(Closed) How much do you make a year? What is your budget?

posted 8 years ago in Money
Post # 32
Member
3162 posts
Sugar bee

Combined we make $90,000, which is pretty good for our area (median income $52,000 for a family of four).

Our wedding budget was about $10,000, then $3,200 for the honeymoon (10 day trip/cruise in the Caribbean) and $3,800 for all three rings…so about $17,000 for everything. We spent what we could afford and what we felt was reasonable. We had 85 guests in total and chose a non-traditional venue (my high school), so we were able to have everything we wanted in a wedding without spending too much.

Post # 33
Member
1775 posts
Buzzing bee
  • Wedding: July 2018

We make quite a bit over 200k and our wedding is costing around 10k not including rings and honeymoon. 

Post # 34
Member
1075 posts
Bumble bee
  • Wedding: September 2014

I am in an unpaid internship so his is our only income.  It’s 60k pre-tax salary.  He works 46 hours a week as an entry-level civil engineer.  When I begin to work we will be making six figures combined and that’s really overwhelming to me because I live in a rural area where the median income for a family is $40,000 – and that’s around MY income alone.

 

Every time I talk about our budgeting it sounds like an advertisement, but … we live by Dave Ramsey.  Almost 100%.  I have a credit card, and he’ll be getting one soon to work on building credit so we can easily buy a home, but since we don’t have any debt (including credit card debt … balance is zero) we’re okay with bending that rule.  But we practice a 0-dollar budget which means every single dollar of our income is accounted for.  It has a place and a purpose in our budget.  No like random or free-floating money because that’s how you end up wasting money.  We pay for gas on the card, but we pay groceries, rent, entertainment money, personal spending, etc all in cold hard cash.

 

We actually just turned down on renting a BEAUTIFUL home because it was 4% over what we budgeted for rent.  That sounds so insignificant, but it’s $1400 in a year.  And that’s $1400 worth of mason jars I can have 🙂 haha.

 

I’d be happy to talk to you more about Dave’s program if you’re curious.  It’s especially helpful for people living paycheck to paycheck and/or trying to pay off debt.

 

For the wedding: our budget is …. kind of questionable haha.  It started out as 10 and quickly grew to 12.  We are still a year away, so we’re trying to keep it under 15.  My dad is contributing 5k.  We already have paid downpayments totaling 3k, so we still have a couple grand to go but not too much.  We are saving $600 I think per month for wedding expenses.

Post # 35
Member
260 posts
Helper bee

Fiance makes about $70k a year (pre taxes). I am doing an unpaid internship and work part time so I only contribute about $17k. Our budget is 10k but my parents are also contributing 5k for my dress.

Post # 36
Member
261 posts
Helper bee
  • Wedding: May 2013

My husband makes about 150k after taxes and we spent about 15,000 euros for the wedding excluding honeymoon and engagement ring. 

Post # 37
Member
1132 posts
Bumble bee
  • Wedding: October 2014

@208bride:  Hey what is this dave thing…Please explain

 

Post # 38
Member
34 posts
Newbee

My original budget for the ring was 15-20k, ended up 30k.

 

maybe I’m stupid but I wanted to get her the best I can provide even if I have to cut off spending on my favorite things, watches. Also the sales kept showing me bigger rocks each time.

 

Post # 39
Member
667 posts
Busy bee
  • Wedding: September 2014 - Banff, Alberta

Total about $45,000. Budget is $5000. We live very comfortably but houses in our area are extremely expensive and we want to buy a house in under 2 years. 

Post # 40
Member
1075 posts
Bumble bee
  • Wedding: September 2014

@Waitingbee57:  Hey girl!  Well, Dave Ramsey is a personal finance guru, one of the many, but one of the more conservative ones.  He has a couple of books out but we took his class – Financial Peace University – which was I think a 12-week program.  It cost $100, but one thing I really adore about Dave is once you pay that $100 for the materials (a book, a workbook, and DVDs) you can take the class over and over again.  If Fiance and I want to retake the class in, say, five years when we’re closer to buying a house, we can just go online to find the info on where to attend the local lectures.  One thing to be cautious of is Dave is quite religious and likes to reference the Bible frequently, which grated us a little, but it was still tolerable.

