It isn't always easy to save money, especially when it comes to big-ticket items and events that are going to take a chunk out of your budget no matter which way you slice it.
The good news is that you can reduce your spending and increase your saving if you plan ahead. You might not be able to totally avoid the financial burden of things like work and school, but you can keep more cash in your wallet in the long run.
Here are just a few ways to avoid breaking the piggy bank during life's special occasions.
College
The average price of a public university is $25,000. The average price of a private university is $50,000. So, you can save a huge chunk of change right away if you opt for a public post-secondary education.
Another tip for saving money in college is to live at home rather than in the dorm. If your school requires freshmen to live on-campus, ask about getting a waiver. It's worth a little hassle to live rent-free at home instead of building up your student loan debt in a completely unnecessary way!
Car
If you live in a big city, you might not even need a car. More and more people are ditching their vehicles to bike, bus, walk, carpool or take the subway. Not only is it better for your budget, but it's also eco-friendlier.
If you live in an area where owning a car isn't optional, there are still ways that you can cut down on your monthly expenses. For example, some auto insurance companies will lower your premiums if you attend a driver's end course or upgrade the safety features of your vehicle; you'll be less of an "at-risk" driver that way. If you haven't purchased a car yet, you can look for ones with a good fuel economy rating so that you aren't blowing your entire paycheck on gas every week.
Baby
Congratulations! You've decided to have a baby. Before you start painting the nursery, sit down with a calculator and figure out how much your bun in the oven is going to cost you.
For example, will you be giving birth at a hospital or doing everything at home? What does your insurance cover? Will you need special prenatal care?
Once the baby arrives, what will your day-to-day finances look like? Things like diapers and bottles can really add up, especially since your baby will outgrow them in the blink of an eye. The average cost of taking care of a newborn is somewhere between $100 - $200 a week, so make sure that you're setting enough aside to be a good parent.
These are just a few ways to save money on the biggest necessities in life. You might encounter many other expenses, including weddings, honeymoons, houses and medical care. The trick is to approach each one with care and planning. Your finances don't have to drown you, but if you're serious about staying afloat, you'll need to build a raft.
This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation.