In most adults’ lives, some key events shape your future. One of the first encountered in early adulthood is completing your formal education. Ideally, you will have graduated from college or university with good grades or a degree that will allow you to gain a well-paid and rewarding job. From working age onwards, the challenge for most people is to move upwards in their respective career ladders, allowing them to gain rewarding promotions that give them more interesting job roles and the opportunity to earn an improved income level.
However, apart from the world of careers, there are two major life events that most adults encounter. These are getting married and buying your first home. Both are monumental events in life, and both require significant levels of planning and financial budgeting to achieve. In this article, consideration will be given to these two major life events with some key advice on how to plan for them.
Getting married
It is interesting to note that in many countries, people are getting married at a later stage in life than in previous years. While marriage levels may be on the decline globally, weddings are still a major event in millions of adults’ lives. Preparation for the big day needs to be planned months in advance. One of the key considerations for any couple planning to marry is choosing an elegant wedding venue hall. This venue choice will be largely dictated by your wedding budget, your personal taste, and the number of guests you intend to invite. Remember that most venues will charge a set fee for hiring the premises and a cost-per-head price for serving the guests.
Another major step when planning for a wedding is to determine your guest list. Ideally, start by making a large list of attendees, considering all the people you would like to invite. Next, make a thorough budget for your wedding, including all the costs involved. Remember that many activities on the day, such as organizing wedding flowers, food, and transport to the venue, can be undertaken by family and friends if you are on a tight budget. Factor all your wedding costs (including the honeymoon) into a spreadsheet and use this to determine the total cost of your big day.
Buying a first home
Buying a first home is a massive event in most adult lives. One of the key stages of planning for this requires accurate budgeting. You will need to put money down on the property to form the deposit; typically this is around 5% of the total property value, and you may be required to save money for several years to accrue these funds.
In addition, you will need to make a comprehensive list of your monthly outgoings and your income levels as a couple. An accurate monthly budget will allow you to determine a mortgage repayment amount that you can comfortably afford and will form an integral piece of financial information when you seek to gain a bank loan to fund the property. Speak to a range of lending institutions and mortgage providers to find the mortgage that is right for you. At present, fixed-rate mortgages may be preferable to variable-rate agreements due to the high levels of inflation in many countries.
