(Closed) Personal question – Calling bees savvy with Maths / money / saving / budgeting

posted 6 years ago in Money
  • poll: Wow, my question (which is below, by the way) is boring. Sorry. Liven it up with a poll?
    I reckon you can do it. I have some helpful advice/an awesome idea which I shall share in comments. : (20 votes)
    13 %
    I don't reckon it can be done. I shall explain why in the comments. : (9 votes)
    6 %
    You sound like a selfish+materialistic douche. You don't need to a mortgage AND a wedding RIGHT now. : (6 votes)
    4 %
    WOAH, you guys earn loads, stop complaining! : (2 votes)
    1 %
    I thought I had money troubles until I read your situation. Good luck trying to save THAT much. : (8 votes)
    5 %
    Your question is so long and boring, I stopped reading. Seriously, what a downer. : (15 votes)
    10 %
    YAY polls! : (41 votes)
    28 %
    I wish this post had more cat pictures. : (39 votes)
    26 %
    Dude, you're not gonna like it, but I think you need to postpone the wedding. : (9 votes)
    6 %
  • Post # 3
    2819 posts
    Sugar bee
    • Wedding: February 2013

    Well, you’ll need to start budgeting right away & ensure that you have enough flowing into savings. So, calculate how much you’ll need saved (plus a cushion), and divide that by how many months until you want to buy/marry, and make a monthly budget based on that.

    Post # 5
    6741 posts
    Bee Keeper
    • Wedding: June 2014

    LOL ok, I really like your poll.

    I think you should keep your wedding budget to $10k for now because you might end up going over and it’s much better to go over 10k than 15k.

    You have 2 years to save up for the wedding, so start budgeting and saving now.

    Where can you cut back?  Ask yourself what do you do that you don’t need to do?  Do you eat out?  Eat at home, even if it’s only one time a week that you give yourself a special treat or whatever.  Do you drive a lot?  Walk more, save on gas, buy a cheap bike to get around, carpool.  Any way to get anymore money by working mroe hours or get a 2nd job?  What else can you cut back on?  Tell people you’re not exchanging xmas gifts for the next 2 years (boy will this save you a ton of money, I’m sure, but may cause a lot of drama – who cares though?  you’ll exchange again after the wedding is over). Can you dye your own hair at home?  Can you do your own nails for a few years?  Can you forego buying anything new for the next two years? 

    I’m not really sure what your day-to-day life and expenses are, so that’s really the most I can suggest for now.  Good luck!

    Post # 6
    18637 posts
    Honey Beekeeper
    • Wedding: June 2009

    It’s pretty hard to tell how much you can save when we don’t know how much you get back after taxes less your set expenses.  Try and figure out which expenses you can cut: cable, eating out, driving, trips, etc.

    Post # 9
    6741 posts
    Bee Keeper
    • Wedding: June 2014

    @VickyAurea:  I TOTALLY get the quality of life thing.  I work a public interest job for a huge “cut” in salary for quality of life instead of working more hours for more money.  BUT, if I had the option for a year or two, I would consider it to have what I need for the wedding I want. 

    It sounds like you already know where you need to cut back – food and drinking.  Perhaps start off with eating in and bringing food to work and go out to eat and drink only 1x a week or every other week and see how much money that saves?  Also, cut back on the driving.  Not only will this save you guys money, but you’ll be so much healthier for all of it, too! 

    If 10k only gets you a venue and no food, that’s not a realistic budget.  Start off with making a spreadsheet for the next month or two tracking every dollar you spend and where it goes.  Then look at what you can cut back on even more and do that.

    As for getting a budget already made – try googling “free budget spreadsheets” and it will give you some samples of how much of your money should go where.  Also, consider calculating how much money yuo’re going to need to save up that down payment and pay for your wedding and divide it by 24 months and make sure to put that away into a separate savings account and don’t allow yourself to touch it no matter what!

    Post # 11
    533 posts
    Busy bee

    My dad gave me a budget spreadsheet a little while ago, I just forgot to use it….

