Put Your Big Kid Pants On

“I don’t wanna grow up,” says every young adult ever. Adulting is hard and I’m quickly beginning to realize this as I enter my junior year of college. Money is ALWAYS tight, $5 feels like $100, and I’m ready to accept the fact that I will probably be scraping pennies for the rest of my 20’s…Or maybe not, if I make financial responsibility a priority. After speaking with financial experts, I came up with a handful of goals I hope to accomplish as I enter my 20’s. While being an adult is fun and independence feels great, it’s always good to keep an eye on the future, especially when it comes to financial independence. Here is a culmination of my “adult checklist,” including some serious goals and a few fun goals, along with a little bit of my own advice for others to get their big kid pants on!

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1. Start saving
I know what you’re thinking… “Jess, you’re 20 years old and you decided to start saving NOW?!” Yeah yeah, I should’ve taken this more seriously a long time ago. Going into my third year of college, I am kicking my 16 year-old self for spending money from my first job on things I really didn’t need. I could’ve traded all the McDonald’s frappes for my first month of rent for my college apartment. According to Personal Capital, 40% of millennials don’t have current plans for retirement, and 73% don’t know their net worth. These things might not have a significant impact on your life right now, but later on they become really important!
My advice? Set savings goals. Determine the major purchases you plan to make in the future and calculate how much you’ll need to save for them. You don’t have to stop spending money all together, but setting aside 10-20% of each paycheck will add up quickly. Setting a clear path and being specific will make it easier to see the bigger picture.

2. Pay off student loans

Student loans…dun dun dunnn. Those two words haunt me in my sleep. In 2013, nearly 70% of college students graduated with debt, averaging $30,000 in student loans each. This causes me a lot of stress and I know the majority of my peers worry about the debt they will also carry after they graduate. Often enough, student loan debt prevents young adults from buying homes and expanding wealth. The sooner you can live debt-free, the better.

My advice? Apply for scholarships, work hard during the summer, and save up for college as early as possible..like from the day you were born.

3. Buy a car

This goes along with the whole saving thing. Currently, I drive my late grandfather’s 2004 Chevy Colorado with a topper on the back, sharing it with my two sisters. As a college student, having my own car isn’t absolutely necessary while living near campus with a public transportation system, but I know that I will soon want a vehicle to call my own.

4. Apply for my dream job

Ahh the famous question… “What do you want to be when you grow up?” We’ve all been asked this question (most often at family get-togethers and graduation parties) but as I finish up my final two years of college, it’s important for me to try and figure this one out. College is a time to explore different options and find your niche, so don’t be afraid to shoot for the stars when contemplating what your dream job may be. Even before graduating college, I plan to apply for numerous jobs in my field of interest, even a few jobs that I may not even be qualified for. You never know what might happen!

My advice? Nothing is impossible if you work hard enough for it. Stay focused, do what you love, and take risks.

5. Live on my own

I feel as though I’m in the minority, but I couldn’t wait to move back in with my parents after my freshman year of college. In fact, I spent my sophomore year commuting from home because I couldn’t stand to be far from my family. However, I know I’m finally ready to branch out and do my own thing and I am so excited to have signed a lease to live in my first apartment while away at school. Well, I will have roommates, but baby steps are still steps forward. Within the next two to three years, I hope to have a place of my own, but of course, that requires me to be completely financially independent. We’ll just say I’m working on this one.

My advice? It’s okay to live with your parents while you are saving up. It’s better to be financially unstable while living with mom and dad than be financially unstable all alone with monthly bills to pay. Live with roommates as long as possible to split costs until you can venture off and support yourself.

6. Network like crazy

As a young adult, it’s crucial to go out and meet people, socially and professionally. Every person you meet has something to offer…take advantage of it! People say it’s a good idea to get involved when you go to college and that’s because it can connect you to countless other opportunities. Networking is one of my favorite things to do (partially because I’m a Communication Studies major and partially because I was a social butterfly in a past life).

