All of us know that a lot of caution needs to be exercised when taking important financial decisions. But one thing that people often ignore is that sometimes decisions that are not financial in nature can also have a huge impact on their finances. Timing some of these decisions carefully can save you a lot of money.
Most employers provide health insurance, which covers you for the whole month. If you have health insurance given to you by your employer, and you want to take a break between two jobs, you should always leave your job in the beginning of the month. This will ensure that you are covered even when you are enjoying your break, and you wouldn’t have to go looking for coverage during that period.
Did you know that winter is the best season to get married financially? Most people avoid winter weddings, which means you can get all the facilities at lower prices. With hardly any demand for wedding venues, honeymoon packages, and other related expenses, most businesses will be happy to offer you a discount on a winter wedding. You can save on decorations as snow itself provides a beautiful background and a lot of places are already decorated due to festival season. You’ll also save money on expensive alcoholic drinks since everyone would want warm beverages in winters.
Having a baby
When to have a baby is one of the biggest decisions that you will make in your life. A baby also brings with it a huge financial responsibility. It is usually a good idea to have a baby at the end of the year as the IRS consider the baby to be a dependent person for the whole year even if it was born at the end of the year. Thus, you can get more tax benefit as compared to what you actually spent on the baby in that year. Further, having a baby can make you entitled to more holidays in addition to the regular holidays given at the end of the year.
There will be many other such decisions that have a major impact on your life but you might ignore their financial implications. Timing your move to a different city, your retirement, buying a car – all of these will make a difference to your financial situation in the long run.