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Major Life Purchases That You Should Plan for

As the years go by, you'll likely need to make some large purchases here and there. Plan for these major life purchases by identifying them and saving early.

While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.

A Wedding

Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.

A New Car

Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.

In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.

A House

Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.

As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.

It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.

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Lifestyle Changes That Will Help You Save Money

Many folks set their resolution to save money, but that's easier said than done. Learn lifestyle changes that will help you save substantial money over time.

Trying to save money can be overwhelming.

It's difficult to navigate which expenses of your daily routine can be eliminated for financial gain and which are necessities. Many people believe that in order to accumulate savings, sacrifices must be made. And while simple sacrifices such as minimizing your takeout purchases and online shopping habits may be necessary, there are ways to save that still allow you to live a comfortable lifestyle. Consider the following lifestyle changes that will help you save money so you can start striving toward your financial goals.

Establish a Budget

Just like anything else you hope to succeed at, saving money requires active effort. Create a budget based on your monthly income. Evaluate your typical expenses and set minor goals to help you stick to an intended budget.

If you're looking for budget guidance, try the 50-20-30 rule. This rule segments your income by percentages: 50 percent of income toward essentials like groceries and rent, 20 percent toward savings, and 30 percent toward fun, lifestyle expenses.

Know Your Tax Breaks

You don't have to be a tax savant to score a better tax deduction. Filing your taxes meticulously can save you trouble down the line and ensure you're getting the best outcome. Get familiar with the standard deductions and whether you're eligible for a larger one.

If you plan on donating this year, be sure to keep track. It turns out, giving back might be the first step to getting back! You can score a greater tax break with sizable donations and adequate documentation. Creating a charitable giving plan will help you manage your budget and your donation endeavors.

Adopt the 30-Day Rule

Looking to make a large purchase? Give yourself 30 days to reflect on whether you truly need the costly item. Construct a list of pros and cons to determine its necessity. Once 30 days have passed, consider again if you're ready to make the steep purchase. If you still feel it's necessary, then go for it!

Maintain Your Home and Car

Some lifestyle changes that will help you save money in the long run require initial minor investments. Proper home and car care can add up, but ultimately, they'll prevent you from having to make hefty damage fees in the future. A few things you can do to ensure the longevity of your home and vehicle include:

  • Enlist arborists to verify the sturdiness of tress surrounding your home.
  • Upgrade your home's siding, as necessary. Check your home's exterior for signs of excessive weathering.
  • Clean out gutters to prevent roof damage.
  • Perform auto-detailing tasks on your car frequently, providing a new coat of paint when needed.
  • Change tires and auto liquids as recommended by professionals and in the vehicle's manual.
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How I Secured Lower Monthly Payments On My Auto Loan With RateGenius

My life has changed a lot over the last 18 months. I got married, bought a home, and now my wife and I are expecting our first baby. With all of the joy has come a lot more responsibility, and while all of the changes are exciting, we're always looking for ways to be better about saving money for our future. I've always been a good saver and had a decent credit score, but I never realized that I could be pocketing big savings on my car payments until a coworker told me about RateGenius. RateGenius is a service that negotiates with lenders to secure you lower monthly payments on your car loan.

They transferred my loan to a new lender, leading to lower monthly payments.

I went online and saw that RateGenius works by transferring ownership of your car payment from one creditor to another. The old loan gets paid off and is replaced with a new one that has monthly payments that are more affordable. In addition to having lower interest rates, they can shorten the life of their clients' loans by a lot! Their experts work with over 150 lenders nationwide to find a fit that works best for your financial situation. Sounded like a simple and effective way to put a little more money in the bank for my growing family.

Their pre-qualifying application was quick and had no impact on my credit score.

My credit score has been something I've taken seriously since I got my first credit card at 19, so I've always been wary of any application that requires a credit check, because I heard it can lower your score. So I really liked that RateGenius' initial application didn't require a credit check. The only information they needed was my name, date of birth, address, yearly income, and vehicle type. Once I was done, they showed me a rate table that outlined various options and estimates on how much I would be saving depending on which plan I picked. Seeing the rate table was helpful because it gave me a better idea of how much I could be saving, before going through the full application process.

The full application process only took minutes.

After I decided that refinancing my car loan was a good fit for me, I was immediately impressed with how simple the full application process was from start to finish. I deal with numbers and computers all day long at work, so the fact that it didn't cause me a headache was a real plus. Everything was done online and only took me a couple of minutes. I was able to shop around for the best rates, and their online calculator gave a good estimation of what my new monthly payments would look like.

