Financial Planning for Major Life Events

Learn how to plan, budget and save to avoid debt caused by major life events.

Even if you budget effectively for everyday spending, major life events can throw your finances off track and lead to problems with debt. Planning ahead so that you budget and save ahead of time can help protect your financial stability. You need to plan major milestones that you expect, like getting married, having kids, and sending them to college. But you also need to plan for the worst – unexpected life events, such as layoffs and medical issues.

With that in mind, we’ve created this library of free resources that can help you make effective financial plans for major life events. If you have any questions, just scroll to the bottom of the page and click the Ask a Question button to ask our certified financial coaches. We’re here to help you stay on track, no matter what life throws at you!

Major milestone #1: Getting married

Couples can go into serious debt to tie the knot. But is you’re walking down the aisle with debt, you’re starting your life together with some serious financial stress. This set of resources can help you understand the total cost of getting married and how you can budget to cut those costs.

Major milestone #2: Having kids

Let’s face it – kids are expensive. If you plan to start a family, it’s important to take steps to make sure your finances are ready. Giving your kids everything they need can get expensive. And it’s also important to impart good money lessons to your kids, so you’re not inundated with a constant stream of “buy me.”

Major Milestone #3: Going to college

Whether you’re going to college to further your own education and career or sending your children to college, it’s important to plan and budget carefully so you can save up to pay for school. Student loan debt is now the second largest source of debt in the U.S. and it’s keeping millions of Americans from achieving other goals, such as getting married. It’s critical to find ways to minimize how much of the education costs rely on student loans.

Unexpected Life Event #1: Major medical issues

Medical debt is now the leading cause of bankruptcy in the U.S. Even if you’re covered by insurance, out-of-pocket medical bills for treatments and services that aren’t covered can throw you into financial distress quickly. When medical bills arise that your insurance doesn’t cover, they can also end up causing problems with credit card debt.

Unexpected Life Event #2: Layoffs and unemployment

Surviving a layoff without going into serious credit card debt takes preplanning. Learn how to set up emergency savings so you can get through a period of unemployment without running up your credit card balances.