). As last year I took a promotion to a level just a step below the executive level at my organization. My career goals were always to make it to the “C” suite, and for all intents was on my way.

However, after working in this position I’ve began to realize the toll an executive level of job will take on a new marriage and starting a family. So might I humbly suggest to those setting career goals to also set family goals too.”

Megan joined the discussion with:

This is a great list. I’ve done many of these (I’m 28) and others aren’t going to happen before I turn 30 (my student loans and my mortgage are going to be around for a while, especially because I’m going back to school).

But it’s good to be thinking about these things, and it’s nice that someone has summed them up so well.”

Ken summed things up nicely:

“All good points, but the reality is, and what you’re actually getting at is the same as my own philosophy with life and money. Be debt free at all times unless the debt has a very high chance of returning more profit than the debt itself, live modestly and within our means, share, give, treat yourself every so often to the things we enjoy most in our lives, and put all our love into our children and family at all times. That’s my philosophy anyways…”

What’s your progress with this bucket list of financial moves?

I wanted to add a few items to this list today. Let’s add a few financial moves worth pursuing before you hit 30…

31. Master paying yourself first.

Have you figured out how to pay yourself first yet? If you ever want to get better at saving money, you need to learn how to pay yourself first and then stick to it. How do you do this? Go to your employer or your bank and ask them to take out X amount from every single paycheck. Then let the money accumulate. Eventually, you’ll be impressed with your savings from paying yourself first.

The trick is to master this. It might not be easy at first because you’ll be tempted to touch this money. Over time, you’ll come to appreciate this easy formula.

32. Figure out how to cut $100 from your monthly budget.

Most of us aren’t saving as much money as we should be. I recently went on a mission to cut $100 from my monthly budget as a starting point. I was impressed with how easy this was. You’ll be surprised by how much you can cut from your budget if you actually try.

What can you cut out from your monthly spending? Any useless subscriptions?

33. Invest in a small startup.

Do you believe in small business? Are you a fan of innovation?

You can take a small bit of money (or large) and invest into into a business startup. This is one thing that I’ve been meaning to do for a long time now. I just haven’t found an opportunity that’s the right fit for me yet.

Have you thought about investing your money into a new business idea?

34. Stretch a dollar to the max.

Are you getting the most out of your money? Sometimes I try to stretch a dollar to the absolute maximum just to see what I can do. This can be pretty fun if you give it a try.

35. Network as much as possible.

We all talk about networking, but so few of us actually do this properly. We just meet up with random friends and get wasted. It’s time to take networking and building relationships to the next level.

How can you improve your networking?

  • Attend events in your area.
  • Plan to attend one event out of town.
  • Take interesting folks out for lunch.
  • Get your friends to connect you with other friends.
  • Go to book launches.
  • Host a meet-up.

You should really build as many relationships as possible in your 20s when you’re full of energy. You never know how mutually beneficial these relationships can be until you jump in.

Those were a few additions to the original list. Did we miss anything? Is there anything that you would like to add?

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Really nice. I’m doing some of these, saving a investing my money. But I still want to try save some more see how much can I save by being frugal.

Networking is incredibly understated! I am in college and our advisors and clubs are always telling us to “get involved on campus” and “join more organizations” but in the end, that isn’t going to help you if you go out in the community looking for a job. Networking events like happy hours and sports games are something that need to be more highly advertised and pursued by people in their 20s. Great post!

[…] This week the Financial Blogger shared some Things You Should Be Doing With Your Money But Aren’t. […]

I like the paying yourself first one the biggest helper. Networking suggestion is also very powerful even though its non-money kind of.

I definitely value the advice and tips given here. I wouldn’t say I have “mastered” paying myself first, but I have been better at taking some of the money directly deposited into my checking account every two weeks and putting a chunk of it into my savings account that I don’t touch. I’ve also been working to network with people especially because I’m on the job hunt right now.

I would definitely second paying yourself first and networking. Financial discipline is crucial for everyone and trying to save and invest as much as possible is one of its basic principles. Networking is absolutely a must, especially for business owners. Nothing beats the power of a great referral!