They don't get paid unless they save me money

After I went through the whole process and was matched with a new creditor, I was pleasantly surprised to learn that RateGenius doesn't charge a fee unless they successfully secure you lower monthly payments. I loved this risk free payment structure, and that I wouldn't have to pay a cent unless they found me a great deal. They ended up matching me with a creditor that is saving me a huge chunk of change every month, and the one time fee was nothing in comparison to what I'm pocketing.

I'm on track to save almost $1,000 this year.

RateGenius was able to secure me a new repayment plan that saved me $78 a month. Now I'm only paying 2% interest -- that's a huge improvement from my old loan. That means I'm pocketing almost $1,000 in savings a year. That's some serious cash for a first time dad with a new mortgage!

I'm so glad I discovered RateGenius -- it's a relatively quick and worthwhile way to refinance your car loans and reduce your interest rates. Their experts did all of the hard work for me, and now my payments are much more manageable for my family. I'm putting all of the money RateGenius has saved me straight into a college fund for my son. We haven't even met him yet, but it feels good to be getting a head start on his future.

Prequalify for auto refinance with no impact on your credit score today!


Related Articles Around the Web
rategenius

How I Secured Lower Monthly Payments On My Auto Loan With RateGenius

My life has changed a lot over the last 18 months. I got married, bought a home, and now my wife and I are expecting our first baby. With all of the joy has come a lot more responsibility, and while all of the changes are exciting, we're always looking for ways to be better about saving money for our future. I've always been a good saver and had a decent credit score, but I never realized that I could be pocketing big savings on my car payments until a coworker told me about RateGenius. RateGenius is a service that negotiates with lenders to secure you lower monthly payments on your car loan.

They transferred my loan to a new lender, leading to lower monthly payments.

I went online and saw that RateGenius works by transferring ownership of your car payment from one creditor to another. The old loan gets paid off and is replaced with a new one that has monthly payments that are more affordable. In addition to having lower interest rates, they can shorten the life of their clients' loans by a lot! Their experts work with over 150 lenders nationwide to find a fit that works best for your financial situation. Sounded like a simple and effective way to put a little more money in the bank for my growing family.

Their pre-qualifying application was quick and had no impact on my credit score.

My credit score has been something I've taken seriously since I got my first credit card at 19, so I've always been wary of any application that requires a credit check, because I heard it can lower your score. So I really liked that RateGenius' initial application didn't require a credit check. The only information they needed was my name, date of birth, address, yearly income, and vehicle type. Once I was done, they showed me a rate table that outlined various options and estimates on how much I would be saving depending on which plan I picked. Seeing the rate table was helpful because it gave me a better idea of how much I could be saving, before going through the full application process.

The full application process only took minutes.

After I decided that refinancing my car loan was a good fit for me, I was immediately impressed with how simple the full application process was from start to finish. I deal with numbers and computers all day long at work, so the fact that it didn't cause me a headache was a real plus. Everything was done online and only took me a couple of minutes. I was able to shop around for the best rates, and their online calculator gave a good estimation of what my new monthly payments would look like.

They don't get paid unless they save me money

After I went through the whole process and was matched with a new creditor, I was pleasantly surprised to learn that RateGenius doesn't charge a fee unless they successfully secure you lower monthly payments. I loved this risk free payment structure, and that I wouldn't have to pay a cent unless they found me a great deal. They ended up matching me with a creditor that is saving me a huge chunk of change every month, and the one time fee was nothing in comparison to what I'm pocketing.

I'm on track to save almost $1,000 this year.

RateGenius was able to secure me a new repayment plan that saved me $78 a month. Now I'm only paying 2% interest -- that's a huge improvement from my old loan. That means I'm pocketing almost $1,000 in savings a year. That's some serious cash for a first time dad with a new mortgage!

I'm so glad I discovered RateGenius -- it's a relatively quick and worthwhile way to refinance your car loans and reduce your interest rates. Their experts did all of the hard work for me, and now my payments are much more manageable for my family. I'm putting all of the money RateGenius has saved me straight into a college fund for my son. We haven't even met him yet, but it feels good to be getting a head start on his future.

Prequalify for auto refinance with no impact on your credit score today!


Related Articles Around the Web
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