Pretend to Be Grown Up–with Epic Spreadsheet Share!
Back in college I always joked about how I couldn’t wait to be a “real person.” You know, someone with a degree, a job, and even a family. I’ve “arrived” at my youthful definition of adulthood and found there’s much more to it than I once thought. It’s impossible to capture the essence of maturity in one blog post, but here are some steps that have been part of my journey.
1. Make a financial spreadsheet. I’ve always been a saver and planner, but for years the numbers were just swirling in my head, or floating around on bits of scrap paper. Then my husband Neil, an engineer and Excel-lover, made an epic spreadsheet that’s tracked and motivated our financial goals for years.
The spreadsheet helped us visualize the progress of short-term goals like saving for a down payment or a baby . It’s also how we budget and track our net worth, retirement accounts,credit card rewards, and more.
Not sure where to start? Plug your numbers into our 9-page sample spreadsheet. (The numbers are fake, the formulas are real.)
2. Give money. It’s all too easy to put off charitable giving until we feel more financially secure. Regular giving will never feel easy, as we’re all prone to increasing our expenses along with our income. If you give a little when you have a little, you’ll be more likely to give more when you have more.
3. Volunteer overseas. We each traveled separately on an international mission trip and found it very worthwhile. We are so grateful for the opportunity, as it truly changed our perspective and deepened our sense of purpose. Of course, you don’t have to cross borders to help out. The step outside my comfort zone wasn’t quite as large during domestic service trips, but they were still profound experiences.
4. Pay off debt. Many people our age are still nursing student loans, while adding credit card debt, car loans, and mortgages. While we can’t control the cost of college or the borrowing choices we made as teenagers, we can move forward by taking debt payoff seriously.
Debt is a major source of financial stress, so why add more of it to your life? Get your numbers into our sample budget spreadsheet and explore the possibilities—could you cut from areas like entertainment, travel, or clothing to get out of debt faster? Is there are any way to the lower the top three expenses of housing, transportation, or food?
5. Max out retirement accounts. In your 20s and 30s, retirement feels far away, almost mythical. Perhaps that’s why 40% of millennials don’t have a plan for retirement. Yet it’s so important to temper enjoying the present with planning for the future.
Even before your debt is completely out of the way, it makes great sense to start investing because an early start allows compound interest to work its mathematical magic. We struck a balance of investing 15% of our income while aggressively paying down student debt. After that we increased our rate of investing.
6. Have kids. Raising children is so hard at times, but it’s softened my heart unimaginably. And while most sources say kids cost a pretty penny over the long run, having them also motivated us to get our financial act together more than ever. Read about How Having Kids Has Improved Our Finances.
7. Make time for friends. Often as people marry and have children, friendships fall into the background. As a mom of little ones, I completely understand the draw to hunker down and just try to survive! But there is no time that you need your friends more than as you enter the new roles of spouse and parent. While we don’t go out with friends as much as we did before babies, we continue to see them at church, invite people over for dinner or coffee, and plan fun little outings with other families.
8. Dream big. I can be pragmatic to a fault. Case in point: when a curly-haired cutie asked me out to lunch on the second day of college, I answered dryly, “I already ate.” (We’ve been married ten years now.)
If I just slog through the details of daily life without a bigger purpose in mind, I’m at risk of only doing what others expect of me. And that’s very dangerous for both my finances and my soul. Dreaming big helps you clarify your motivation for any grownup action items. We’re much more likely to follow through on steps that fit into a bigger picture.
We also find ways to incorporate elements of our dreams into life today. That’s why we’re Rocking the Burbstead!
Sometimes I can’t believe the college girl who turned down a lunch date is now a “real person” with a family, an IRA, and a financial spreadsheet. None of those inherently comprise adulthood, but they’ve been part of my journey. What about yours?
What’s on your grownup checklist? What is your next action step toward a bigger goal?