As a 30-year-old navigating financial literacy, I reflect on the challenges of adulthood and my evolving relationship with money management.
When did you first feel like an adult? Was it when you moved out of your parental home, relocated to a new city or country, purchased your first home, or perhaps when you turned 25? For some, adulthood may be marked by the first time they visited a doctor alone or made significant financial decisions. Yet, the question remains: does anyone truly figure out adulthood, or are we merely improvising as we go along?
As a 30-year-old professional who has lived independently across various cities and countries, I often find myself on the lower end of the adulthood spectrum, particularly regarding financial literacy. I once believed I was good with money, at least in terms of saving it. However, I have come to realize that saving is far more complex than simply setting aside a portion of my paycheck and forgetting about it.
Saving involves dividing my money into several categories: funds for retirement, health expenses, and emergency situations. Most importantly, I’ve learned that my money should not just sit idly in a savings account; it should grow and multiply. This concept of financial growth was a revelation for me.
If you are reading this and feel exasperated because you grasped these concepts earlier in life, I apologize. I am simply a late bloomer in this regard. You might be tempted to take over my finances with a pinched expression, but I assure you, some lessons take time to learn.
So, why am I only now embarking on my financial journey? There are multiple reasons—some might call them excuses—but I am content to navigate life without fully understanding terms like “options trading.” Managing finances is an ongoing process, and I have found it to be a daunting task.
First, financial management is not a one-time effort; it requires continuous learning and adaptation. Each step presents new challenges, and I often find myself overwhelmed by the plethora of options available for allocating my money wisely. The mental effort required to sift through numbers and make informed decisions can feel like lifting a mountain.
Second, making financial decisions can be intimidating. There always seems to be someone ready to critique your choices, which adds to the anxiety. As someone just starting a new career, the prospect of retirement feels distant and hard to envision, leading me to avoid planning for it altogether.
Eventually, the realization hit me: I had not adequately prepared for potential financial needs for myself or my family. Panic set in, prompting me to roll up my sleeves and confront the situation head-on.
My journey began with a year-long struggle to create a personalized financial system. I downloaded various Google Sheets templates from financial experts, explored spreadsheets in Notion, and immersed myself in financial literacy webinars. Yet, nothing seemed to resonate with me. I would start with one system only to abandon it shortly after, as many were either too complex or did not fit my unique circumstances.
What I truly needed was expert guidance—someone who could listen to my specific needs rather than offer a generic solution. I sought a way to visualize my financial situation in a manner that aligned with how I think about money.
Eventually, I discovered a Google Sheets template that addressed about 70% of my issues. It allowed me to categorize my Monthly Net Pay into Savings Contributions, Debt Payments, Fixed Expenses, and Variable Spending, complete with subcategories. This template also calculated my surplus or shortfall, helping me determine if I was being financially mindful.
A few months later, I realized I needed a more tangible way to visualize my savings goals. Simply seeing a lump sum in my savings account was insufficient; I wanted to track my progress toward specific objectives, such as saving for a car or a vacation. At that point, I still lacked a retirement or health savings account, and my money was not multiplying as it should.
So, I found myself once again chained to my chair, researching my options. The process was arduous. I experienced moments of shocking realization, such as understanding that retirement savings often involve investing—a concept that terrifies me due to its inherent risks and unpredictability.
As I navigated this journey, I grappled with the complexities of taxes and the timing of payments. Terms like “tax-deductible contributions,” “tax-free growth,” and “tax-deferred investments” felt overwhelming. I faced self-doubt as I explained my findings and decisions to skeptical friends and family.
Starting from scratch, I created a new Google Sheet with additional categories, as some earlier ones were no longer effective. I simplified my approach by focusing on key areas: Retirement, Savings, Travel, Life, and Investments. This restructuring allowed me to breathe a little easier, as I could better understand my financial priorities.
With each paycheck, I allocate a specific percentage to each category, tracking my progress toward target amounts and deadlines for significant purchases or debt repayment. Although I have only been using this new system for a few months, I still find myself scratching my head as I organize my finances.
The jargon can be overwhelming, and I often feel frustrated by the constant influx of new terms and concepts that require further research. My investment apps display “Buying Power” and “Currently Investing,” but the amounts often differ from what I expected, adding to my confusion.
Despite these challenges, I believe I am making progress. Though the journey is far from easy, I am committed to improving my financial literacy and taking control of my financial future.
As I continue to navigate this complex landscape, I remind myself that financial literacy is a journey, not a destination. With patience and persistence, I hope to transform my financial knowledge from a source of anxiety into a tool for empowerment.
According to India Currents, the path to financial literacy is often fraught with challenges, but it is a journey worth undertaking.