Grocery shopping or fast food?
For a lot of young people, fast food meals are becoming a way of life. Only about 24% of Americans over the age of 60 indulge in fast food. Whereas 20-39-year-olds almost double that amount, with about 45% of young adults living the happy meal life.
Adulting is hard, but it’s even trickier if you’re not giving your body the fuel it needs. If the majority of your food comes in a paper bag, and it’s not a grocery bag, it’s time to make a change. By cutting out fast food you’ll be able to save money, while also getting the nourishment you need to make it in the world!
What other things can you do to be a real adult? Read on to learn about 5 ways to adult like a pro.
Life Insurance and Estate Planning
First, you should look into setting up a life insurance policy. The younger you are when you set up your life insurance, the less expensive it will be. There are different types of life insurance plans, and some can even be used as a type of retirement investment. The 3 most popular options are whole, term, and universal life insurance.
Term life policies are particularly great since the death benefits of a term life insurance policy are usually tax-free. However, term life insurance policy’s don’t have any type of cash value until you pass away.
If you want to leverage your life insurance as an investment then you’d want to look into getting a whole life insurance policy. Once your life insurance policy’s in place, the next step is to create your will. Will planning is one of the professional services every adult needs, but rarely ever considers until it’s too late.
Law firms like Fighter Law can help you create a will, while also introducing you to estate planning options for when you have more assets. If you think you’re too young to get a will, think again. Since adulting is hard, anything you can do to make an unexpected passing easier on loved ones is a big plus.
Review Car Insurance Coverages
When’s the last time you sat down to review your car insurance coverages? If you’re on your parent’s car insurance policy, and you live in their house, consider yourself lucky! However, if you’re on your parent’s policy, and you don’t live at home, your coverages might not work.
Oftentimes, insurance companies won’t regularly cover drivers who don’t live in the household. If you move and don’t update the insurance company, it could be seen as a breach of your policy contract. As a result, if you’re in an accident, the coverages could be invalid, since you “lied” about where you live.
To avoid a legal fiasco, go ahead and call your parent’s insurance company, and talk to them about updating your address. If you’re no longer eligible to be on your parent’s policy, you can start getting competitive quotes from different insurance providers.
While starting your policy can be expensive, there are all sorts of saving opportunities. For instance, there are safe driving discounts, student discounts, and more!
Open a Bank Account
Next on our list of life hacks, we can’t emphasize enough how important it is to open a bank account. Oftentimes, banks will let you open a free checking account, as long as you’re willing to set it up for direct deposits. Having a bank account is a great way to start establishing your financial presence in the world.
For instance, let’s say you’re getting ready to buy a house. One of the things mortgage companies are going to look at is your bank statement history. If you don’t have a long banking history, you could be seen as financially unstable, and be denied the mortgage.
Investing in Your 20’s
Investing in next on our list of important things to consider before you turn 30. When you start investing young, you’ll be able to supercharge your retirement savings. You can begin by taking advantage of any investment opportunities your employer offers.
For instance, if your employer’s willing to match your 401 (k), you should max out your contributions, or at least come close. Over time you should begin increasing the amount of money you put towards savings and investments. Before you know it, you’ll be in your 60’s and ready to retire with over a million dollars!
Secure Health Insurance
Before you can grow old and rich, you’ll first need to secure quality health insurance. If you’re under the age of 25 and your parents have good health insurance, you probably qualify to be on their policy. Unlike car insurance, you can enjoy being on your parent’s health insurance policy, until you’ve passed the age limit.
Once you’re too old to be on your parent’s policy, you’ll want to start exploring the health insurance options your employer offers. If your employer doesn’t offer health insurance, or it’s too expensive, you should look into getting Medicaid.
Visit the Dentist Annually
Even if you’re unemployed, you owe it to yourself to get dental coverage. Typically, you can setup dental insurance for less than $40, and it usually costs about $10-$15 a month.
The insurance carrier and type of dental plan you choose will have an impact on how much you spend. However, even the fanciest dental coverages tend to be incredibly affordable.
Once you have a dental carrier, call a dentist in the carrier’s network and set up your new patient visit. By identifying small cavities and oral issues early on, you’ll be able to save your teeth, along with thousands of dollars!
Adulting Is Hard but Not Hopeless
There’s no doubt about it, adulting is hard. However, if you remember to do the 5 things in this article, you’ll have easier than most young adults. To get it out of the way, we suggest you do the will planning first.
Go ahead and call a local law firm that helps with estate planning, and get all of your affairs in order. You can always update your will later on as your life and assets grow. To learn more ways to be prepared for life, explore the rest of this site!