5 significant life events for which you should be saving

We’ve all heard the phrase “save for a rainy day,” but how do you determine what constitutes a rainy day? How do you know what’s worth investing in and what can wait till next month?
It can be difficult to maintain that pot untouched if you’re one of the fortunate people who has enough spare income to set aside some each month for savings. We’ve all been there: overspending on a night out, indulging in retail therapy, or planning a last-minute vacation.

A personal financial emergency
This is the rainy day we were discussing.

‘One of the most common reasons people tap into their savings is to cover the cost of a personal finance crisis,’ say the experts at My Voucher Codes, adding that you should have one if you don’t already.

‘No one can predict when a personal financial catastrophe will strike, but you can be as prepared as possible for when it does (though we pray it never does).’

Wages are staying the same as the cost of living rises. As a result, many people live paycheck to paycheck, and saving a little money to help you out if you lose your work might make all the difference.

Put an emergency fund in a savings account that isn’t immediately accessible to keep it safe and avoid temptation. Knowing that you’ll have to wait a day or three for your money to appear in your account can assist you avoid making impulse purchases.

Upgrades in technology
Upgrading your technology to the latest gizmo may appear like an unnecessary expense to our parents. However, we are becoming a more digital generation that relies on a laptop and phone for everything from work to moving around and communicating with friends.

When money is short, a simple brick phone will suffice, but there’s still a danger your phone or laptop can break or disappear.

A speedy laptop is the difference between getting a job and not getting a job for many of us. So, if you’re tired of your laptop being slow and overheating all of the time, or simply want a phone that won’t die in half an hour, it’s time to start saving.

Visiting places on your bucket list
What are the items on your bucket list? Do you wish to see the Coliseum in Rome, Iceland’s Northern Lights, or Rio de Janeiro’s Christ the Redeemer statue? We don’t need to persuade you to put money aside for these excursions since who doesn’t desire to see the world?

However, it’s easy to keep putting things off, believing you’ll go to these places ‘someday.’ ‘A little bit of smart saving can mean the difference between a once-in-a-lifetime event and missing out,’ say the experts. There’s no shortage of bucket list sites to visit, whether it’s Dubai’s expansive deserts or the famed Egyptian pyramids.

Purchasing your first home
We all know that purchasing a home is out of the question for many millennials and Gen Zeus. If a mortgage is important to you, though, it’s worth saving for, regardless of how long it takes.

The market is currently in a state, but “if you’re in a position to continue renting until the market resets,” the team says, “it’ll make all the times you avoided dipping into your funds even more rewarding.” ‘ Also, if you intend to make improvements to your property after you’ve purchased it, that will be costly.

Your special day
Weddings are technically only £35 per person. This includes the cost of checking your valid passport, the location of your ceremony, evidence of any name changes, and your home address at the local registration office.

Of course, if you’re getting married, you’ll probably want more than just a quick registry job.

It doesn’t have to be a lavish affair, but even if you keep it simple, you’ll need to budget for the wedding gowns and suits, food, venue, photographer, and cake. It will cost you money to provide a complimentary bar to your guests.

Adding to your family
Having a child is, without a doubt, a hugely difficult commitment. The cost of living issue has now added a new challenge to an already significant life milestone.

‘There are roughly 160,000 new tasks,’ according to the My Voucher Codes staff. ‘That’s right, because to rising childcare, food, and gasoline expenses, the current estimated cost of raising a child is an eye-watering £160,000.’

For many of us, that figure is incomprehensible, but it’s apparent that if you want to have children, you’ll need to start saving now.