Marriage, Home, and Kids: Smart Money Moves for Every Stage

By: Landon Evans, CLTC®

Life transitions don’t always follow a set order. Some happen all at once, others years apart, and a few come around more than once. You might be planning a wedding, raising toddlers, helping a teenager navigate college, or eyeing a vacation home. Whatever stage you’re in, the way you plan for life’s milestones can make the difference between feeling financially prepared and feeling stretched thin.

Marriage and the Big Day

If a wedding is on the horizon, having a budget in place early can prevent the celebration from turning into a long-term financial strain. The same principles apply to other major celebrations — milestone anniversaries, vow renewals, or family reunions. By treating these events like a financial project, with a clear savings target and agreed-upon priorities, you can enjoy the occasion without sacrificing other goals.

Where you save for the big day matters. If the event is less than two or three years away, keep the funds in a safe, easily accessible account — such as a high-yield savings account or money market account — so market swings won’t threaten your plans. For longer timelines, you might use low-volatility investments like short-term bonds or CDs to potentially earn more without taking on the kind of risk that could delay the event.

But the wedding isn’t the only merger happening — marriage often means combining finances, too. This involves more than merging bank accounts; it’s about aligning financial habits, debt obligations, and long-term goals. Open, honest conversations about spending, saving, and what financial security means to each of you can turn this process into a shared plan instead of a source of stress. Even if you’ve been married for years, revisiting these conversations as life changes helps keep you working toward the same vision for your future.

Saving for Your First — or Next — Home

Whether you’re buying your first house, upgrading to fit a growing family, or adding a vacation property, the key is balancing the size of your down payment with the monthly payment you can comfortably afford. A larger down payment can lower interest costs over time, but it may also delay your purchase if it takes years to save. Beyond the purchase price, consider property taxes, maintenance, insurance, and how the new payment fits into your broader financial picture.

If your purchase is coming up within the next three years, keep your down payment funds in a safe, liquid account like a high-yield savings account or money market account. This protects your principal and ensures the funds are ready when you need them. For longer timelines, you may be able to take on a bit more risk — perhaps using short-term bonds, CDs, or other low- volatility investments — but you’ll still want to gradually move the funds into safe, accessible accounts as you get closer to making an offer.

Parenting at Any Stage

If children are part of your life, your financial plan should reflect both today’s needs and

tomorrow’s opportunities. Those expecting their first child need to consider “start-up costs” as well as medical bills as part of their budget. Parents of young children often need to add in budgeting for childcare and healthcare. For parents of older kids, it may involve funding extracurricular activities, saving for college, or helping them transition into adulthood. No matter the age, your insurance and estate plan should protect them if something unexpected happens.

Marriage, homeownership, and parenthood — whether recent or long past — are ideal times to update core estate planning documents. Even if you don’t own significant assets, a will, healthcare proxy, and powers of attorney ensure your wishes are clear and your family’s well- being is protected.

The common thread in all these stages is preparation. By aligning your finances with your personal milestones — instead of reacting to them — you protect your family and give yourself the freedom to fully enjoy the moments as they come.