    Basically you need to figure out your rent, gas, water, electricity, phone, internet and groceries.

    I see you don’t drive so that’ll save you a bit in rego and petrol. Break those payments out weekly, or however you get paid. Put that money aside for those without question.

    Food wise don’t eat out or buy lunches daily. Take sandwiches or leftovers. You’ll save a ton.

    Don’t buy anything unless you desperate need it. Don’t buy anything you want. You must need it. Yeah I mentioned that a few times but it needs to sink in.

    Hopefully after a month you’ll see how much you can save.

    Good luck! A house before a wedding will be hard.

    Post # 12
    14656 posts
    Honey Beekeeper
    • Wedding: June 2011

    So you’ll have about 28000 after taxes and rent.  Are you trying to save for retirement?  After my mortgage, I probably spent about 500-1000/month on utilities/food/gas/otherstuff, so if that is a fair guess for you as well, then it looks like you can save about 16k a year. 

    Post # 13
    731 posts
    Busy bee
    • Wedding: March 2013

    My mom always told me to make a huge downpayment. like 30%. There are practically a million other factors to consider before saying that this is a hard-and-fast rule, but I don’t know much about home-buying! Fiance and I are more than 5 years away from that. Wish I could help out more, though!

    Post # 14
    9053 posts
    Buzzing Beekeeper
    • Wedding: June 2010

    I would suggest using a software like mint.com. It’ll let you see how your spending has gone over the last few months at least and then from there you can figure out what you can cut back on. Dh and I are very good savers, and my first tip to you is to completely ignore your gross income. Focus on net. That’s how much money you actually have to work with in a month. Then look at your fixed expenses.  That’s things that are nearly impossible to change – not cable and groceries. 

    We also have my entire pay check automatically withdrawn from our account to savings every week.  Figure out the amount you want to save each month and get it not too easily accessible. Like a savings account without an attached debit/bank machine card. 

    Net income, minus the amount you want to save, minus fixed expenses will show you exactly how much you have to budget each month. 

    Post # 15
    6741 posts
    Bee Keeper
    • Wedding: June 2014

    @VickyAurea:  Oh, I’m sorry, I misunderstood you!  I thought you said you ate out a lot!

    I don’t really know much about investing or bargaining or whatnot outside of the states.  I just think it’s going to take some hard work saving and cutting back elsewhere.  I just don’t know where, sorry!

    Post # 16
    1902 posts
    Buzzing bee
    • Wedding: July 2012

    I’m gonna chime in with everyone else – you really need to look at everything you’re spending and decide what you can go without. If a very large portion of your money is going into something, look at cutting back on it (even if it means moving to a place with cheaper rent!).

    Believe me, you do not want to organise a wedding and mortgage at the same time. You say you don’t want to keep paying rent because it’s “throwing money away”, but if you get a mortgage when you’re not ready for it, not only will your costs double overnight, you’ll also have the added stress of being in debt for a very long time (if you only do minimum mortgage repayments, your kids will be the one paying off the house, not you). If you’re having trouble putting money away, then you really need to look at where the money is going. Figure out what your essential expenses are (rent, bills, groceries, petrol, etc.) and see how much you have left over (you’d be amazed at how much you can actually save!). If you do need to cut back, look at downsizing your house, changing phone plans, try any energy saving tips you can, buying cheaper brand of groceries (buying in bulk/on special for things that won’t go off), cut coupons, op-shopping for clothes, etc. There are a gazillion ways to save money, do some research and find the ones that work for you. In the meantime, make some time to speak to your bank about your goals for the next few years and see if there are any high interest accounts you are eligible for. Also, try seeking some financial counselling (most community organisations offer free financial help) to assist with budgeting and seeing where you can save money.

    Ultimately, I think you will probably need to cut back on at least either your wedding or your home buying – you’re trying to save about 20,000 in two years which, while it can be done, is going to be very difficult. Personally, I think you should figure out which will be better/more useful for you in the long run – being married, or owning a home.

    The topic ‘Personal question – Calling bees savvy with Maths / money / saving / budgeting’ is closed to new replies.

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