There’s nothing better than reaching those important major financial goals in life. Getting married, buying a home, paying off your student debt - all milestones that you should be proud of once you’ve reached them. But how do you reach these milestones?

Most people have financial goals, but it takes careful planning and dedication to reach them. Each goal has different required steps and processes, and each certainly comes with its challenges. So, are there tricks to reach your financial goals? Let’s take a look at some essential tips for budgeting for 4 of life’s big milestones.

1. Buying Your First Home

For millions of Americans, saving up for your first home is an important goal - it’s also one of the most expensive. When you prioritize purchasing your first home, it’s important that you take certain steps to best financially prepare for the big move:

• Budget - Figure out how much home you can afford. This includes mortgage, property taxes, and insurance. Doing this will prepare you for your next step.
• Down Payment - Decide how much money you’d like to save towards your new home purchase. Depending on the loan you take, you could be required to make anywhere from 3-20% down payment on your home. You may qualify for 0% down payment programs, however.
• Save - You need to take some time to save towards your home goal. Doing things like paying your future mortgage and paying yourself first can go a long way here. When you pay your future mortgage, you act as if you are already paying on your home loan; You still pay your rent, but you set aside anything additional in savings. Paying yourself first means when you get paid, you set aside a predetermined percentage for savings before you spend the rest on bills and other purchases.

2. Paying for Your Wedding

Weddings can be expensive, and the last thing you want to do is start off your new marriage in debt because of it. Taking the time to plan and save for your wedding can help:

• Budget - Decide how much you plan to spend. Consider catering, event space, dress, floral decor, DJing, the cake, etc. Make sure you thrown in your honeymoon costs, as well! Once you have a total, figure out how much you can set aside each month to pay for the wedding and set your date accordingly.
• Ask for Help - Do you have a cousin who DJ’s? What about a friend who takes great pictures? You can save a lot of money by delegating certain tasks to friends or family.
• Off-Season - If you really want to stretch your wedding budget, pick a wedding date outside of early summer or early fall. When your wedding is during off-season, like January, you can save a lot of money and stretch your budget further.

3. Paying Off Student Loan Debt

Paying off your student loan debt after graduation can feel overwhelming. But, when you prioritize paying it off and follow a plan, it’s possible sooner than later.

• Budget - Your first step should be to create a budget where paying off your debt is prioritized. Figure out how much additional you can pay towards your debt each month. Sacrificing now means you can be out of debt earlier in your career.
• Look for Extra Money - Every little bit counts. Sell items around the house that you aren’t using or take on a part-time job. You’ll be glad you did when your debt is paid off.

4. Saving for Retirement

For many, saving for retirement seems far out of reach. But it doesn’t have to be. When retirement savings are prioritized, you can definitely plan to retire (perhaps even a little early!).

• Plan - Don’t start saving until you know how much you’ll need to support you in retirement. You need to devise a retirement plan, calculated based off of how much you need to cover bills, medical expenses, and anything you plan to do during retirement (traveling?). Once you have your plan, it’s time to set your savings budget.
• Budget - How much money can you put towards retirement savings each month? If possible, try to have money automatically deducted and sent to your savings account by your employer. When you don’t see the money, it’s easier not to spend it. It’s also important to build your budget around your savings plan. Always remember, pay yourself first!
• Save - Save and save early. The sooner you begin to save, the better. Utilize all retirement savings plans you can, such as a 401k from work for opening up your own IRA.