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Life can be a wild and exciting ride. One minute you’re making your own plans, then life comes along and changes them for you. Whether you’re just getting ready to start college or you’re expecting a new baby, life is full of big life events that require a financial commitment from you.
Here are 5 life events you should save for.
College
If you’re getting ready to head off to college, you probably already know it costs a lot of money. Scholarships and grants are up for grabs, but most people will still end up taking some loans.
Whether planning for your own education or your children’s education, it’s important t0 understand some of the basics about student loans and the differences between unsubsidized and subsidized loans.
Family Life
Family life comes with lots of expenses. Maybe you’re getting married, getting divorced, or having kids. All of these events come with expenses.
The earlier than you start saving for your wedding and your potential family, the better.
Homeownership
Owning a home is a cornerstone of financial stability. But the first hurdle, the down payment, tends to be the most difficult. You can start saving for a down payment as soon as you decide you want to own a home. There are many options for first-time homeowners, so it’s worth investing the time in exploring your options before making a decision.
Retirement
After decades of hard work, it’s time to kick back and relax. It is never too early to start thinking about your retirement. It’s a good idea to use a retirement calculator to see when you need to get started and how much you could potentially have. Making a retirement plan should be something that you do ASAP.
Death
Unfortunately, death can be expensive, but we’re all going to do it at some point. Like the rest of the biggest things in life, we won’t always know exactly when this will happen, so planning can be difficult. But you probably want to have some funds available for the people who are left behind, if not to live on, then at least to cover the cost of a respectful wake or gathering, like those from Phillip Stephens Funerals.
You’re also going to have to create a will, maybe a designated medical power-of-attorney, and you’re going to want to consider life insurance. Death isn’t something fun to think about, but it is something that we all should plan for.
Life is exciting, and sometimes it can feel like we’re planning for the unknown. But when the unknown happens, you’ll be glad you did.
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