Creative ways to have a great time in Birmingham while saving money—3 different life stages

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No matter your stage of life, there are always choices to make about where to put your money, including saving for specific goals.

We decided to imagine how a young professional, a family and a couple of empty nesters in Birmingham might approach this conundrum: how to have fun while saving for the future.

Young professionals in Birmingham

If you’re a young professional in Birmingham, you’re probably focused on a few things:

• Getting started in your career
• Finding a great place to live at a price you can afford
• Paying off student loans
• Making post-college friends, which includes checking out local bars + restaurants, joining civic or religious groups, sports teams + more
• Saving for an upcoming vacation, a car, a down payment or maybe even a wedding

One creative way to achieve these goals could be to find a great place to live with roommates that can help share living expenses, in a neighborhood where you can get around on foot, bike or public transportation.

Then, each paycheck, you “pay yourself first”—take care of your basic expenses, then allocate a certain amount toward your savings goals before deciding how to spend your discretionary money.

Don’t forget: contribute to your company’s retirement plan as soon as allowed by your employer so compound interest is on your side.

If you’re ready to start building your financial confidence, it starts with knowing where you are + where you want to go. A Greenprint from Regions is a great first step.

A family

Once a child or two enters the picture, priorities shift quite a bit—it certainly did for us!

All of a sudden you’ve got a whole new set of necessities to think about, including doctor visits, diapers, sports, dance classes, video game expenses (I kid you not) and drastically increased food (or fashion) budgets if you have two teenagers at home like I do.

In addition, you’ll need to keep your eyes on these priorities:

• Paying off a mortgage + keeping up a house
• Saving (or paying) for childcare or educational expenses as well as for retirement
• Making memories, whether with extracurriculars, family vacations or just going out + having fun

This is where it’s important to be strategic about your choices, and where the advice of a professional can really make a big difference. You need to make sure you’re protecting the ones you love with the right kinds of insurance and legal documents.

And, you want to figure out how live in a way that provides enjoyment now and sets you and your family up for a good future.

Empty nesters

When the kids graduate and leave home, a whole new era begins for the parents who are left behind, and with it, a new set of financial concerns:

• Paying for college
• Taking care of elderly parents
• Saving for retirement
• Taking up new hobbies (or restarting old ones)
• Travel, whether to see family or to enjoy your bucket list of dream vacations

While a lot of people are earning more at this stage of life, there are still more responsibilities and even more choices to make. Some people will downsize at this point by selling the home with the big yard to free up resources that were going into upkeep.

I know one couple who sold the Forest Park home where they raised their children, moved into a loft downtown and never looked back. The man moved his business downtown, and now they walk everywhere to enjoy all the city has to offer.

Whatever resources you have at your disposal, and wherever you are on your journey, a Regions Greenprint can help you figure out the next best step. Working with a banker at no cost to you, you will build a plan—and the financial confidence—to reach the milestones that matter to you.

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