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The following article was published in our article directory on December 9, 2015.
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Top 8 Expensive Blunders 30-Somethings Make

Article Category: Finances

Author Name: Nick Porfilio

You recently turned thirty years old and you at last have a handle on your money. But being thirty delivers an entire other set of money challenges – buying a home, starting a family of your own, and planning for retirement are in your sights. We totally understand.

Here are the 8 least advisable things to do with your money in your thirties:

1. Getting married without talking about money.

It's not a fun or simple discussion to bring up, but talking about your personal finances, investments, and financial strategy with your partner is key. The earlier the discussion happens, the better . Now it's pretty typical for both individuals to have loans from college and even grad school, and those numbers can add up very quickly.

Did you know that, according to CNN Money, half of all law school graduates have at least $141,000 in student loans! Service on that debt can be upwards of $1,000 per month for up to 30 years. And walking down the aisle means you're responsible for your partner's debt also, so you need to have that conversation to ensure there's no surprises.

2. Not buying insurance.

Now that we all have to have health insurance thanks to Obamacare or pay a penalty, you probably have it. If not, it's probably a great idea to have some anyway. Just one accident or sickness can bankrupt you and your family. But there's also a bunch of other insurance policies you should look at as well. But other insurances typically get overlooked. Do you have renter's or home insurance? Life insurance? How about long-term disability insurance?

Insurance helps protect your cash, assets, and overall lifestyle, and many policies are pretty cheap. For example, for life insurance you could research term-life instead of whole-life insurance if you want to save some money. But you should realize that each comes with its own disadvantages. While term-life is less expensive now when you're 30 and healthy, when the term is up (in 10 or 20 years) you'll be older and it will be more expensive to purchase another term-life policy because it's not unusual to have health issues.

Whole-life policies are more expensive but it's beneficial if you can handle it since – like its name suggests – it's for your entire life, so as you increase in age your premium will not increase significantly, if at all. It also begins to accrue a monetary value that you can borrow against for a number of reasons, such as purchasing a home or paying for your child's college tuition.

3. Buying a bigger house than necessary.

By the time you're 30, most start to grow tired of paying rent. Why pay your landlord's mortgage when you could be paying your own? Of course, buying a house is an amazing financial investment. Not only do you get invaluable tax deductions, you also earn appreciation on what's likely to be your largest asset.

Nonetheless, lots of individuals take on more debt than they can handle by getting a home that is too big for their budget and for what is necessary. A bigger home not only tends to mean a more expensive mortgage, but also higher taxes and more expensive utilities. It's better to begin small and go larger when you need to (and when you have more money!)

4. Splurging on your first kid.

We all want the best for our family but it is possible to do so inexpensively. You don't need that $1,000 state-of-the-art stroller when a couple hundred dollar one will do the same thing. Also, think about contacting a family member or friend that has had kids and see if they can give you some second-hand baby clothes. Then take your savings and open a college savings account. Your child will get much more out of a less expensive tuition bill than they'll ever get from that designer onesie they'll never remember anyway.

5. Spending too much for the wedding.

A wedding is likely the most memorable day of your life for most 30-somethings. But, too many are spending an obscene amount of cash on a huge wedding. According to the web site, The Knot, the average price of a wedding reception today is $31,213, which is about $204 a person according to financial site CNBC. Rather than throwing a huge wedding , you can put down a bigger downpayment for your house, or even renovate part of your house.

Nevertheless, if a large, costly wedding is what you want, then it makes sense to begin saving as soon as possible. You can open a new savings account and deposit $100-150 per month. That way, you'll hardly notice it out of your monthly budget – it's approximately the price of eating out a couple nights each month – and you'll then be able to enjoy the wedding you always wanted (but on a budget.)

6. Overspending on unnecessary things.

For several, there's a impetus to display how well they're doing by spending money on appearances, such as an expensive car, designer clothing, or costly home. These items may be nice to have but they are also expensive. Sure, one benchmark for success is cash, but buying things unnecessarily will only give you a fleeting sense of satisfaction. Plus there are many ways to show success as well.

A smarter use of your money is to pay down your consumer debt or college loans, or buy important things, such as life insurance. Even though you are saving, you can also splurge once in a while and take a relaxing vacation. If the people around you only care about which designer's clothing you're wearing, then they're likely not the best people to surround yourself with anyway.

7. Returning to grad school.

In many cases, increasing your level of education is a wise decision. However it's also incredibly costly so you must be sure it's worth it. You should only go back to school if you see a clear reason to do so, and have an objective for post-graduation. Going back because can't think of anything better to do is a mistake. However, wanting to switch careers or gain a promotion is probably a good idea.

But you still must weigh the pros and cons to see if the potential higher salary outweighs the sticker price – after all, with the ever-increasing price of tuition you'll likely be paying off that bill for a while. If you decide to take the plunge, don't forget to research if you qualify for any financial aid, such as merit scholarships, grants, or reimbursement from your employer.

8. Putting off saving for retirement.

When you're in your 30s retirement still seems in the distance, after all you still have over 25 years! However the funny thing is that your IRA will be much larger the sooner you begin saving thanks to a revolutionary thing called compound interest. The earlier you begin saving, the more interest you'll get on your principal and even the interest that's already been accrued.

As an example, if you purchase $1,000 in equities at 30 and earn an average of 7% interest annually, you would have $10,677 at age 65. But consider this: investing that very same $1,000 when you're 45 would give you only $3,870 at age 65 – that's a big difference!

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