Three Major Life Decisions That Affect Your Finances

Your finances matter, but there are much more important things in life, and some decisions should be about more than money. That said, those decisions can change your financial situation, so it helps to be prepared. Investopedia breaks down three decisions with huge impacts on your finances. Couple with piggy bank image from Shutterstock

As you might guess, these events are: getting married, having children and choosing to go to university. These aren't exactly financial decisions, but they're serious ones, and it pays to at least think about your finances when these events happen.

For example, here's what Investopedia suggests:

The person you marry will shape your finances for life. Divorce can leave even the most frugal person broke, but simply staying married provides no guarantees, either. Be sure you and your spouse share the same financial goals and attitudes. Ask the obvious questions — do you both want kids? Do you both want to work? Travel? Retire early? Run your own business? Answering these now can minimise problems later.

Similarly, it helps to lay the foundation if you decide to have children, too. Having a child obviously means increased living expenses, but it may also mean losing income for a while. You'll have to decide whether to stay at home or work and pay for childcare.

You want to prepare for the cost of university, too. This means researching your earning potential for different degrees (or deciding if university is even the path you want to take). And you definitely want to know your financial aid options.

Investopedia offers some additional insight in these areas, so check out the full post at the link below.

3 Decisions With Huge Impacts on Your Finances [Investopedia]


Be the first to comment on this story!

Trending Stories Right Now