Major Life Events: Weddings, Children and Home Ownership in the UK

Why it matters: The role of planning for life events

There are many milestones in life — marriage, the birth of children and purchasing a home are among the biggest. These are joyous moments, but they can also create huge financial pressures. It has already become more expensive in the UK to get married, raise children and own a home. Without careful planning, such happy memories can easily become long-term debt.

In this post, we’re going to discuss tips for how you can prepare your finances for these life events so that you can enjoy them without potentially jeopardising your financial future.

💍 Step 1: Planning for Weddings

Weddings are one of the earliest significant expenses many young adults encounter in life.

UK average cost (2025): ~£20,000–£25,000
Hidden expenses: venue deposits, catering, photography, attire and honeymoon travel

Tips to Plan:

Set a realistic budget early and avoid debt-driven weddings.
Consider off-peak seasons — venues are cheaper midweek and outside summer.
Save monthly with a dedicated wedding fund ISA or savings account.
Limit guest list — fewer guests = lower catering and venue expenses.

👉 A budgeted wedding is a smart one and ensures that you begin your married life without unwanted debt.

👶 Step 2: Financial Planning for Children

Having children is rewarding but costly.

Estimated cost per child in the UK: ~£160,000–£200,000 from birth to 18.
Primary expenses: childcare, education, healthcare, food, clothing and extracurriculars.

Tips to Plan:

Childcare costs: ~£14,000/year per child for full-time nursery. Explore shared childcare or workplace childcare vouchers.
Education savings: Junior ISA – tax-free saving up to £9,000/year (2025/26 limit).
Insurance: Consider life insurance and income protection for your child’s future.
Government support: Child Benefit of up to £25.60/week for the first child.

💡 Starting to plan while they’re babies may provide your children opportunities without sacrificing your financial safety.

🏡 Step 3: Saving for a House

Owning a home is still an aspiration for most UK families, but with property prices and mortgage rates high, families need to be savvy when preparing for their first purchase.

Average UK house price (2025): ~£290,000
Typical deposit required: 10–20% (£29,000–£58,000)

Tips to Plan:

Lifetime ISA (LISA): Save up to £4,000/year and receive a 25% government bonus (up to £1,000/year).
Mortgage affordability: Lenders typically restrict loans to 4.5x annual income.
Stamp Duty: First-time buyers enjoy lower rates. Don’t forget legal fees and moving costs.
Shared ownership schemes: Help to step onto the property ladder with lower deposits.

✅ The secret to getting on the property ladder is saving regularly in ISAs and budgeting household outgoings.

📊 Constructing a Nimble Financial Plan

Because these events often overlap — planning for a wedding, followed by children and then a home — your financial plan needs to be adaptable.

Prioritise by timeline: If you plan to buy a home in the next two years, short-term savings are more important than long-term investments.
Keep emergency savings separate: Don’t use your safety cushion to pay for life events.
Consider joint planning: Couples should align goals for combined savings and shared duties.

⚠️ Common Mistakes to Avoid

Overspending on weddings with credit card debt.
Underestimating long-term childcare costs.
Ignoring the additional costs of home ownership (insurance, maintenance, council tax).
Leaving your family without sufficient insurance coverage.
Not balancing savings for your children’s future with your own retirement planning.

🛠️ Tools and Resources

Tool / Platform	Purpose
MoneyHelper Budget Planner	Track life-event expenses
Lifetime ISA (Gov.uk)	Save for first home with government bonus
Junior ISA	Save for children’s future
Rightmove & Zoopla	Research property prices
MoneySavingExpert	Tips on weddings, childcare and housing

🏁 Final Conclusion: Finding the Right Balance between Enjoyment and Financial Security

Weddings, children and home ownership are major life events that shape our lives. But without careful planning, they can become crippling financial burdens.

By budgeting responsibly and taking advantage of government incentives like ISAs, as well as focusing on savings goals, you can fully enjoy these milestones while maintaining focus on achieving financial independence in the long run.

💬 Financial planning isn’t about depriving yourself of joy — it’s about enabling you to fully embrace life’s major moments without financial regrets.