A Few Financial Tips For All Your Major Life Events
Major milestones can be some of the most memorable, yet stressful moments of your life. First, there’s marriage, then there’s your first home, and then, the kids. Nothing can prepare you for that day when you’re headed out with baby in tow, covered in spit-up, on 4 hours of sleep, and you’re not going to make it to work on time. Through the excitement, your finances can get lost in the shuffle. While most people agree that money is important, they don’t take the time to get help to plan for their future. Enter LearnVest: one of the top-line financial planning services that can better prepare you for these major life events. Here are some of the tips they suggest to offer some help.
1. Moving in together. Whether you’re moving in with your significant other or finally tying the knot, a discussion on how you and your partner plan to share bills and bank accounts is a must, even if it’s awkward. Your combined financial situations will determine the best direction. For example, you can share a joint checking account for expenses and keep separate accounts for your discretionary funds or savings. Couples who are financially equal may both put 50% of their earnings in the shared account, but those who don’t earn the same may want to contribute different amounts. Regardless, all couples should discuss their options and agree on a plan before they co-habitate.
2. Time to settle down. Is buying a home on your wish list? You’ve made it to your next big step — buying a home. Aside from the down payment, taxes, lawyers, closing costs, insurance, real estate brokers, emergency funds, and electricity are just some of the costs you’ll need to confront as a new homeowner. Some people will do a trial mortgage, when they pretend to make a monthly mortgage payment for a few months to see if they can handle the expense. However, the best way to prepare yourself is to make sure you have an emergency fund. Once you own your home, you are responsible for repairs and maintenance. An emergency fund will help save you from credit card debt.
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