Here are a few of the fundamental beliefs of the Dave Ramsey program:

– The first thing you do once you begin his program (no matter if you’re in debt or not) is to save $1,000 for a short-term emergency fund.  This is for stuff like if your car breaks down or something happens in your house you have to fix.  Rather than put more money on your credit card and potentially dig you deeper in debt, you pull from here and replenish it later.

– Pay for everything that you can in cold, hard cash.  He recommends keeping money for gas, groceries, pocket money, entertainment money, etc etc etc in envelopes.  Then when you guys decide to go on a date, you pull a fifty from the entertainment money envelope, and this way you don’t spend as much because you SEE the money in your hand, it’s not just arbitrary numbers being pulled digitally from your account.

– He has some really great methods of getting out of debt that thankfully Fiance and I didn’t have to do because we’re not in any debt, but my father did this program to get out of debt and now the only payment he has to make is his mortgage.  Awesome!

– Dave Ramsey ultimately does not believe in credit cards or personal loans.  We bend this rule to have a credit card to build credit so purchasing a home is easier.  He talks about how to purchase a home with absolutely no credit, so it’s possible, but he also acknowledges that it takes twice as long.  If we had serious credit card debt I could see cutting up the cards and swearing them off forever, but we don’t so we are just careful.

– He has seven baby steps that you conquer slowly, one-by-one, to ensure financial peace and we plan on following them all!

It’s worth looking into!  Let me know if you have any more questions.

Post # 41
Member
2300 posts
Buzzing bee
  • Wedding: August 2013 - An amazing non-profit retreat

We make just under 70K combined, and our wedding including honeymoon was just over 5K. We received 1K from my Dad.

Post # 42
Member
417 posts
Helper bee
  • Wedding: June 2014

Combined we make about 200,000-250,000 a year.

We’re getting married in Paris (we were already going to France for a metal festival), so the actual wedding costs (dress, accessories, photography etc) are aimed at $4000.

Post # 43
Member
2884 posts
Sugar bee
  • Wedding: July 2013

Oh geez, we are students so we make about 22k a year between the two of us (wow, that is especially shitty when written lol).

Our wedding budget was 6k, but my sweet dad paid for the entire thing. Love him!

Post # 44
Member
922 posts
Busy bee

@MrsLevell2Be:  combined, 150k a year. We are budgeting for $20K, hopefully less. 

I used to live paycheck to paycheck for a LONG LONG LONG time. An itemized budget, the dollar store, and the largest thing of all: planning my meals in advance to cut down on grocery cost/major price shopping to figure out what is the cheapest thing at each store. I got our grocery bill to $50/every 2 weeks for the two of us, and we live in an expensive area. I negotiated with creditors for lower interest rates for credit cards I was paying off, got rid of cable and used Netflix/Redbox only, and negotiated with my cell phone company for a 30% reduced rate based on the company I worked with. I cut up old towels and used those for cleaning cloths instead of paper towels. I learned a bit of extreme couponing and regularly get things at CVS for 70% discount on the total bill.

I still practice all of the above to this day btw, and that’s how I’m able to save very easily for this wedding.

Post # 45
Member
1336 posts
Bumble bee
  • Wedding: October 2013

We make about 230k combined and our wedding was just under 50k including everything (hair, makeup, dress, his suit and shoes, hotel, etc) but not including our rings or honeymoon.  DH has a large savings account so we paid for the “big stuff” with that and I paid for most of the smaller stuff with money saved monthly from my paycheck.  We were only engaged 8 months so we didn’t have much time to “save” ha

Post # 46
Member
1132 posts
Bumble bee
  • Wedding: October 2014

@208bride:  Thank you so much. I might have to look into it. I have a horrible credit score and I need to rebuild my credit. Does he help with that?

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