You’re Buying a Home
If you’re a millennial, you probably waited longer to begin the search for a house but now it’s time. You finally got fed up with apartment living or perhaps you’re starting a family and need space to grow. Congratulations! And welcome to home maintenance costs.
As a homeowner, you might encounter mold, which is a serious process to remove, a expensive plumbing problems, or a damaged roof to name a few. One of the best ways to handle with these issues is to avoid them: carefully inspect a new home before buying to ensure your new home is in good shape and won’t turn into a proverbial “money pit.” Seal the deal with a solid, well-researched home warranty so you can sleep well at night in your new home without having to fret about undiscovered damages.
Once you’ve made the leap and purchased a home, you’re bound to need to make some repairs from time to time. You may even decide to renovate to improve the quality of your home incrementally. If that’s the case, there are a myriad of ways to save money as you do it. All they require is a bit more planning rather than allowing these fixes and upgrades to blindside you.
Ensuring Your Kids Get a Great Education
Education costs are continuing to skyrocket. While increasing college tuitions more often make the news, private primary and high school costs have been steadily increasing, even when corrected for inflation. If private school is something you envision for your kids, you’ll want to start planning early, and consider various ways to counter, or at the very least, brace for the coming expense.
Caring for Aging Parents
It’s a fact of life, you’re getting older; so are your parents. In recent years, there has been an increase in the percentage of adults who are simultaneously supporting kids and caring for aging parents, so best to gear up for the challenges early.
For most, this means a developing a greater awareness of the costs surrounding healthcare. Learning to navigate the world of medicare, insurance, and assisted living will be a huge help to your parents and a weight off your entire family.
For the uninitiated, Medicare is a federal government health insurance plan that covers on average 80% of medical expenses. That means that even with medicare, you can expect to pay quite a bit in remaining medical costs. One highly recommended way to manage that difference is through private insurance companies who provide Medicare Supplement plans.
When the time comes to consider assisted living options, researching a nursing home is something that requires a high degree of thought and careful vetting. While nursing homes can be expensive, as the child of an aging parent, you will want to remain highly vigilant of any signs of dangerous cost-cutting in a nursing home, avoiding institutions that aren’t well managed, and making sure your parents are well looked after in a caring facility.
Owning a Car
If you’re one of the growing ranks of millennials eschewing car ownership, good for you! That’s one massive expense that you’re completely avoiding. If you’re like the rest of us though, owning a car may be a basic necessity, perhaps due to the fact that you live in a city that simply isn’t walkable or bikeable. While ride-sharing and public transit can be great money-savers, they aren’t always expedient enough to get you through your week. Understanding your car’s servicing requirements and troubleshooting common issues, such as the basic “check engine” light, yourself will allow you to avoid unnecessary visits to the shop. In addition, driving sensibly rather than aggressively, using AC sparingly, and rotating your own tires are just a few ways to keep your annual car ownership costs down.