Post # 1
Is anyone else finding it hard to save in this economic climate? Fiance and I have about 10k in savings. My parents are contributing 7k to the wedding but I think it is going to cost around 15k. Ouch. Our poor savings are going to take a hit. Anyone got any good suggestions on how to save quickly. I have already cut out non essentials like alcohol, entertainment etc
Post # 3
How much do you need to save?
It depends a lot on income, obviously, so can either of you look for a better paying job?
Can you change your diet some and have beans once or twice a week for dinner and lunch? (cheaper than meat) (also bring lunch)
What about canceling cable? You can get the old school rabbit ears and still get ABC, NBC, FOX etc for free! And watch some shows online for free on demand.
Use warm or cold water to wash clothes.
Post # 4
These will just be general savings tips, not specific to cutting costs for a wedding (my biggest unusual tip there is do TRADES!).
– You should have a written budget at the beginning of the month that says where every dollar is going! If it doesn’t have a name it will disappear. The budget can be whatever you want it to be, it doesn’t have to be really tight. It just has to be written down and a conscious choice.
– Make sure you are getting the best deal you can on your optional utilities, like cable, cell phones, internet, etc. Call up and tell them you’re considering canceling and see if they’ll cut you a deal.
– Eat out less. (You already said you have cut a lot out, I’m just naming stuff off for all sorts of people that might read this.)
– Plan out your errands to use as little gas as possible. If you can run them all in a logical order and not have to do them multiple times a week, that can save gas money.
– I have been able in the past to pick up some spare cash doing things like focus groups, online surveys, test groups, etc. If you can do some online surveys for gift cards, like Amazon, you can buy some basic things through there and then allocate the cash to savings that you would have spent otherwise.
– Depending on where you live, you may be able to cut the heat bill by turning the heat down a bit more at night and making sure you are adjusting it when you leave.
– Possibly consider shopping your car/home insurance around and make sure you have the best prices available.
– Don’t buy books or magazines, use the library. Same for renting movies.
Post # 5
You can cut cable and get netflix. It is like 10 bucks a month with 1000’s of shows and movies to watch.
Eat out less.
If you have a home phone and cell maybe cut the home phone off if you get signal at your home.
Post # 6
i know how you feel. My fiance and I have to pay for my entire wedding ourselves and it may costs about 20,000 since NYC is expensive. thankfully we have about 3 times that amount saved up but that only happened because I’m very frugal and a HUGE saver. I am only 23 and just graduated college and never worked a real full time job yet. I was label to save this much by being frugal and cheap lol.
Let me share my wisdom with you. No more shopping from now on unless you have to and even if you have to, look around for the best deal first. I’m the type that goes around 5 stores before buying something. Forget cable, I don’t have cable and am doing fine. Eat cheap but that doesn’t mean beans every night. Chicken can be cheap. And no more eating out from now till wedding day.
Now for the wedding…. The dress can be a big killer. Try to buy a sample dress or used or get it on sale, you can probably get a nice dress for 200 instead of spending 1000+. And instead of doin open bar for your wedding just do beer wine and soda or cash bar. There’s a lot of ways to cut back. Hope this helps. Oh and make your invitations yourself.
Post # 7
Thanks for the tips guys. I live in Australia so things are a little bit different here. We have Pay TV which costs us ALOT per month I want to cut it off but Fiance is sports mad and wants it for the sports channels. Thing is you can’t just get the sports channels without having to have the basic package which is an extra 40 a month. I used to drink soda (we call it soft drink in Aus) I cut that out ages ago but Fiance has grown up drinking coke since he was a kid and wont let that go. I know we are getting the best deal on insurance. The only thing I am concerned about is our phone/internet bill each month. We both have iphones on plans (stupid stupid idea – prepaid all the way I say) plus a home phone plus internet. I would like to cut the home phone but we need it to have internet and I can’t just use internet through my iphone becuase I am doing university and need it for assignments. I guess this is more a vent then anything sorry bees. I also recently got laid off from my job 🙁 I walked back into my old one straight away but it is not as good hrs so means less money. Have applied for lots of jobs. I guess it is just stress you never realise how expensive weddings are until you start planning them do you!
