Significant life events are often big money. It might mean big money coming in. It might mean big money going out. But, regardless of the direction, you need to have a money management scheme in place so that you feel in control and organized before, during, and after the event. There are lots of different ways that you can help yourself out, but following a few different pieces of advice will give you a framework and the template to work with.
Take a few examples of big life events where significant amounts of money are involved. In the instance of working through a probate situation, a lot of money moving hands may be involved. It’s much better to be prepared then overwhelmed by that situation. If you’re planning a wedding, then you know how many thousands of dollars are going to go into the planning, purchasing, and organizing.
Recognizing the importance of financing various aspects of it will help ease the stress of the situation. And it is bad enough when a loved one dies, but it is worse when you have to deal with funeral costs without being prepared.
When a person’s estate goes into probate, financial aspects of the situation can get out of hand quickly. Where is the money that a person leaves behind going? Is there a will involved? What about taxes? If there is a large family included, who gets what, and who is responsible for what?
It is a significant event to handle probate issues, and that is why so many people are scared even to touch them. But, if a person leaves another person in charge, then the responsibility is pegged from a legalistic viewpoint, and it’s time to step up and pay attention to financial considerations and consequences.
Do you know how much a wedding costs? The answer can be astounding. If you’re going to be in the wedding, or if you are part of the wedding planning process, then you have to keep track of the finances. If you don’t plan on managing the money very early on in the process, costs will get out of control, and some people even go into debt.
For some types of weddings, the bride or groom’s parents are in charge of all of the financial aspects of the wedding, so they will be a primary concern depending on the degree of customization that is desired for the wedding date and surrounding activities.
Funerals are expensive. If you have never researched how much it costs to have a funeral before, you might be surprised at the answer. Certain cultural aspects of a burial require significant investments of money, so money management is essential from the very beginning to the very end of the process. Because there is so much emotion involved in the death of a loved one, it is easy to make financial mistakes if you aren’t prepared.