Preparing for Major Life Events: Weddings, Babies, and Homeownership

1 October 2025

Life is full of exciting milestones. From the moment you say "yes" to forever, to holding your newborn in your arms, to unlocking the door to your very first home—each step comes with its share of joy, stress, and financial planning. Let’s be honest, while Instagram shows us the highlights, the behind-the-scenes? That’s where the real work happens.

Whether you’re about to tie the knot, planning to expand your family, or dreaming about owning a home, it pays (literally) to prepare financially. Hey, we can’t predict the future—but we can plan for it like pros.

Here’s your ultimate, no-fluff, friendly guide to financially prepping for life’s biggest moments.

Why Financial Planning Matters for Major Life Events

These events aren't just emotionally significant—they're expensive. Weddings can cost more than a small car. Babies? Adorable, but pricey. A house? That's likely the biggest purchase of your life.

So, why start planning now? Because money has a funny way of making or breaking your experience. The more prepared you are, the less stressful everything becomes. Think of it like a financial seatbelt—it won’t stop the bumps, but it’ll definitely keep you safe.

Stage 1: Planning (and Paying For) Your Wedding

Set a Realistic Budget Early

Sure, you’ve been daydreaming about your wedding since forever. But now’s the time to come down to earth—at least a little bit. The first step is figuring out how much you can afford without going into debt.

Ask yourself:
- How much can we save between now and the wedding date?
- Will family be contributing? (Have that convo early...and tactfully!)
- What’s non-negotiable vs. what can we skip?

This gives you a ballpark to work around, and from there, every decision becomes a little easier.

Track Every Dollar

Use a wedding budget tracker (yes, there are free templates online!) or an app to manage your spending. Flowers, photographer, dress alterations—it all adds up fast. Staying organized ensures you don't wake up with post-wedding financial regret.

Pro Tip: Prioritize What Matters

Spending $5,000 on flowers might look gorgeous, but will it make or break your day? Probably not. Choose 2-3 things that truly matter and be willing to cut back elsewhere. Remember, it’s about starting a new chapter—not impressing the internet.

Start a Wedding Savings Fund

Open a separate savings account just for your wedding. Even stashing away $100 a week can grow into thousands within a year. Automate the savings so you never forget.

Stage 2: Financial Prep for a Baby

So, you're expecting a little bundle of joy? Congratulations! Between baby showers and nursery décor, it’s easy to overlook the actual cost of raising a child. Spoiler: it's not cheap.

Plan for Pre-Birth Expenses

Even before the baby arrives, you’ll run into medical bills, maternity clothes, gear (cribs, car seats, strollers), and more. Get a detailed list of expected medical costs from your provider and start budgeting ahead.

Build Your Emergency Fund

Babies are unpredictable—financially and otherwise. Having an emergency fund of 3–6 months' worth of expenses is more important than ever. If you’ve already got one, boost it. If not, start. Even small steps count.

Look at Parental Leave Policies

Check with your employer about maternity or paternity leave. Is it paid? Partially paid? Unpaid? Knowing this upfront helps you budget for any time you’ll be missing income.

Start Saving for Baby’s Future Now

It’s never too early to think long-term. Consider starting a 529 College Savings Plan or similar education fund—even before your baby can say “ABC.”

Adjust Your Insurance

This is the step many new parents forget. With a little one on the way, you’ll need to:
- Add them to your health insurance
- Reassess your life insurance coverage
- Update (or create) a will and designate guardianship

Not the most exciting stuff, but absolutely critical.

Stage 3: Buying Your First Home

Dreaming of that white picket fence? Or maybe just a place where you don’t have to hear your upstairs neighbor’s late-night karaoke. Either way, buying a home is HUGE—and not just emotionally.

Know What You Can Actually Afford

Just because a bank approves you for a large mortgage doesn't mean you should take it. Look at your monthly expenses and determine a mortgage payment that won’t leave you house-poor. A good rule of thumb? Housing should be no more than 30% of your gross income.

Save for a Down Payment

Ideally, aim for 20% of the home’s price to avoid private mortgage insurance (PMI). But if that’s not realistic, don’t stress—there are several programs for first-time buyers with lower down payment requirements.

Don’t Forget Closing Costs

These can run 2–5% of the home’s price. Think inspections, appraisals, and lawyer fees. Budget accordingly so you're not blindsided at the closing table.

Get Pre-Approved for a Mortgage

This tells you what you can borrow (not necessarily what you should spend) and shows sellers that you’re serious. It also speeds up the buying process once you find "the one."

Build a Home Maintenance Fund

Owning a home means fixing leaky faucets, replacing appliances, and occasionally dealing with unexpected costs (like that HVAC system you hoped would last a few more years). It’s smart to budget 1–3% of your home’s value annually for maintenance.

How to Balance Multiple Life Events

Sometimes, the big events don’t neatly space themselves out. Maybe you’re planning a wedding and expecting a baby. Or saving for a house while juggling daycare bills. It happens.

Rank Your Priorities

What needs attention first? What can wait? You can’t do everything at once—and that’s okay. Tackle one financial goal at a time, if you can.

Create a Flexible Budget

Life throws curveballs. Your budget shouldn’t be set in stone. Revisit it monthly and adjust based on upcoming needs.

Look for Overlap

Buying furniture for your new home and prepping a nursery? Score secondhand finds that serve both purposes. Multipurpose planning saves you money and sanity.

Financial Tools and Apps to Help You Stay on Track

Want to take control without drowning in spreadsheets? Try these:

- YNAB (You Need A Budget) – Helps you give every dollar a job.
- Mint – Tracks your spending and budgets for multiple categories.
- Personal Capital – Includes budgeting and investment tracking.
- Zola or Honeyfund – Great for wedding registries and cash gifts.

Final Tips for Staying Sane While Spending

- Celebrate small wins – Paid off a credit card? Saved $50 this month? That’s a win.
- Talk openly with your partner – Money can be a stressor, but keeping it bottled up makes it worse.
- Avoid lifestyle creep – Just because your income increases doesn’t mean your expenses should too.
- Invest in your peace of mind – Sometimes spending more (like for quality insurance or reliable childcare) is actually the smartest financial decision.

The Bottom Line

Whether you’re walking down the aisle, welcoming a new baby, or signing mortgage papers, these milestones are worth every bit of effort. The secret to enjoying them? Planning ahead financially. When your wallet is ready, your stress level isn’t sky high.

So take a deep breath, make a plan, and remember: you’ve got this. One dollar (and one dream) at a time.