If you’re young, you may not think that you need to start saving yet. When you’ve got money coming in on a regular basis, it can be tempting to spend your paycheck, especially if you’re fresh out of college or you’ve only ever had a part-time job before. While you probably don’t need to go on a saving drive just yet if you’re in your 20’s, it does pay to think about the future. You may find that there are events and expenses you want or need to cover as you get older and if you start saving now, it won’t be such a mission to hit your targets. Here are some of the most significant life events you may need to plan for.
Weddings
Marriage isn’t for everyone, but the majority of people grow up with a desire to find a partner, tie the knot, and live happily ever after. Weddings can be incredible experiences, but they can also be expensive. Before you even get married, there are often expenses to think about. Spare a thought for men who want go to about things in the traditional way and present a ring when they’re on bended knee. If you’ve never really thought about how much engagement rings cost, you’ll find this page http://www.diamondregistry.com/3-carat-diamond-price.htm interesting. If you choose to accept the proposal, this is where your budgeting skills will go into overdrive. There will be a venue, a dress, a wedding banquet, cars, flowers, entertainment and a cake to pay for, and that’s before you’ve even thought about favors for the tables, gifts for the bridal party and invitations. The average cost of a wedding in the US is now over $26,000.
Parenthood
Having children changes your life in every way possible. People you know who have children will often tell you about the sleepless nights, the tantrums, and the endless loads of washing, but cost doesn’t get mentioned as frequently. As wonderful as children are, they don’t come cheap, and the more you can save before they arrive, the better. The average cost of raising a child is estimated at more than $235,000. As a parent, it’s not just about paying for diapers, clothes, and toys. It’s also about planning for your child’s future. One day, they might want to go away to college, or you might want to help out when they meet the love of their life, and they’re ready to walk down the aisle.
Buying a house
Most people have ambitions to own their own house one day. If you want to become a homeowner, you’ll need a deposit. The more you can put down in a lump sum before the purchase, the higher the chances of getting a mortgage that will enable you to buy your dream home. If you long to buy a house or an apartment, it’s never too early to start saving. If you’re not very disciplined when it comes to saving, check out http://www.huffingtonpost.co.uk/adam-male/six-tips-to-help-save-for_1_b_12657342.html. Making simple changes to your lifestyle can often help you save.
No matter how young or carefree you are, it’s never too early to set saving goals. You never know when your rainy day fund will come in useful.
Weddings image courtesy of Pexels, Home for sale image courtesy of Flickr.
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