There are big moments we all look forward to from our childhood days. Like planning our dream wedding, buying that perfect car, building a beautiful home, and many other things. As children, it was fun to imagine but coming into adulthood has brought the realization that these things actually cost money, a lot of money especially if you live in this era of Nigeria
It’s important to have a car, a house, and throw a big wedding bash because let’s face it, who doesn’t like good things? But what’s even more important is getting your money in place for these things to happen.
In this blog post, we will learn about financial planning for life’s big moments so that you don’t end up in bad debt.
- How to plan for your dream wedding: One thing they don’t tell you about Nigerian weddings is that they are very expensive. By the time you pay 70k for wedding makeup, 250k for hair minus installation, and feed 500 people, your account will know that something big is happening. When planning your Nigerian wedding, make a list of things you need to spend money on, arranging from the most important to the least important. Think about the things that are not necessary and be willing to rule those things out of your budget. Also, don’t forget to put the haggling skills you’ve learned from your Nigerian mother to the test. Negotiate like your life depends on it so that you can save costs and divert money into more important expenses.
Also read: 5 Golden Rules To Save Money Like A Pro
- Tips for Buying a Car: The first thing you want to do is to know the car you want and how much it costs. This helps you save towards it. When your budget and savings plans are in place, resist the urge to rush to buy that car. Look up different vendors, compare prices, and ask around for anybody who wants to sell their old car so that you can spend less. Don’t also lose sight of the current price of petrol, the estimated budget for car maintenance, and every other expense that comes with being a car owner.
- Owning your Dream House: Rents are expensive but furnishing the house will almost test your strength. Having a good savings plan will save you when it’s time to furnish your apartment. Look around, explore neighborhoods and different vendors for furniture and home appliances, and consider buying some second-hand. You can also consider asking family members and friends for monetary gifts or used appliances that they might be willing to give out.
- Starting a family: Preparing for children is both fun and financially stressful. Plan towards healthcare for yourself and the baby, baby clothes, food, and a naming ceremony. And as soon as the mini-you comes, start saving for school fees. You don’t want to be caught unaware because quality education is quite expensive.
- Saving for Vacations: Know where you want to visit and prepare a budget for it. Use travel apps for cheaper flights and hotels to stay. You can also check out your favorite travel content creators. They provide information on the best and cheapest travel options available to you.
- Becoming a Business Owner: Have a clear plan on everything you will need for the business to kick start. Find out their cost and save towards it. Also, be open to other ways of getting more money like grants, investors, or asking that rich aunty for assistance.
These moments are essential and can hardly be compromised. So instead of running away because of the financial implications or just merely wishfully thinking about these things without a financial plan, take note of these easy guides and implement them to live the life you want.