Dealing with life events, financial stress and planning | H&R Block

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    [post_content] => Dealing with new and unexpected financial stress can be intimidating for individuals of all ages and income levels. The costs that accompany major life events are also difficult to predict from a financial and emotional perspective. Here are some proactive steps to financially plan for life’s high-cost events:

Going to College

College is a wonderful and exciting time, but it is also one of the most financially stressful life events. Taking on your own college loans, whether you’re right out of high school or returning to college after 20 years, is daunting. Consider these resources when navigating school funding:

Still worried about the final price of your loans? Calculate the amount you’ll owe before you borrow so that there’s no surprises when it’s graduation time.

A great rule of thumb: pay down loan interest as much as you can while you’re still enrolled in school.


Getting Married

Here’s a surprise: the average wedding in the United States is $35,329 according to Whether you spend less or more is a matter of both your financial situation and preferences.

It’s highly advised that couples considering marriage have a frank conversation about shared financial priorities. This will also provide the perfect opportunity to admit any debt you have, as well as salaries and personal finance goals.

This is not always an easy conversation, but it’s certainly a healthy one to have.

Possible cost-cutting wedding options include:

If you’re still overwhelmed with planning for a wedding’s financial burdens (including the infamous wedding registry), consider small ways to keep costs down, such as purchasing secondhand “mismatched” dresses for your bridal party, going with in-season and low-cost flowers, or hiring a DJ instead of a band.


Welcoming a Child

There’s nothing quite as exciting as welcoming a new family member! You likely have a million things on your mind including all of the possible expenses that come with a new child, and how you will financially plan for each stage of your child’s life.

If possible, start a savings account as soon as you learn that you’re expecting. It never hurts to have an emergency fund should hospital bills or other last-minute expenses arise. Building an emergency fund that covers three-to-six months of expenses is essential—no matter what your situation is.

Finally, consider shopping for secondhand maternity clothes. You’ll only be wearing them for a few months, so it’s best to save where you can. Consider online thrift stores like for high-quality pieces at a steal. After giving birth to your little one(s), you can even recoup a bit of your cost by selling clothing items back to!


Determining the Right Move for You

No matter the life event, it’s always a good idea to talk with a financial adviser. Even a Tax Pro can help you deal with financial stress by framing your current situation and reallocating your existing funds for future tax responsibilities. Keep in mind, long-term changes will likely effect your tax needs.


H&R Block tax pros are here to help you navigate new waters and set a path for #TaxesWon success 365 days a year. [post_title] => Dealing with life events, financial stress and planning | H&R Block [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => open [post_password] => [post_name] => life-events-financial-planning [to_ping] => [pinged] => [post_modified] => 2018-02-12 15:56:17 [post_modified_gmt] => 2018-02-12 21:56:17 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) 1