Now that you're legally merging your finances with your partner's, it's crucial to openly share financial information and set shared objectives. Aligning with your spouse on financial matters can prevent potential issues in the future. When preparing financially for marriage, it's important to create a joint budget, discuss the division of expenses, set up a shared emergency fund, and consider saving for a home together.

You're in for at least 18 years of financially supporting your child, so gearing up for parenthood is a major milestone in shaping your financial future. When you're becoming a parent, chances are your existing budget doesn't cover all the extra expenses that come with a baby. It's crucial to set up a family budget as a key component of your financial strategy to spend and save wisely.

Meeting the costs of college poses a significant hurdle for students and their families. Parents are increasingly shouldering substantial debt to cover their children's education expenses. Due to limitations in federal loan programs, students often can't borrow the full amount needed for university costs. Consequently, parents find themselves accumulating more debt to handle tuition fees, jeopardizing their own long-term financial objectives and even retirement plans. This underscores the importance of initiating financial planning for college at the earliest opportunity.

As your children embark on their independent journeys, transitioning to an empty nest brings a mix of emotions. Take a moment to reflect on how your budget, emergency fund, and financial aspirations will evolve with the reduced financial responsibility for your kids. This marks an exciting opportunity to reassess your expenses and focus on retirement planning.