5 Money Lessons You Need to Know By 30

Posted by on July 3, 2017 in Economy with 3 Comments


By Patrick Banks | EverdayPowerBlog.com

Money makes the world go around. As much as we hate to admit it, it’s something we all need to survive in today’s modern society. Concerns about money not only causes humans stress, it has also proven to affect their physical health, as well as their relationships.

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The American Psychological Association conducted a survey in August of 2014, which found that 72 percent of Americans reported feeling stressed about money at least some of the time during the past month. They also found that some people have even skipped going to the doctor for health care because of their financial concerns. As far as relationships go: “Almost a third of adults with partners report that money is a major source of conflict in their relationship.”

Money affects us all, which is why it’s so important to know how to manage it. There are six important lessons that people of any age can learn in order to help them budget and save, and all them have a little something to do with being frugal.

1. Act like you’re broke even when you’re wealthy.

Frugality is a mindset, one that my parents always engraved inside of me. From a very young age, I watched my mother as she contemplated whether or not to buy a $12 dress from the stylish thrift store in town. I watched my dad shut off all the lights in the rooms nobody was using.

            They did these things, not because we didn’t have the money for them, but because we didn’t NEED to use our money on them. They lived simply and, with the money they saved, they were able to put two kids through school without a single loan or a cent of college debt.

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            When you act like you have the money you have, you usually end up spending it all. When you tell yourself you don’t have a lot, you live a more frugal lifestyle, thus saving the money to do what you need to, or truly want to, in the future.

2. Saving a little now saves a lot later.

I learned this lesson when I began thinking about a retirement fund. When I was working on salary, I was told to save 10% of my income, and if I couldn’t afford 10% (which I couldn’t at the time) I was told to put aside as much as I could.

Starting a savings account feels like an impossible feat at the beginning. Putting away $10 or $20 of every check seems pointless. “I’d rather use this for going out to dinner on Friday night,” we think to ourselves. But we have to start somewhere. $10 becomes $20 that becomes $200 that eventually becomes $2,000.

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3 Reader Comments

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  1. 1009903442374344@facebook.com' Jon Andre says:

    Well at 51, I’m screwed…

  2. 752923214818000@facebook.com' Elizabeth Brettig says:

    Good advice. I don’t mind living as though I’m poor. I do mind working hard and always being told what I should or shouldn’t do with my money. We are all individuals who are very passionate in many different ways, I should be made to feel like I’m committing a grime from being blessed with the desire to enjoy the things I do. I have been accused of wasting money, keeping junk, hoarding etc. If I’m excited of what my money was able to buy I even get frowned out or joked about. I know I have to much for my small home, I know I need to have money for bills, health food etc I also know I always do my best, work hard, help others, and I do donate and support others in many ways. No I may not die with loads of money, but that has never been my priority because I count myself very rich in the things that enrich life more. Life is never easy struggles are always around it’s the little joys along life’s journey that mean more. ( I know money is important too. )

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