Most of them are due to the good things in life, like having a family or changing jobs.
Others can be a bit challenging.
You just have to keep a few things in mind along the way…
1. Changing jobs.
Changing jobs can cause major financial upheaval, like the time I got a big promotion but we had to move to the other side of town, and the time my husband decided to change from a well-paid job to one that paid him less but made him happier. It was all good and we made the right decisions, but we had to consider our finances carefully each time.
Always have a plan factoring in possible changes to your work situation. You never know what’s around the corner whether it be a promotion, a pay cut or even the loss of a job. We always make sure to have a bit of money put aside and we pay all of our bills ahead whenever possible. Then there’s income protection insurance which is something I feel all families should have on the main breadwinner. By contacting one of your current insurance providers, you could be eligible for a multi-policy discount – and that is great peace of mind.
2. Getting pregnant.
I don’t know many people who can sit down and say to themselves, “Wow, we have so much spare money, let’s have us some kids.” Most of my friends and family haven’t been completely sure how much a baby will cost or if they do in fact have enough money to have children. They just figure it out as they go along. That’s half the fun.
Still, you can make it easier on yourself by having some sort of budget in place. And don’t forget that pregnancy costs money too. There are lots of doctor’s appointments, additional expenses if you are using a private doctor or going to a private hospital and the possibility of having to take time off work due to illness during pregnancy. If you can afford it, take out good private health insurance with family cover and ask friends and relatives about setting up for baby. People who already have kids give the best advice and can provide tips to help you save your bacon.
3. A child leaving home.
There’s a lot to consider when your child leaves home. Once your child leaves home it may be time to downsize.
Before you do downsize, consider having a moving house sale to get rid of anything you will no longer need, like bunk beds and sleeper lounges. Also think about embracing a completely new lifestyle where you get to have a bit of fun. Your travel agent can become your new best friend.
4. Buying a new home.
It can be overwhelming when your considering buying a new home. My sister has mastered it. She’s on a first-name basis with her mortgage broker and he’s worked with her for almost two decades. He does all the hard work for her and knows about all of the best deals, making sure she can buy a home without over-stretching or getting locked into a contract with no wiggle room.
Choice Home Loans has brokers in your area waiting to help you buy your first home or purchase a new home. They may even help you find money for renovations. The first step is to book a Home Loan Health Check during which your broker can assess your current position and help you achieve your goals. It’s a hassle-free and simple process.
When you consider the fact that your home loan is usually going to be the biggest financial decision you will ever make, it pays to have experts helping you find the right deal.
5. Needing a bigger or better car.
When I fell pregnant with my third child, my first phone call (after my husband and my mum) was to the guy who fitted my baby seats in my car. We both stared at the back seat of my car and wondered if we could squeeze in one more child seat. It quickly became clear that I needed a bigger car, stat.
Any growing modern family knows that having a comfortable, reliable car is a must.
So yes, each of these life changes can be daunting. But don’t stress – all you need is a bit of planning to get you through.
What major lifestyle changes have you experienced?
Check out the vid below for more types of ‘life changes’ that could affect your lifestyle…
Choice Home Loans is a national mortgage broking business that has helped thousands of Australians with their lending needs since 1997. Undertake a Home Loan Health Check with a Choice Home Loans broker before 30 November and you’ll go in the draw to win $10,000*. Whether you’re looking for your first home, or thinking about a change — renovating, upgrading, downsizing — it’s important that you have the right loan for your life and circumstances. Your local Choice Home Loans broker can offer you access to up to 30 lenders, and guide you through the options available.
*Excludes investment lending. Click here for competition terms. Competition closes 30 Nov 2015. NSW Permit No. LTPS/15/05228; ACT Permit No. TP15/06549; SA Licence No. T15/1243
This article was prepared for Pennley Pty Ltd as trustee for the Pennley Unit Trust ABN 53 348 526 415 trading as Choice Home Loans a Credit Representative (392528) of BLSSA Pty Ltd (Australian Credit Licence 391237).