Every phase of life brings with it some major life changes — and each one comes with its own set of financial implications.

Fortunately, most of these changes are things you can prepare for ahead of time. The more you prepare, the more easily you can weather these big shifts in your life.

Here are a few things you might not have considered from going to college to retirement.

College
Whether you're the parent of a college-bound student or the student, there's a lot to unpack (financially). While it's an exciting time, it's also one of the most expensive periods of life. For parents, the best thing parents can do is start saving early by putting money in a 529 education savings fund or in another aggressive savings vehicle when the student is young. If the student is nearing their high school graduation, however, read up on various financial aid packages, encourage the student to apply for scholarships and remember that the cost of college is, in fact, negotiable. Don't be afraid to have the student send an email to their college of choice (after they receive their initial financial aid offer) explaining why they need extra assistance.

Weddings
The average wedding in the United States costs more than $30,000. It's understandable! A lot of people only get one wedding in their life to their true love, and there are a lot of expenses associated with throwing a big party. From venue rentals to dresses, flowers and food (and the honeymoon), weddings can add up quickly. The smart thing to do is to save up and avoid using credit cards to pay for things. Set a budget for a wedding you can afford without going into debt, and stick to it. That may mean making some tough choices about the most expensive elements, but remember the day is about committing to the person you love, not impressing your guests.

Buying a House
Buying a home is the biggest investment you'll ever make. To make things more complicated, it's an emotional investment, too. You want to love the place you wake up in every morning, of course, but sometimes that's a place that may need some work.

Setting your budget is incredibly important here. Sometimes, a mortgage lender will approve you for more than you thought you would be offered. While it can be a nice surprise, try not to max out that loan. In addition to the cost of the house, you need to be prepared to cover repair costs when something goes wrong, taxes, insurance and utilities. Many new homeowners find that they also need to buy furniture, a lawn mower and more.

Losing a Job (or Retiring from One)
The economy is a fickle thing. One year it's growing like crazy, the next year companies are laying off half their workers. Or, maybe a job you thought you'd love is a bad match and you need to make a career change. Or, maybe you had a fantastic career but it's time to enjoy retirement. No matter what happens over the course of your career lifetime, there's one thing to do: save, save, save.

You should always have at least three months of living expenses saved up in case you lose your job. That will give you some time to find a new one. And, you should start saving for retirement as early as possible, even if it's just a small amount from every paycheck. (Most employers will offer a savings plan, but you can talk to CommonWealth One about other retirement savings opportunities, too.)

No matter where you are in life, there's one thing to know: CommonWealth One is here for you, for life. We offer a variety of educational programs and free financial counseling services that can help you manage all of your big life transitions. In addition, your credit union has some of the best rates in town for everything from savings and checking accounts to student loans to mortgage loans, and home equity lines. Don't be afraid to reach out to us! We're happy to help guide you through life's most expensive times.