Once you enter adulthood, your finances become your own and major life purchases quickly approach. While not all of these purchases take place at the same time nor is everyone guaranteed to make them all, the average person will make most of these purchases at some point in time. Continue reading to be better prepared for your financial journey in the future!
1. New Car
That car you got when you turned 16 won’t last forever, and soon enough you’ll be ready for a new vehicle. Whether this purchase takes place once you graduate college or when you need a size upgrade to fit your growing family, a new car is a big financial investment. It’s important to look into smart loan options available to you before you make the big decision. Another important factor to mention is that your credit score will have a big impact on the loan options available to you, so keep that in mind as you prepare for a new car. When you’re ready to buy, we’ll make it quick and easy with a great rate. Check out our vehicle loan options to learn more.
2. The Wedding
As of 2019, the average cost of a wedding in the United States is over $33,000. While the bride’s family traditionally holds the responsibility of paying for the wedding, that’s not always the case anymore. Budgeting for your wedding is important: communicate with your partner, your family and your partner’s family. Marriage will be one of the first, but many instances you and your new spouse handle expenses together, rather than separately. Starting with a thorough financial plan establishes the foundation for a strong financial relationship. Perhaps it’s not your wedding but a son or daughter’s wedding you’re planning for. Understanding wedding finances will put less stress on the event and focus more on the celebration.
3. Starting a Family
The cost of having children is seemingly never-ending. From the hospital bill when they’re born until they head to college, you’ll want to keep in mind childcare, prom, clothes, college, sports and so much more, which can add up quickly. Don’t let the many purchases that come with having kids push you away, though, as starting a family is truly priceless!
4. Buying a House
One of the most obvious and major purchases you’ll make in your lifetime will be your first house. With lots of research, thinking and searching, you’ll finally find the house of your dreams. This is something to plan for and keep in mind as early as possible, as many young adults push this off and procrastinate on saving. Look at our home loans options to streamline this important process when you’re looking to purchase, and consider setting up a savings account to get a head start on your house fund!
5. Making Your House a Home
A major financial investment that’s often overlooked when it comes to a new home is furnishing it, getting appliances, landscape work, renovations and other upgrades. To make your house a home, you’ll want to add improvements and additions. Furniture and appliances can get pricey, especially the high-quality pieces that will last you awhile. Factor all of these home improvement payments into your budget before taking the step of buying a house.
As you enter this exciting stage of your life and the major purchases get closer, it’s always a good idea to set a budget and maximize your savings as much as possible. One great way to make the most of your savings is to open a savings account with us, set up direct deposit or automatic transfers and watch your savings grow!
Contact us with any of your finance questions at 800-290-1112 or visit our Financial Wellness page.
