From a new home to medical care, here are some important savings goals
Andrew Cook proposed to Katie Durkin in January and the couple is now saving for their future as Mr. and Mrs.
Fortunately, their parents are helping with the wedding costs. However, they need to pay off student loans and pay for a honeymoon. The couple, who are based in Lowell, Massachusetts, also want to buy a home before their August 2020 wedding date arrives.
“We are taking a financial class to help us learn some strategies for saving,” Durkin said. “We are making good progress.”
Cook is also writing a book he hopes will provide additional income.
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Weddings, of course, can be costly. The average cost of getting married in the U.S. is $33,931, according to the wedding website The Knot. When it comes to the honeymoon, couples spend an average of $4,500, according to the Wedding Wire 2019 Newlywed Report.
Zillow puts the the median home price in the U.S. at $226,700. The amount of money needed for a down payment varies, depending on the loan and the interest rate. Typically, buyers put down 10% to 20% of the purchase price of the home but can go as low as 3% — or even no money down in certain circumstances.
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