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Budgeting for key stages of life

minute read

    It can sometimes be tricky to know how to budget and save for key stages of life. Setting goals may be a great starting point but achieving them can take foresight and planning. After all, life’s major milestones, like cars, weddings, homes and kids, often get expensive.

    That’s why budgeting along the way can help you earn your way to these goals. You could set money aside on a regular basis and check on your progress as much as you like. No matter what path you take, planning and budgeting at your own pace may be just the thing to help you get there.  

    Financial considerations for major life stages

    While life may not be only about money, you might need some to help reach life’s milestones. You can traverse these life stages in whatever order suits you. It doesn’t matter why you save. What matters is that you save in the first place. After all, you’re not only planning for goals. You’re planning for life. Emergencies arise, so an emergency fund can help. In addition, one day you may want to buy or lease your first car, move into your very own house, get married, have children or maybe even retire. These are common scenarios to consider as steps in financial planning for your goals.

    Budgeting for your first car

    Whether you picture yourself driving through the Malibu hills with the top down or just need a way to get to work, for many of us, cars can be a first step to adulthood. Planning and budgeting to buy or lease a car can be easier if you set up a savings plan with convenient tools right on your mobile device. Savings can also help prepare you for expenses related to repairs, gas or electric charging stations down the line. For example, the Chase Mobile® app can help make saving more organized and accessible with helpful features, like tracking your savings all in one place. If remembering to set aside savings challenges you, there are simple steps in the app to create an automatic transfer into your savings account at whatever frequency you choose.

    How to budget for a home

    Buying a home can be stressful. But you might lessen the stress with a savings plan. The earlier you get started, the more a homebuying budget can work for you. Luckily, there are tools at your fingertips if you already bank with Chase. You can use the Chase Mobile® app to learn how to budget and build that skill along with your savings. You can also use it to check and monitor your credit score, which can play a crucial role when you’re learning how to budget for a home.

    Budget for a wedding

    Your wedding is an opportunity to share a poignant life experience with family and friends. More than just a financial expenditure, this milestone sets up the next chapter in your memory book. The best part is that you get to write this for yourself. The sooner you set up a wedding budget for your special event, the more likely your vision becomes possible. The Chase Mobile® app has tools for saving as well as building and keeping a budget. With a Chase checking account and eligible Chase credit card, you can use the Budget planner tool. This tool can help you with guidance and tips for tracking your spending and saving so you can adjust them for your goals.

    Budget and plan for a family

    When you’re planning for a family, the budget may not be top of mind. Saving and budgeting for a family could help make the prospect of raising children more manageable. The Chase Mobile® app may even help prepare you for the parental role and give you more agency in the process. That’s because the app helps make budgeting more convenient and provides tools that can be used with Chase checking and Chase savings to help streamline the path to your family planning goals.

    Saving for retirement

    You may not be thinking about retirement yet, but it’s a must have for planning your future. Imagine waking up in the morning with mostly leisure plans for the day or having the free time you’ve been wanting to volunteer in your community or finish that passion project. If that sounds perfect to you, planning for retirement could feel like long-term party prep too. With the right tools and resources, saving for retirement can also help open opportunities for a richer and more fulfilling post-work experience. For instance, the Chase Mobile® app can help make savings more convenient with tracking tools, alerts and more resources.

    Some additional ways to budget

    When you’re budgeting and planning, keep in mind that you’re not only planning for specific goals at later stages of life. You’re also looking to enjoy your life along the way. When you know you’ve set a budget plan for big life events, it can bring you peace of mind to help you savor today as well as tomorrow. So, budgeting and saving have the potential to give you everyday benefits as well as help you earn your long-term goals. You can use this budget tool with a Chase checking account and eligible Chase credit card. The Chase Mobile® app offers simple steps and tools to budget, check, monitor and build your credit, as well as autosave and direct deposit for tucking away those paychecks with less effort.

    In summary

    Preparing for stages of life can be an exciting way to build a better future. Luckily, the Chase Mobile® app can help make it easier for you with tools like autosave, budget planner, alerts, credit score check and monitoring, putting a world of possibility in your pocket.

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