Financial Planning For Major Events: Weddings, Babies, And Beyond

Life is full of exciting milestones—getting married, having a baby, buying a home, or even preparing for retirement. But with these big moments come big financial responsibilities. Without proper planning, costs can quickly spiral out of control.

Having a solid financial strategy will help you enjoy these moments without unnecessary stress. Here’s how to prepare for life’s major events as much as possible.

Wedding planning

Weddings are one of the most incredible—but expensive—life events. In the UK, the average wedding costs around £23,250 according to Hitched. But it doesn’t have to break the bank!

How to budget for your wedding:

• Set a realistic budget – Decide how much you can afford without going into debt.
• Plan in advance- Don’t feel like you have to get married straight away, plan a few years ahead to give you more time to save. We got engaged in January 2020 and didn’t get married until May 2023, so we were able to spread out the cost of saving.
• Prioritise what matters most – Is it the venue, the dress, or the guest experience? Spend where it counts. Don’t focus on things you feel you need to have, focus on what you want.
• DIY & second-hand options – From decor to dresses, there are plenty of ways to save without compromising on style.
• Book early & negotiate – Get in with vendors early as a lot will increase prices annually.
• Consider a mid-week wedding– They’re often significantly cheaper.
• Consider alternative options – A smaller, intimate wedding or a registry office ceremony can be just as special.

Pro Tip: Set up a dedicated wedding savings fund and automate monthly contributions to avoid last-minute financial stress.

Preparing for a baby

Welcoming a new baby is exciting, but it comes with financial changes. On average, raising a child costs over £160,000 from birth to adulthood in the UK.

How to financially prepare for a baby:

• Create a baby budget – Factor in things you need for home, baby essentials, and future childcare. We worked out roughly what we needed to save to buy things before baby was here.
• Build an emergency fund – Maternity/paternity leave and unexpected expenses can put a strain on finances.
• Check parental benefits – Research government support like Statutory Maternity Pay, Shared Parental Leave, and Child Benefit. If you can save in advance to top up your wages when they drop.
• Buy second-hand – Babies outgrow things fast, so consider pre-loved clothes, cots, and prams. Vinted is a great for clothes, but look at car boot sales and second hand markets.
• Plan for childcare costs – If you’ll need childcare, research tax-free childcare schemes and workplace benefits. Thankfully funded childcare hours have gone up (if you’re eligible), but it won’t make it free. We’re currently saving for the summer holidays next year when there won’t be any funding available.

Pro Tip: Start a Junior ISA (JISA) to save for your child’s future—whether for education, a first car, or a home deposit.

Buying a home

Whether you’re buying your first home or upgrading for a growing family, purchasing property is one of the biggest financial commitments you’ll make.

How to financially prepare for buying a home:

• Save for a deposit – The bigger your deposit, the better your mortgage rate. Aim for at least 10-20% of the property price if you can.
• Check your credit score – A higher score improves your chances of getting a good mortgage deal.
• Factor in extra costs – It’s not just the deposit, legal fees, stamp duty, surveys, and moving costs add up quickly.
• Get pre-approved for a mortgage – This gives you a clear idea of how much you can borrow. Then you won’t end up looking at houses way outside your budget.
• Plan for home maintenance – Budget for repairs and ongoing costs, like council tax and insurance.

Pro Tip: If you’re a first time buyer use a Lifetime ISA (LISA) to boost your deposit savings. The government adds a 25% bonus on contributions up to £4,000 per year.

Planning for retirement

It’s never too early to think about retirement. The sooner you start saving, the more comfortable your future will be.

How to prepare for retirement:

• Start a pension early – The earlier you contribute, the more compound interest will work in your favour.
• Maximise employer contributions – If your workplace offers a pension match, contribute as much as possible.
• Consider additional savings – ISAs and other investments can supplement your pension.
• Pay off debts – Reducing financial burdens before retirement gives you more freedom.
• Create a retirement budget – Estimate your future living costs and adjust your savings accordingly.

Pro Tip: Use a pension calculator to determine how much you need to save for the lifestyle you want in retirement.

Financial planning for major events

Major life events are exciting, but they can also be financially overwhelming if you’re not prepared. The key is to plan ahead, budget wisely, and make informed financial decisions. By taking small steps now, you can enjoy these milestones without unnecessary stress or debt.

Which major life event are you planning for?