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Your Financial Life
By David Dorion / Jul 23, 2015

4 of the Most Challenging Financial Events of Your Life

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It’s a given that life is going to throw a few financial challenges at you. The key is to plan ahead, and make informed decisions on how to spend your hard-earned cash. Take a look at the following events.

College.

A college education can be the key to your success in life. College is where you figure out your major, and hopefully find a way to turn your education into a career.

College, however, is an enormous financial commitment. In 2014-2015 private college tuition averaged $31,231¹ annually, while public college tuition averaged up to $9,139 per year. With this in mind, be sure to take advantage of all opportunities, such as loans, scholarships, and less expensive ways to take your classes (for instance, by attending community college). Doing this can help maximize your education budget.

Marriage.

Commitments have their costs, and a wedding can average over $25,000². You and your future spouse should budget as much as possible before exchanging vows.

Do you need to invite everyone on the list? Or how about a less expensive location to have the ceremony, such as taking it outdoors rather than paying for an indoor venue? Once your wedding day has come and gone, be sure to use your budgeting skills as you go forward in your married lives.

Home buying.

With houses approaching a median value of $180,000³ in the United States, no wonder home buying can be financially challenging. Again, the idea here is to budget.

Also consider less popular neighborhoods, or less urban areas, in your home search. Use a mortgage calculator to figure out exactly how much you can afford on a monthly basis.

Raising children.

You hear it all the time: kids are expensive. In fact, raising a child from a newborn to 18 years of age can cost upwards of $245,0004.

Be creative when you’re considering everyday purchases as well as when you’re thinking about buying big ticket items. Use the internet to comparison shop, and check out blog sites with tips for saving money on everything from healthy meal plans and entertainment ideas, to stretching your laundry detergent with a little bit of baking soda. Even small adjustments add up in a good way, and ease the strain on your paycheck.

While it’s true that money should be a tool to support your way of life, sometimes a little extra guidance can be helpful to obtain and keep that way of life. Check out the personal finance section of our blog for more tips to help you meet the financial challenges you may one day face.

¹ http://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064/ what’s the price tag for a college education?
² http://www.costofwedding.com/cost of wedding
³ http://www.zillow.com/home-values/united states home prices & values
4 http://money.cnn.com/2014/08/18/pf/child-cost/Average cost of raising a child hits $245,000

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