Post # 8
in general, we eat at home a LOT. I buy the frozen fish and chicken breasts and those veggies in a bag that you can steam in the microwave, throw the chicken or fish in the oven for 45 mins and voila -dinner. any raise I get I try to put that directly into savings, or any bonus, or tax refund, etc. I try to put the same amount into savings every month, and that way I dont ever miss it.
for wedding savings:
we are doing 2kegs and a cash bar.
skipping flowers and bouts for everything but my bouqet and Fi boutineer. we are using fresh flowers from our garden for our centerpieces and grocery store bunches for my diy bouquet.
We skipped the bridal party and groomsmen, my daughter and his brother are our moh and best man.
we are skipping favors,
doing a small 1 or 2 pc cocktail hour and moving dinner up to save on costs.
we are also doing a shuttle instead of a limo.
cupcakes save a little, custom menu,
having the wedding on a friday and in april also helped cut costs.
we’re not doing a rehearsal dinner
we’re using all the help from friends that we can get -dj, decorating, alterations, etc, let everyone who wants to help, help in some way, it can add up! 🙂
we just took everything we liked from weddings and said ok, and everything we were “eh” on or didnt want to do -we just didnt do it and that seemed to help save as well.
good luck! 🙂
Post # 9
Whenever I am trying to save, I spend normally for a week and note where every single dollar goes. That way I can decide if I am spending my money wisely or not.
Watch what you spend on things you don’t really need, as well as buying branded or expensive versions of things you could get for a lot cheaper.
I think the most important thing to realise when you are trying to save is to be realistic. Don’t cut out expenses you actually need and don’t give yourself a saving target that is impossible to reach.
Post # 10
@ahbsbee: In the US, you can have home internet (DSL through the phone jack) without having to have phone service. I thought for years I needed the phone service to keep the phone jack active for internet, but it was not true!
Also, iPhones – they are a lot of money! Why not get rid of them and just get cheap prepaid phones? You already mentioned prepaid all the way. I pay $30 for unlimited text and 1200 minutes/month. It has no internet, but I can send to emails. Then use the home internet for all your web usage.
I hope you look into that so you can do your assignments!
Seriously I don’t get keeping iPhones when they are a budget breaker.
It seems you and your Fiance may have differnet ideas on non-essentials if he cannot give up coke or sports channels to save money!
Post # 11
If you have automatic deposit, set up an auto transfer to your savings everypaycheck. If its not in my account, I tend to not spend it. Also, use cash and save all your coins. In a 3 month period I can save a couple hundred. Not much, but enough to help out.
Post # 12
When we decided to come up with a savings plan (it’s been a few years ago now), what I did was make up a spreadsheet listing all of our fixed expenses like phone bill, rent, utilities, gas for our cars, groceries etc. and then I listed all of our income. I took the difference of those two figures and said “Ok, that is the MOST we can save per month if we don’t change any of our expenses.” We tried that for a few months to see how well we could manage by paying only our expenses, nothing else, and banking the rest. Then we fiddled a little with the expenses side of the spreadsheet and added some room for buffer until finally we came at a figure that we feel totally comfortable putting in savings per month. The figure ended up being right around the same as my husband’s monthly income so, since I make more than him, we put his salary straight into savings / retirement and live off my salary. It works out beautifully since we never even see his checks hit our checking account so we don’t miss it. We don’t make a lot of money compared to a lot of other people here, but using this method, we are able to save 20K per year which I think is good for the annual income we make.
Post # 13
We all know savings can be hard for anyone, especially in this economy as you mentioned. I am in nursing school and have had to take out loans in order to get through college. I do, however, have my own savings. I am one of the lucky ones who at age 23 still live at home (rent free) and my father pays my car insurance until I am done with school and can afford it on my own.
I end up saving by eliminating things that I do not need! One example: I do not have an iphone. Would it be nice to have one, sure! Do I need one? No. Matter of fact I don’t even have a smart phone. Just a regular cell that I pay $30 dollars a month for, so that saves me a ton of money.
I rarely ever buy anything for myself (clothing/accessories/etc.) and when I do it’s either through ebay or somewhere cheap. I have an ING savings account and a Chase Checking account. Basically I put 1/3rd of my paycheck into ING savings every week. Over time it adds up tremendously. Thankfully I have money saved because I need to buy a new car to get to and from school. Without my savings i’d have to take out another loan WHICH I DO NOT WANT TO DO at all costs!
Mainly I am trying to save hard core right now so I don’t have to take out an insane amount of loans, and by thinking twice about whether I really need something or whether I can live without it really helps the savings account go up and up!