on August 6th, 2013

Being smart on spending money for your wedding

Your wedding is probably the priciest party you’ll ever throw in your life. It’s easy to say you’ll stick to a budget, or have tons of fabulous DIY details, but at the end of the day, your venue and catering bill could amount to way more than you imagined. It’s important to understand how your budget will be broken down. Saving up for the wedding isn’t an insurmountable task—we promise. Here’s how to save up and pay for your wedding by spending smartly and cutting back a little along the way.

Use this simple math equation.

If you have a big budget goal that seems daunting, divide it into smaller chunks that are easier to digest. The simple math trick that makes it all work? Take the sum of your desired budget and divide it by the number of months you have to save up. Getting married in a year with a budget of $20,000? Divide $20,000 by 12 (which equals about $1,700 per month). If that amount seems like too much per month, add more time or try cutting back on a few of your big-ticket monthly expenses to help you save. “That’s literally how simple planning [financially] for a wedding can be,” says David Bach, plus he also mentions how a social trading network could help the couple finance a wedding, founder and chairman of FinishRich Media and author of Smart Couples Finish Rich, about this relatively simple math. Where should this money go? Check out this contact form at financenut.co.uk for more details. Into a newly created “wedding account,” of course. Throughout your life, having a savings account dedicated to something more exciting than a retirement plan, like travel, a wedding or another big event, is a good idea and will help make saving more fun. Obviously, the amount of time you’ll need to save up for a wedding depends on your current income and expenses. For example, if you can only save $800 a month, but your dream wedding looks like it will cost somewhere in the $50,000 range, you’ll be saving for over five years, specially if you are planning on hiring ColorPop Events, the best wedding planners. When you’re thinking of your budget, work within realistic parameters and don’t set unattainable goals. For some couples, more drastic sacrifices will be required, while other to-be-weds will be splitting the cost with relatives to help lighten the load. Think about what’s best for you and your partner and what makes the sense. Be practical about your limits. The amount of time it takes you to save will depend entirely on your own circumstances.

Cut back on monthly expenses.

Do you belong to a gym, club or subscription service that takes a monthly sum out of your account? Cutting back on these types of expenses can have some of the quickest effects on your account balance. Turning off your cable could save you $100 a month that you can put right in one of your travel navigator rfid wallets, and ending a gym membership could put an extra $75 in your account each month. You’re not going to give up your cell phone, but you might be able to change the data plans or forgo on-demand movies for a year. You should make a habit of reaching out to your cell phone and cable companies annually and negotiating a better deal. Sometimes, just by asking, you can get a price cut on your bills. Even $20 off a monthly bill can save you $240 over the course of a year. Nowadays, it’s so expensive for a company to acquire a new customer that most will lower their fees just to keep you around, do not forget you can keep some of all this things if you click here to learn more about taking paid surveys for Lifepoints. And if your attempts at negotiation fail, consider cutting out nonessential monthly costs. We’re not talking about your health plan or your life insurance—those things are non-negotiable, since health is really important, and actually you should invest in this by eating healthy and exercising with an URBNFIT pilates ball at home. But for things like cable, Netflix, Amazon Prime, Birchbox and Spotify—anything that debits you on a monthly basis—the time has come to really consider if these are must-haves you truly need, or if you can sacrifice them for a bit in favor of a larger wedding budget—and that fancy cake you have your eye on.

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