Best ways to save for major life events, (births, marriages, death, home buying, etc.)
Life can be so great, even when there are major events. The best way to be ready for those major events and the expense is to save for them. Major life events such as births, marriages, death, home buying, etc. can take a lot of money, and you will want to save in the best ways possible.
To save for births that may come into you life you may want to consider insurance. Most people will not think this is saving, but it is when you will be having a large bill from the doctors, hospital, and any attending physician. If things go great like everyone hopes your typical hospital stay alone will cost upwards of $10,000. Then if there are complications the bill only goes up. If you can invest in a good insurance with reasonable premiums, then you could possibly be responsible for only 10-20%. The doctors visit fee will typically be a co-pay of about $30 with insurance instead of $350. Check with your work and see what kind of insurance there is and what the details are for maternity.
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Then there are marriages that cost an enormous amount of money for most brides and parents of the bride. This major life event can cost $20,000 for about 150 attending and the honeymoon. If you plan on having a wedding this size and of this magnitude, start saving now. The best way to save for a wedding is to get a CD or a mutual savings fund that has a 10 year or so cap on it. This way you can contribute what you would like to for the ten years or so and then the funds will be available when the time is right. You can put the money into another savings type account after the ten years if it looks like the wedding could be closer than another 10 years. Like if you start when your child is 7, you may want to go with a 10-year cd and then change to a high interest saving account for the remaining years until the marriage. You want to get a good investment on your money, but you do not want to have the money untouchable when the great day arrived.
When you are saving for death, you are doing it so that your family doesn't have to worry about where and how to burry you. The best way to save for a death is to buy a plot in the cemetery you live by, or want to be buried in. If you move a lot, then you can find out how much a plot will cost on average and put that money into a special account. You will need to have a beneficiary that will be responsible when you die. There are other expenses for a death that will need to be saved for. These expenses can be prepaid at selected funeral homes, or you can buy insurance for the death expenses. The best would be to go to the funeral home you would like, they will get all the arrangements laid out for you and then you can pay for it all at once or in installments.
When you are home buying, or saving for college or any other major life event the main things you need to know is to save. The best way to save for these major life events is to get your money into savings accounts or plans that will get you a higher interest rate or return on you money. Do not put it in a typical savings account for easy access and do not leave it in a typical checking account. You want to put the money away and not have easy access until the time it is needed.
