There are certain milestones in life that many of us pass -- modern rites of passage, experiences to be enjoyed, and experiences we just have to grit our teeth and get through. These milestones are an important part of the human, emotional experience -- but they can be challenging.
If you enter into these milestones with a poor financial situation, then you could complicate your life beyond measure. Rather than being rites of passage to a better time, these experiences become the onset of more problems than you know how to deal with. Below, three common life events are discussed through this frame -- so you can be sure you’re always making the right decisions for your future.
1. Getting Married
Getting married is expensive; most of us know that, as the average cost of a wedding spirals ever-higher. If you’re not careful, then you could be starting your married life needing the help of debtconsolidation.co as you desperately seek to pay off the debts accrued in the course of arranging your big day. This is made all the worse if you got married, and accrued these new debts, on the back of existing financial instability.
Marriage is the beginning of a new chapter in you life, so it’s an important time to ensure you’re getting everything right. Don’t spend more than you can afford, and don’t rack up debts so severe you’re going to be paying them off on your 10th wedding anniversary.
2. Having A(nother) Baby
There’s no doubt about it; raising a baby is expensive, as cnn.com make very clear indeed. Not only are you going to be incurring additional costs, but parental leave could also see your income being dented. That means that your finances have to be secure. Ideally, you need to have a decent amount in savings -- something that can help see you through any reduced income that you have during parental leave.
Getting a grip on debt is also going to be important. While there’s not a particular need to completely eradicate debt, you do need to be sure you’re able to make payments and are paying as little interest as possible. That kind of financial management is tricky in the first few months after a baby is born, so deal with it prior to the arrival of a new bundle of joy.
3. Moving House
Even if you have got the funds for a new house deposit, that doesn’t mean the financial burden of buying a new home is going to be relieved. You’re still going to have to deal with moving costs themselves, potential storage costs, and the cost of moving all your utilities and services -- such as broadband -- over to your new home.
If you try and do this on the back of debts or finances that are generally struggling, then you’re quickly going to be in danger of being pulled under. A move is expensive even before you factor in the cost of the house and the legal fees. Examine your finances in detail at least six months prior to buying a new house (or buying for the first time) to ensure you’re going to be able to withstand the pressure.
With your finances in the black and looking good, these events can be the wonderful, transforming moments in life you always hoped they would be. Here’s to your future.
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