In the course of a lifetime people encounter many money milestones. It can be difficult at times to know what to do with our money when we go through significant changes in life. Here are some of the major money milestones people encounter:
Marriage: According to TheKnot.com, Americans spend an average of $27,000 on a wedding. So vow not to start off your marriage in debt. Curb spending on the big day by cutting expenses where possible.
Buying a Home: Experts recommend saving for a 20% down payment for a home. Make sure to shop for a home loan and plan to spend no more than 30% of your taxable income on housing.
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Starting a Family: The average cost of raising a child is $235,000, not including college. Plan your household costs to increase 10 to 20% with the addition of a baby.
Getting a Divorce: Divorce is expensive. Build a team of professionals who are knowledgeable about the implications of divorce, you will need a lawyer, accountant and financial advisor.
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Retirement: 56% of Americans ages 18 to 34 aren’t saving for retirement. Take advantage of your employer’s 401(k) or other sponsored retirement plan. A good plan is to save five percent of your income.
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