Planning For Major Life Events – Weddings, Children and Homeownership
Major life milestones like getting married, having children, purchasing a home or changing jobs should serve as opportunities to assess and refine your financial goals. Take proactive measures ahead of these events rather than waiting until they occur to start planning for them later.
Weddings
Weddings mark an important step in many relationships and financial plans alike. Some couples choose to combine finances while others keep separate accounts; it is essential that both partners engage in conversation around money issues during planning as part of the conversation and agree upon how you will handle finances jointly.
Budgeting can help you determine how much you want to spend on your wedding and other related expenses. To get a realistic idea of the costs involved in hosting your special day, begin by adding up all your income and savings accounts. Some couples choose to reduce spending (fewer lunches out or cancelling unneeded streaming services) in order to put extra funds towards their wedding fund.
If you prefer an adult-only wedding, make it clear on your invitations. While this may cause some upset among guests, it will remove the burden of finding childcare on wedding day. If children do attend your ceremony or reception, consider providing quiet activities like coloring books and word searches during the ceremony to keep them occupied; consider also gifting goodie bags filled with crayons, bead sets and other activities as favors! At reception time you could create a children’s table where children can enjoy food, drinks and games while their parents dance the night away!
Children
Weddings are one of the most joyous milestones of life, but an extravagant affair can be costly, often necessitating family contributions to fund it all. Unfortunately, this can put strain on relationships between loved ones.
O’Leary suggests it is crucial for parents to carefully consider their financial goals before agreeing to help with a child’s wedding, including using any assets that could potentially fund retirement for wedding costs. She advises setting money aside in a low risk account months or years in advance.
Children can add charm and beauty to a wedding by serving as flower girls or ring bearers, but there are practical considerations that need to be kept in mind when seating them at the reception. Children 8 years or older usually qualify as junior bridesmaids and can sit at an adult table while younger children should typically sit with other kids or with their grandparents – it is wise to discuss this issue early with your client when planning.
Homeownership
As one of the biggest financial decisions you will ever make, buying a home should be handled wisely. Learn how to be smart about this life-altering event.
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Major events, like getting married, having children, buying homes or switching jobs, can have significant financial repercussions. Being proactive with your finances rather than reacting can produce better results; on this page you’ll find federal brochures, publications and websites to assist in planning for such major life changes. Clicking a topic will display resources available while using the search box can quickly locate information related to specific issues; if too many results appear use narrowing your search or contact us as we may provide additional resources and plan for your unique circumstances.
