From “I do” to “We’re expecting”:

Your guide to financial stability as you build a new home

March 12, 2024 | by HC Mutual

The decision to say “I do” is not just a vow exchanged between partners; it’s the beginning of a shared adventure that often leads to the creation of a family. As the two of you stand on the brink of marriage, you envision the wedding not only as a celebration of love but as the gateway to a future filled with anticipation of starting a family.

However, the notion that a wedding should be extravagant and grandiose at the beginning of a relationship is becoming impractical in today’s society. This is due to the high expense of a wedding, even if it’s not a lavish one.

Even though weddings are important events, the financial cost can be too much for a couple. This is of course, taking into account the life they are going to build after the wedding.

An increasing number of people are realizing the importance of planning ahead and making sure they have adequate funds before getting married, as opposed to following social norms and jumping into marriage too soon.

Financial security first

With rising inflation and the soaring property values that we experience today, delaying parenthood until you have sufficient income is just one of the ways that the concept of responsible family planning has evolved. After all, taking care of children entails large financial outlays for daily necessities, schooling, and health care.

If your future plans do include raising a family, remember that your future children will rely on your support until they reach adulthood. It is critical to have sufficient financial resources and a sustainable long-term financial plan for this big obligation.

Eventually, owning a home is also a good thing to have in your vision. As your future children grow up, having your own space lets you have more stability and puts your focus on the evolving needs of your family, instead of thinking about things like paying rent, or looking for a bigger space every few years.

Given everything you have to consider as you start this new chapter in your life, it is crucial to build a solid foundation, whether it’s emotional or financial, for the entire family—and this will ultimately become the basis of the household’s long-term success and happiness.

Planning ahead: The best decision you can make for your family

So how do you start financially planning for your future family life? Here are some things to consider:

Prioritize saving

By setting aside a portion of your income each month for an emergency fund, future education expenses, and a down payment on a home.

Consider creating separate accounts for specific goals to track progress and avoid unnecessary spending.

Open communication about financial values and priorities is key.

Discuss your individual spending habits, financial goals, and any potential challenges that may arise. This allows your partnership to be productive, healthy, and sustainable as your needs and goals evolve.

Collaborate on making informed decisions

About major purchases and investments, ensuring that both partners are on the same page.

This way, both parties will have equal ownership of every financial decision that takes place, alleviating future disagreements as well as solidifying the bond between partners.

By fostering transparency and discipline in your financial approach, you’ll not only build a strong economic foundation for your family but also strengthen your relationship through shared responsibility and trust.

Where you can start

HC Mutual is here to help you achieve your goals every step of the way. Our offerings are designed to empower beginner families to own their first home, be prepared for financial emergencies, and save in more efficient ways. Start your journey to financial stability and a fruitful family life with our savings plans, which come with loan benefits to support your financial goals.