Chris’s Journey: Planning for a New Chapter
Chris had several major life events ahead of him: a big move, a marriage proposal, and buying a car. These significant milestones all required careful financial planning, but Chris wasn’t sure how to make his budget work. Feeling a mix of excitement and worry, he sought help from StepWise to create a plan that would allow him to tackle all of these goals.
The Initial Concerns
When Chris first reached out, his primary concern was his upcoming move from Alabama to New York. With a budget of $2,000, he quickly realized that moving costs, including truck rental and housing, were going to push him over his limit. As the conversation continued, Chris also mentioned that he was planning a marriage proposal and a car purchase. The combination of all three goals left him feeling overwhelmed by the financial burden.
The Conversation
Chris’s advisor helped him break down each goal and determine realistic budgets for each. They reviewed the estimated costs of moving, from the truck rental to housing deposits, and discovered that Chris needed to increase his moving budget to $2,798. Although this was over his initial budget, Chris felt relieved knowing that he could adjust his plan and make it work.
Next, they discussed Chris’s marriage proposal, planned for July of next year. He had budgeted $1,300 for the proposal, with $1,000 allocated for the engagement ring. His advisor helped him map out the remaining $300 for decorations and miscellaneous costs, giving Chris peace of mind that he would be able to pull off a memorable proposal without financial stress.
Finally, they worked through Chris’s car purchase goal. With a $10,000 price range in mind, Chris planned to save a $2,000 down payment. Instead of taking out a loan, Chris decided to save the remaining $8,000 by late September, setting a target of $5,333 in monthly savings.
The Plan
By the end of the conversation, Chris felt more in control of his finances. He had clear, realistic steps to follow for each goal, and the confidence that his advisor would guide him through each step.
Summary of Chris’s Plan:
Moving: Move from Alabama to New York by October 1st on a budget of $2,798
- Book truck rental, prepare housing costs, plan travel, purchase packing supplies, set up utilities.
Marriage Proposal: Plan a marriage proposal for July next year with a $1,300 budget.
- Save for the engagement ring, plan the proposal setting, and allocate for miscellaneous costs.
Car Purchase: Save $8,000 by late September for a used car purchase.
- Save monthly, research used cars, and plan the purchase.
Your Financial Journey
Are you ready to take charge of your financial goals like Chris? Whether you’re planning a big move, a special event, or a major purchase, StepWise can help you map out a plan that works for you. Ready to start your journey?