Your financial plan likely involves standard savings goals, such as retirement or education costs, but do you have savings prepared for expensive life events? The beginning of the year is a great time to take inventory of any upcoming life events and begin mapping out a savings plan. Your long-term plans should include funds set aside to celebrate some of life’s best moments!
If you plan on getting married in the future, or plan to fund your child’s wedding, saving should start early. The venue, food, and music can be incredibly expensive- and prices are only continuing to increase. Weddings should be a joyous celebration- not a time to stress about debt. Identifying wants and needs long before the event, and prioritizing spending on which aspects of a wedding are most important, is essential to avoid overspending. If you prepare yourself early enough, you can throw a wedding without the constraints of a limited budget, and simply enjoy yourself and the special day.
Graduating from high school or college is a momentous occasion in anyone’s life. If you have a child or loved one in school, think about how they may want to celebrate their graduation! Many parents give their children a large gift, a check, or a vacation to celebrate their accomplishments. If you are planning a party as well, familiarize yourself with the expenses involved and communicate expressly with your child about their expectations. The most important part of graduating is celebrating your loved one’s accomplishment, money should not hold you back from showing your pride!
Congratulations- you have purchased a new house! However, in the midst of the mayhem of the home-buying process, you may have forgotten about moving expenses. Depending on the distance of your move, it can be incredibly expensive to rent a truck, hire professional movers, or ship your belongings. Make sure you have set aside adequate funds for all aspects of purchasing a new home- not just funds for the home itself!
Some birthdays hold more significance than others. If you or a family member are anticipating a major birthday in the coming years, start setting funds aside now to celebrate them! For instance, many people see a 50th birthday as a significant milestone and throw a more elaborate party than in other years. If you are interested in planning a trip, throwing a party, or even just purchasing an expensive gift for a loved one, make sure you have considered the funding in advance.
At the end of the day, our wealth should be used to enjoy some of the best parts of life! Don’t let a lack of planning prevent you from celebrating yourself and your loved ones on important occasions. If you are interested in building a new financial plan that includes these types of funds, contact Blakely Financial to speak with one of our trusted advisors.