How to save money for life’s momentous occasions

Published: Apr. 24, 2019 at 12:07 PM EDT
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RICHMOND, VA (WWBT/WXIX) - From weddings to Bar Mitzvahs, these celebrations can come with a hefty price tag.

It’s wedding planning season, and the average wedding in Richmond is estimated to cost just under $20,000, according to new data from the wedding report.

Here’s how to plan for life’s momentous occasions so they don’t drain your bank account.

From weddings to Bar or Bat Mitzvahs, you usually know early on in life whether you’re going to pay for an event like this for your son or daughter.

Michael Joyce with the Richmond-based financial firm Agili says to start early.

He says make it a goal to set aside a little each month or every few months for these later in life events.

He says invest this money. It will grow faster than just sitting in a savings account, but don’t be too risky.

“Don’t put it in commodities or high risk stocks or things like that, 'cause the last thing you want is for the stock market to tank or these investments to tank right at the time you need it," said Joyce.

He says there’s good debt and there’s bad debt. He doesn’t want to call these once in a lifetime events ‘bad debt,’ but it’s an event that’s not going to appreciate in value.

You want to pay it off as soon as possible.

If you do have to take on a little debt, have a plan to pay it off quickly.

Even if you don’t want to, in the end, it’s family, so be smart about future events and save up for them.

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