Adult responsibilities and tips

Inspired by the umbrella insurance post sometimes I find there are basic things I have felt like no one told me and that I should know as an adult. So what are your home care, finance, etc. tips for being an adult. Let’s create the manual that never existed , or if it does exist somehow I did not get a copy of it.

Re: Adult responsibilities and tips

* once you are responsible for someone else, you need life insurance.
your life insurance should be about 10x your annual income.

* if your employer offers is, take advantage of an FSA. it's tax-free money for your medical expenses. personally, i max mine out every single year. the older i get, the more incidentals can be covered with this money.

Adult responsibilities and tips

I don't have any specific suggestions. Just things like:

-- Live within your means.
-- Don't do something because everyone else is doing it or because someone else wants you to do it. Do it because YOU want to.

But, in general, adulting is "learn as you go". You can get all the advice from others, but you can't learn unless you do it yourself. JMO.

Message edited 7/2/2020 1:36:16 PM.

Re: Adult responsibilities and tips

Try to learn to do "everything", or at least watch someone that is willing to explain things. That way, you know if you want to do it in the future, or how much it should cost to pay someone to do it.

I've laid pavers for a few small patios around my house. If someone says they want to charge $200, I know they're lying about the final price, or are cutting way too many corners. If they say $10,000, I know that's way too much.
If a mechanic says I need new rotors every time I get my brakes changed, I know that's not true.
Painting one room, I'll do myself. Painting the entire house is way too much for me, but I know how long it should take, and how much it should cost.

Re: Adult responsibilities and tips

-Life Insurance, get it young even if you don’t have dependents or a family

-Renters insurance, this is so good and so cheap. Usually discounts with your car insurance. We had a flood in our condo that leaked several floors down to other apartments. It was such a lifesaver and painless because we had the insurance:

-401k or retirement, invest in general if you can especially when you are young. It’s so much easier and pays off in your future.

-make sure life insurance pays out funeral costs or there is some way for your family to rest you in peace. We had many young deaths in my family, and everyone with in my family would donate for the funeral costs. It took them 6 years to be able to afford a tombstone for my mom, so I learned how important that was.

-Pet insurance, homeowners insurance

-have a savings and even if your married I think it’s nice to have a little separate Savings of your own money.

-kids savings

-purchase a car you can pay off faster than the term. Ex. If your max budget Is $500, try getting something for $300-400. Paying off that car is always the best feeling and not having that payment.

-If you can, choose annual payments for things. They usually have a discount and less monthly debt. I started this three years ago with stuff like my sons Kung Fu, my kickboxing and school tuition etc. when I lost my job or during the pandemic, My DH who always hated when I did that was so thankful. People tend to go for monthly because it’s seems cheaper and feels less painful than shelling out all the money at once.

I think these are all things I learned as an adult because growing up we were poor and many of my family members didn’t know better.

Message edited 7/2/2020 1:59:24 PM.

Adult responsibilities and tips

* 401(k) - even if you contribute a little... set it up as a percentage and not a dollar amount. this way, every time you get an increase in your pay, the amount that goes into your 401(k) increases without you having to do anything.

Re: Adult responsibilities and tips

Preventative medicine is the best medicine. Go for yearly checkups / testing rather than waiting until something goes wrong. Invest in self care.

Re: Adult responsibilities and tips

-Live beneath your means and You’ll never struggle

-have your own money. As much as we hope to know what the future may hold, you really never know

-if you are married, you and your spouse have to know what the other does and how to do it. I learned this the hard way when my DH was sick and hurt for a while. He was talking me through stuff daily because I never had to think about a lot of the household (outdoor) chores.


And what the others are posting as well


The first 2 I listed is what my mom told me when i was growing up

Message edited 7/2/2020 8:00:00 PM.

Re: Adult responsibilities and tips

If something breaks, google/ you tube how to fix it. I’ve been pretty amazed at how easy some minor repairs are with the right parts and tools. Most things are sold on amazon. I’ve fixed toilets, repaired a lose brick on my front steps, repaired screens, replaced light fixtures, etc.

Save monthly for large expenses to avoid debt for known things (ie annual bills or vacations). I have a separate savings account where I put in monthly and then don’t worry when these expenses come up.

Do you own taxes. I use turbo tax but unless you have very unique or complicated situation, it’s unlikely that you need to pay an accountant. Compare this year to last year to spot any differences.

Adult responsibilities and tips

I recommend the same things others have already said - 401k, life insurance, FSA account.
If your employer allows you should split your paycheck into separate accounts. For example, I have a set amount that is deposited into our joint checking account, a savings account & the remainder into my personal checking account.

Adult responsibilities and tips

Live within your means. No using credit cards is my big rule. I have one card that I charge like $100 a month on to keeP an active line of credit and pay it off.
Pay bills on time
Automate payments
Set an actual budget monthly
Contribute to savings as if it’s a bill
Kids savings accounts and 529s. This a big one for me too. I set a goal to save a certain amount of money for each kid for college and started from the moment they were born.
Having supplemental insurances such as Aflac for major things like cancer/ hospitalization
FSA And DCAA (the kids child care savings plan)
Life insurance for you, your spouse and children
Investing the max into retirement

Re: Adult responsibilities and tips

Re: Adult responsibilities and tips

Adult responsibilities and tips

Only charge on credit cards what you can pay off each month.
If you can't afford it, don't charge it.
Start contributing to a 401k early, even if it is 2% or something small like that a month. You won't notice it gone if it is deducted from your paycheck.

Re: Adult responsibilities and tips

Re: Adult responsibilities and tips

make sure you have a will, a health care proxy if you are single (or you don't want your spouse as your proxy, oy!), a power of attorney (if you are single) and a living will. doesn't matter how young you are or how healthy.