My advice? Do anything and everything to build up your resume, from charity work and volunteering to internships and first jobs. Find something you love to do and you will be connected to people who feel the same. Don’t be afraid to reach out to potential employers as well! Be a leader, initiate connections, and ALWAYS present yourself professionally.

7. Adopt a pet

I’ve grown up with dogs my entire life so obviously I need some pet therapy when I can get my own place. I’m also the type of person who freaks out when I’m home alone so having a little companion will be a nice addition to my life. I kept a plant alive for over a year in my college dorm room so I have a lot of faith in my care-taking abilities. However, having a real pet of my own is still a big responsibility, so I’m making this one a goal for my later 20’s…

8. Travel

Quite honestly, I’m a bit of a homebody and majority of the time, I’ll choose to stay in with a pint of Ben & Jerry’s and a good Netflix series over going out all night. During my young adulthood though, I hope to either study abroad or visit a country and immerse myself in the culture. I’ve lived in Wisconsin my entire life and have only traveled outside of the state a handful of times because traveling can get expensive! This is another goal to save up for as much as possible (so be sure to calculate that into your savings goals!) I want to take advantage of the opportunity to travel while I’m young, but the real question is…where to go?

My advice? Spend money on EXPERIENCES rather than material items. Would you rather spend $500 on clothes or $500 on a round trip to a new country? To each their own, but I know it will be so rewarding to save up for a phenomenal life experience and gain a new perspective.

9. Get healthy

Truth is, the “freshman 15” is a real thing. It’s so easy to swing through McDonald’s every day rather than meal prepping with grilled chicken and broccoli, but the payoff of the latter is so much more worth it. I won’t even lie…I eat chicken nuggets and pizza like they’re my only lifeline, but more recently, I’ve been trying to get in touch with what my body needs to be at its best. This includes physical, mental, emotional, and spiritual health as well. Most people think health is centered solely on diet and exercise but it is SO much more than that. During my young adulthood, I want to make my overall health a priority because I only get one body so I might as well treat it right.

My advice? This doesn’t have to be difficult! It can be as easy as drinking more water or switching to whole grains. Take time for yourself to rejuvenate, find a fun way to exercise (yoga, walking), and seek beneficial outlets for your stress, like painting, listening to music, meditation or prayer. Discover what makes your body feel good and develop consistency.

10. Prioritize happiness

When I was younger, I spent a lot of my time worrying about what other people wanted from me and how I could make others happy first. After high school, I made the decision to put my happiness first and aim for what I wanted to accomplish for myself, even if I was the odd one out. The term “put others before yourself” is one that I admire, but one that I also don’t believe in 100%. There is such a stigma around focusing on yourself, some may call it selfishness, but this is essential on the path of discovering who you are and what you want to be. While generosity and compassion is one thing, it’s another thing to love yourself and take care of your needs and wants as well. In my young adulthood, as I figure out who I am, I will continue to put my mind, body, and soul first, along with my personal and professional goals. I am going to take the time to invest in my own happiness and success. Life is too short to be anything but happy, so LOVE YOURSELF!

My advice? Don’t be afraid to take the time you need to discover who you are and what you want out of life. Rise above, leave the peer pressure back in middle school, never let anyone tell you that you’re not good enough, and do whatever you need to do to be successful.

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There you have it! Just a handful of my goals as I venture through my 20’s and a little bit of my own advice. I encourage you (the lovely reader) to get your big kid pants on and start making a plan to tackle your future! A little birdy told me that if you write down your goals, they will eventually come true. I’m thinking this adult checklist is a good start! Financial independence is so important and it’s often something we put on the back burner until later in life. Your dreams can become reality simply by taking responsibility of your wallet.

For more information on how you can take charge of your financial independence, check out the wealth management tool provided by the amazing team of financial experts at Personal Capital so you can manage your money and plan for the future! Now go out there and make me proud.

Love always,

Jessica

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