How to Afford Life’s Big Moments: Weddings, Babies, and Buying a Home
Life’s big moments often come with equally big price tags. Whether you’re planning a dream wedding, preparing for a baby, or saving for your first home, the financial pressure can feel overwhelming. But don’t worry—with a little planning and a few smart strategies, you can tackle these milestones without losing your financial footing or mind.
Now, I’ve not had a wedding nor baby so you may think, “what does she know” but remember, my job is to quite literally help people plan and prepare for these types of things so, I do know a thing or two. A heart surgeon may not have had heart surgery but I’m sure he knows how to perform it on others…you’d hope! Right, let’s dive in.
Part 1: Wedding Planning on a Budget
Weddings have a way of turning even the most budget-conscious among us into big spenders. But you don’t need to blow your life savings on one day.
Set a Realistic Budget: Start with a number that won’t leave you sweating for years after the big day. Break it down into categories (venue, catering, attire) and stick to it.
Prioritise What Matters Most: Do you care more about an incredible photographer or extravagant floral arrangements? Focus on the parts that mean the most to you and scale back on the rest. I know someone that was able to offer a free bar to all their guests by negotiating with the venue and buying all the alcohol themselves. Boom - bar costs saved!
Consider Alternative Dates and Venues: Saturdays in summer are expensive. Opt for a weekday or off-season date to save thousands.
DIY Where Possible: Whether it’s invitations, decorations, or even a cake baked by a talented friend, a little creativity can go a long way.
Part 2: Preparing Financially for a Baby
There’s no sugar-coating it: babies are expensive. But that doesn’t mean you need a small fortune to get started.
Build a Baby Budget: List the essentials—prams, nappies, clothes—and plan for recurring costs like childcare and food. Look for second-hand bargains on high-quality baby gear. Vinted is great for this.
Start an Emergency Fund: Kids are unpredictable (who knew? well, not me, but I’ve heard). Having at least 3-6 months’ worth of expenses saved will give you peace of mind.
Check Your Parental Leave Benefits: Research your employer’s parental leave policy and any statutory pay you’re entitled to. Planning ahead can help you cover the income gap.
Think Long-Term: Open a Junior ISA or similar account to start saving for your child’s future early. Even small, regular contributions can grow significantly over time.
Part 3: Saving for a Home Deposit
Buying a home is one of the biggest financial milestones you’ll ever face. Here’s how to make it achievable:
Use a Lifetime ISA (LISA): If you’re a first-time buyer, a LISA offers a 25% government bonus on contributions up to £4,000 per year. That’s free money toward your deposit. If you’re buying with a partner, they too can use a LISA. Double money, yes please.
Cut Back on Discretionary Spending: Analyse your monthly expenses and trim non-essentials. Redirect those savings straight into your deposit fund.
Set a Timeline and Target: Break your goal into monthly savings targets. Knowing how long it will take makes it feel more achievable.
Boost Your Savings with Side Hustles: Whether it’s freelance work, selling unused items, or starting a small business, extra income can speed up your progress.
Part 4: Balancing Multiple Goals
Sometimes life throws everything at you at once—a wedding, a baby, and buying a home, all within a few years. Here’s how to juggle:
Rank Your Priorities: Decide what matters most right now and focus your resources accordingly.
Create Separate Savings Pots: Use different accounts for each goal so you can track your progress more easily.
Be Honest About Trade-Offs: If you’re saving for a deposit, the honeymoon might need to wait. And that’s okay.
Final Thoughts
Life’s big moments are worth celebrating, but they don’t have to derail your finances. By planning ahead, prioritising your spending, and being a little creative, you can achieve your milestones without unnecessary stress. After all, the goal isn’t just to afford these moments, but to enjoy them too.
p.s. not advice obvs!