Since we have so much time to save between now and '09, I'm wondering.... how are you saving for your big day?
Investing? Savings account? Piggy bank? Coin jar? I need some tips!
I finally started my very first CD (Certificate of Deposit) today! I'm glad I did but I was so disappointed when I realized how little my $ would grow! The interest rate is SO low!
It's 4.75%, and so the 2K that I put will only grow by $71 within 9 months.
***** huh? I did it here in PA near my college. Could I get a better rate in NY?
I'm just gonna keep re-investing it and adding to that as I save. FH is using a regular savings account for his savings.
Any advice as to HOW we can compound our $$$ more efficiently?
'06ers? '07ers? '08ers? Feel free to 'crash'! We '09ers could use your advice!
Espo22
Posted:
Member since
Re: Investment options
Hmmm I answered this thread in the 'Brides helping brides' forum, but I guess I'll just copy and paste my answer in here too.
Fi and I opened up a joint savings account. Basically what I did was try to estimate what our wedding would cost, and I actually went a little over because theres always extra costs you don't realize now. So I took the amount of time we have until our wedding, divided that by the amount and saw how much we have to put away each month. I then took the amount we have to put away each month and divided that in half so I can know how much to put away each paycheck since we both get paid every two weeks. This way I know exactly how much I put in savings when I get paid, and the rest I can spend it without having to worry. Also, just making sure I don't spend more than what is left for myself to spend freely.
JeanineP2B
Posted:
Member since
Re: Investment options
Thanks for replying x2
That sounds like an effective plan! It's great that you've already worked it all out so that you have an idea of what you'll need by '08 and what it will take to get there!
FH works, but I'm in college (no income other than my parents $) so the joint account would only be receiving from his end right now. That's why we're starting by saving individually until '08 when I graduate!
Jayla127
Posted:
Member since
Re: Investment options
Posted by JeanineP2B
Hey ladies!
Since we have so much time to save between now and '09, I'm wondering.... how are you saving for your big day?
Investing? Savings account? Piggy bank? Coin jar? I need some tips!
I finally started my very first CD (Certificate of Deposit) today! I'm glad I did but I was so disappointed when I realized how little my $ would grow! The interest rate is SO low!
It's 4.75%, and so the 2K that I put will only grow by $71 within 9 months.
***** huh? I did it here in PA near my college. Could I get a better rate in NY?
I'm just gonna keep re-investing it and adding to that as I save. FH is using a regular savings account for his savings.
Any advice as to HOW we can compound our $$$ more efficiently?
'06ers? '07ers? '08ers? Feel free to 'crash'! We '09ers could use your advice!
I wish I could do the above. Girl, I went to the Hair Salon and bought a long ponytail, a compact pole, smoke and a collection plate.
Serious Side:
I have pretty much went to all the vendors over the summer and have received price quotes. I will just start putting the money aside for it. We are saving as we go along. I, also wanted to put my money in a CD but it doesn't gain substantial profit. We are saving our income taxes also. I refuse to take out a loan because that's another bill after the wedding is over.
JeanineP2B
Posted:
Member since
Re: Investment options
Posted by Jayla127
Posted by JeanineP2B
Hey ladies!
Since we have so much time to save between now and '09, I'm wondering.... how are you saving for your big day?
Investing? Savings account? Piggy bank? Coin jar? I need some tips!
I finally started my very first CD (Certificate of Deposit) today! I'm glad I did but I was so disappointed when I realized how little my $ would grow! The interest rate is SO low!
It's 4.75%, and so the 2K that I put will only grow by $71 within 9 months.
***** huh? I did it here in PA near my college. Could I get a better rate in NY?
I'm just gonna keep re-investing it and adding to that as I save. FH is using a regular savings account for his savings.
Any advice as to HOW we can compound our $$$ more efficiently?
'06ers? '07ers? '08ers? Feel free to 'crash'! We '09ers could use your advice!
I wish I could do the above. Girl, I went to the Hair Salon and bought a long ponytail, a compact pole, smoke and a collection plate.
Serious Side:
I have pretty much went to all the vendors over the summer and have received price quotes. I will just start putting the money aside for it. We are saving as we go along. I, also wanted to put my money in a CD but it doesn't gain substantial profit. We are saving our income taxes also. I refuse to take out a loan because that's another bill after the wedding is over.
Hilarious Angela! I'm slow, so I didn't get it at first! Read it again and figured it out
I agree about taking out loans! FH and I have ENOUGH student loans so no need to add to the debt!
I opened a Ready Acess CD as well and though the interest rate is even lower for that, I can access the $ from 7 days after it's deposited- without penalty. Maybe you could do that with your savings. That way, it wouldn't be 'locked up' for months.
I posted a thread on BHB asking how everyone else was saving and lots said that they had ING accounts. That sounds like a great option too!
Good luck ladies!
lacey&mark
Posted:
Member since
Re: Investment options
Posted by Espo22
Hmmm I answered this thread in the 'Brides helping brides' forum, but I guess I'll just copy and paste my answer in here too.
Fi and I opened up a joint savings account. Basically what I did was try to estimate what our wedding would cost, and I actually went a little over because theres always extra costs you don't realize now. So I took the amount of time we have until our wedding, divided that by the amount and saw how much we have to put away each month. I then took the amount we have to put away each month and divided that in half so I can know how much to put away each paycheck since we both get paid every two weeks. This way I know exactly how much I put in savings when I get paid, and the rest I can spend it without having to worry. Also, just making sure I don't spend more than what is left for myself to spend freely.
we did the same thing! knowing exactly how much had to go ito savings with each paycheck was helpful. i didnt stress out too much because i could look at the numbers and a calendar and see how it was all going to work out---and it did.
