Posted 30 January 2007 - 11:05 AM
Should I take a 15,000. loan out or just try and do things one at a time? Or maybe a 10,000. loan out pay for the big expenditures and then buy the little things out of my savings? Very confused about this.
Posted 30 January 2007 - 12:01 PM
Posted 30 January 2007 - 01:41 PM
I think the key is to save before the wedding to be prepared.. I've been buying small stuff.. like flip flops, things for OOTs, etc.. but I have already the money for everything I plan to buy for favors and that stuf.. I think you could start budgeting that to know how much you have to save.. and then wait till you have an idea of how many people are going..
Another thing.. don't miss the special sales at the websites.. those free shipping offers and 10% - 15% discounts are great when you order a lot.. I got 40 dlls. off on my oriental trading order
Posted 30 January 2007 - 02:42 PM
Here's what I did: for the last several years I've done a lot of traveling. As such, I started an ING Savings account & saved a few hundred bucks here & there when I could - so I always had a vacation fund going. The account has averaged $2-3K balance over the last couple years. Once we decided to get married, I decided to make that account be for our wedding. I started putting all of my excess income in that account every 2 weeks. I'm able to save $1K per month. Basically I've gotten a few raises and my expenses didn't change, so I reasoned I should be able to save that additional money.
I have rent, a car payment, utilities, insurance, grocery bills just like everyone else; and I am a shopper too! I realized by automatically transfering $x into my savings every month, I was forced to make decisions about reasonable spending. We do not own a home, which sucks, but we do pay rent. FI also has child support that he pays.
In any case, I calculated what I would be able to save by our wedding date & have required myself to stay within that budget.
Yes, I put my dress on my Discover card when I initially purchased it, but I payed that off within 2 months. I think it's ok to use your credit for purchases, but just committ to pay it off as quickly as possible.
End of speech
Posted 30 January 2007 - 02:57 PM
As for how to save - the best way is to write down all of your monthly expenses, (if you don't already have a budget sheet) and compare that to your monthly income. Anything you can afford to spare should go into a savings account - automatically, if possible. Even if it means foregoing that daily Starbucks (or whatever your vice is!), it will be worth it.
Another thought, sort of off topic - I don't know how many of you are doing pre-marital counseling, but if you don't live together yet, it might be a good idea to sit down with a counselor and/or financial counselor to talk about how you will go about household finances, your expectations, saving money, etc. That is one of the major issues with couples, and talking about it now can save fighting about it later. For example, will you have separate bank account? Who will pay the mortgage? Will you split your earnings together? Etc....
Posted 30 January 2007 - 03:07 PM
Posted 30 January 2007 - 04:04 PM
I also automatically save $$ every month - I have it going both into an ING account and a brokerage account (let me know if you want me to refer you to ING, then we both get a few extra $$ for the referral!). ING is basically a savings account that earns higher interest than normal (4% maybe). That's where Paul saved $$ for my ring! Anyway, if the $$ goes into savings automatically, you can't spend it, and you won't miss it and the savings will accumulate.
As for how we do it, I've lived on my own and owned a home since I was a year out of college - at 23. It's so doable! You just have to be smart about your money. I realize that people's expenses and income vary, but in most cases it's a lot easier to own than people think (avoid renting if you can!). Paul and I own his condo here in Chicago, and we just bought a house in MN. We plan on renting this condo out (anyone looking in Chicago)?! lol
Our Caletas Wedding Slideshow (by Leigh Miller)
Our Caletas Wedding Video
Posted 30 January 2007 - 10:42 PM
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