OneMain Financial: How to Afford Major Life Changes in New York State

Figuring out how to afford life in New York state can be a challenge whether someone lives in the city, suburbs, or a more rural area. Affording daily life becomes even more apparent when a major life change occurs such as starting a family and needing to move apartments, dealing with a sudden health emergency and managing medical debt, or losing a job and needing to look for alternative income.

A big shift in life can have a lasting financial impact. It’s helpful to plan ahead as much as possible and find support when needed. The following tips can help someone better navigate and afford significant life changes in New York.

Do a financial review

Setting aside time to review finances and track spending is a good place to start for someone who is interested in affording living expenses in New York during major life changes. Individuals should take stock of the following:

• Checking and savings accounts
• Investments
• Debts
• Loans
• Outstanding bills
• Taxes due
• Money earned

Consider how much is going towards housing, food, commuting costs, and other necessities. Look for places to cut down or scale back.

Set monetary goals

It’s important to have short and long-term financial goals when it comes to being prepared for big life changes. In the short term, figure out how to prioritize and add more to savings.

Consider opening a high-yield savings account to get higher-than-average interest rates. Build a separate emergency fund for challenging times. In the longer term, focus on paying down existing debts to free up cash. It may also be helpful to look for additional sources of income for an extra financial cushion.

Create a budget

Creating a budget is a helpful way to spend less and save more to afford major life changes. A budget should include items like monthly income, mortgage or rent payments, utility bills, credit card bills, childcare, and groceries to name a few. It can be helpful to try the popular 50-30-20 rule that organizes spending into the categories of essential items (50%), wants (30%), and savings (20%).

Some simple ideas to help make a budget stick include:

• Cooking at home
• Ordering less take-out
• Making coffee instead of buying it
• Using public transportation
• Taking advantage of free or low-cost activities in the area

Find financial support

It can also be useful to research options for additional financial support during a time of major change. A personal loan can add padding to a tight budget and savings account, especially if there is a big expense on the horizon. There are different types of providers and personal loans in New York state to consider. Think through the terms, requirements, and costs involved. Ask friends and family if they have recommendations for a loan provider they’ve used in the past.

Be prepared for change

While everyday living in New York can be expensive, it’s also important to plan for affording major life changes that may occur. A topic this essential to financial planning is too important to be set aside for another day. Doing a financial review, setting goals, creating a budget, and finding financial support are all great ways to get started.

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Name: Sonakshi Murze

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