Being nearly 30, I’ve gone through a couple of ‘life events’ that involved a financial cost. I’m fortunate enough to have had help in these milestones and I’ll always be the first to admit that. However, a lot of that help has come with the hours and hours I’ve put in during my 20s to save money myself. To be able to get a property at the age of 26 and in London of all places is rare and I’m very proud of that.
What life events should you be saving for? If you happen to be reading this and you’re in your teens or early twenties, then this one is for you. However, society and expectations of society have certainly changed, so these financial life goals can cater to anyone who may be aiming to hit these goals at a later date.
Your First Home
Whether you buy your first home at 25, 35, or 40, I fully believe that property is always an ideal investment to get into. Go live your life to the fullest but having one property at least is going to help ensure you can live life even more, later on in life. I realise though that this might not be everyone’s attitude and of course, with buying a house, it does leave you tied down financially to some extent.
My financial goals in life are to end up with a portfolio of properties that will end up paying for themselves and eventually leading to financial stability for both myself, my husband, and our children. In a way, that when it comes to spending our money, we don’t need to think about it with as much dread as it can often feel.
A Car
For us, a car right now is a sore subject because we got into a nasty car accident that meant our car was written off. However, a car is an expensive asset to have. Not only do you need money as a deposit or to buy it outright, but the running costs can be expensive too! With that being said, saving money for a car is useful.
After getting over the turmoil of the crash, we eventually found another, bigger car to invest in. This meant we had more space for future plans we had in mind – aka babies.
Weddings & Honeymoons
LET ME TELL YOU RIGHT NOW. As much as I loved my wedding – jesus it is an overly-expensive occasion. For the sake of one day, we could have probably invested in another property. However, I must say that we spent that money because I wanted everything we booked when it came to suppliers. It was a magical day and I wouldn’t want to take anything away from what we invested into that day.
Not only is the wedding expensive, but the honeymoon is too. It’s one of those bucket list opportunities though, so it’s meaningful to spend money on a big destination.
Holidays
Whether you choose to go on a family holiday every year or you save up for a more luxurious escape every few years, holidays are a costly expense. These costs only increase, the more people you have in your party.
Children
Talking of children, as much as they’ll be the best thing that’s likely to happen in my life – they’re also bloody expensive. That’s what I hear a lot from parents and the general thought that come with having kids is that it’s more mouths to feed.
My dream number is to have four children if I’m lucky enough to have them. However, four children is A LOT. I do realise that and I also realise four children means at least five-bedroom houses and a BIG car to go with it. We’ll just have to see what life has planned for me and Sam. If you’re looking to have kids, I’m of the mindset that you should be able to financially provide for them. While I want four children, I’m not going to have that number if me and Sam can’t financially afford to raise that many children, alongside mine and Sam’s needs.
From food shops, clothing, and toys, there’s a lot that comes with having children!
BONUS – Emergency Savings
PLEASE HAVE SAVINGS. However minimal your savings may be, this emergency cash fund can really help you out when things go wrong. Unfortunately, life is not as smooth sailing as you think it may be. Therefore, it’s important to have savings available as and when they may be needed. If you find it hard to save, try to set aside a little bit each month, via direct debit and ensure it goes into a fixed ISA – meaning you can’t touch it.
That way, it just becomes another bill to pay out every month and will provide more stability in your saving efforts.
What tips would you give when it comes to life events to save for? Let me know in the comments below.
