There are a lot of things in life to celebrate. As you cross these milestones, you might be focused on how happy they are, but it’s also important to keep in mind how they will affect you financially. Some events can hit your wallet pretty hard, so it’s good to know what to expect from these life events.
Having a Baby
When you have a baby, it’s more than just the day the baby is born. The total cost begins as soon as the pregnancy does. You need to pay for doctor’s appointments, check-ups, and all other prenatal care. On the day of the birth, there are also several costs. The total amount you pay will cover the cost of your stay in the hospital as well as covering the fees of the obstetrician, anesthesiologist, and anyone else involved. On average, people spend between $5000 and $11,000 on having a baby. Of course, this varies by state and will also depend on your insurance.
Weddings
It’s no secret that weddings are expensive. In most cases, the married couple want to have a large party to celebrate their union. This involves lots of people, food, decorations, and other costs. According to data from 2019, the average cost of a wedding was around $28,000. Of course, there are ways to save. The most simple is to scale things down. A smaller venue and smaller guest list is more manageable financially and perhaps even more enjoyable for the couple. Having a wedding outside of busy seasons can help you save money. Some of the best months to have a less expensive wedding are January, March, April, and November.
Sending a Child to College
A college education can set your child up for a better life by giving them the skills they need to have a meaningful career. However, college is very expensive. You have to consider tuition, textbook costs, rent, living expenses, and more. The total cost can range anywhere from $22,000 a year to $50,000 a year. If you want to be able to afford this, it’s best to start saving as early as possible. This will ease the financial burden once your child does begin college. Of course, you can also take advantage of financial aid options and scholarships to help pay for college.
There are plenty of life events that come with a pretty big price. However, that doesn’t mean you can’t enjoy them. Finding ways to save money, reduce the cost, or ease the financial burden can make these events less of a stress and more of a celebration.
Check out this article on home projects that can accommodate a growing family!