New Year’s Resolutions: Financial Planning for Life Changes in the Year Ahead

A New Year is full of promise and possibility. And every new year comes with life changes, whether it’s a new job, a new home, or a new bundle of joy. In many cases, the changes that the new year brings will have an impact on your financial planning.

Will 2020 be the year that you become a parent, move to a new location, start a new job, get married or get serious about retirement? Whatever the coming year is likely to bring, planning for life changes can help you stay on top of your finances and successfully navigate the year ahead.

If You’re Getting Married

There’s much to think about—and discuss—before tying the knot. Make sure you and your spouse-to-be are having the right financial conversations and avoiding common money mistakes by ensuring you have a budget, rainy day fund and plan for managing debt.

If You Plan on Having Children

Before your baby arrives, take an honest look at your finances and take financial steps to be prepared. Remember it's never to early to start saving for your child's college education. And even after your baby gets here, continue to educate yourself so you can manage finances effectively for your child’s future.

If You’re Purchasing Your First Home

When you’re planning to purchase your very own home for the first time, it’s a cause for celebration. However, your celebrating may stop abruptly if you aren’t prepared for all the costs involved in buying your own home. Take your time to save up for a down payment and move carefully through the home buying process to ensure that you’re prepared financially and that you choose the right home for your needs.

If You’re Moving

Relocating can be an important—but expensive—life change. It’s a good time to think about how you can cut household expenses to build up savings before you move and refresh yourself on the hidden costs of buying a home if you’re planning to purchase again.

If You Plan on Changing Jobs

A new career can be life-changing on many levels, and will definitely affect your finances. Before you accept a job offer be prepared to negotiate for the income and benefits that you expect and deserve. And if you’re considering a pay cut to accept a dream job or start your own business, that can pay off in the long run as well—but make sure you’ve taken financial steps to prepare for the change in advance.

As you navigate life changes in the coming year, Fifth Third Bank is here to provide guidance and support. With the right information, you can make the most of life’s opportunities. Sign up for our newsletter to stay informed with the latest financial wisdom and tips, and make this your best year ever.

The views expressed by the author are not necessarily those of Fifth Third Bank and are solely the opinions of the author. This article is for informational purposes only. It does not constitute the rendering of legal, accounting, or other professional services by Fifth Third Bank or any of their subsidiaries or affiliates, and are provided without any warranty whatsoever. Deposit and credit products provided by Fifth Third Bank.