Related to the 'Who is paying poll'

My FH and I are paying for the whole kit and kaboodle - and because of this we are realizing we may have to postpone our wedding for another year. That's ok with me, I'm enjoying our engagement:) However, can anyone suggest ways to put away our savings? We've been using a standard savings account, but perhaps we should look into short-term CD's or even money-market accounts. Also, for those who paid themselves, what kkinds of things did you do to cut back on your daily living (not wedding) expenses? I just started clipping coupons!

We`ve saving a few ways

We didn`t open up any special CD or anything, just using a regular savings bank! We put away a certain amount each month, and I`ve also changed my direct deposit at work for a certain % to always go into 'the wedding fund' I set up after our engagement party. That way, I`m not tempted to spend it b/c it`s not in my checking account! Believe me, it adds up. The best thing to do if calculate how much you`ll need, then how many months you have to do something like this. We also take the time to spend a little once in a while too (short trips, nice restaurants) - we do treat ourselves to nice things once in a while, just to keep our sanity! We have a long engagement, so it may be a little easier for us.

We`ve saving a few ways

Depending on how much cash you have to invest now, you could put it in short term vechicles (CDs, Money Market) an d make a few hundred bucks in a year. The one big way we have cut back is not take any big vacations this year. We usually take 2 pretty big ones, this year we will only go away on the cheap.

We`ve saving a few ways

I am not an expert saver by any means but here are some things that we are doing: No big trips this year at all. We are just going to do a weekend to Philly with friends this Spring. I cut coupons and love to do it. In fact, I save over $20 everytime I go foodshopping. At that is with a regular bill of around $80.00 Christmas/Birthday gifts: We are setting a $25-$30 dollar limit with all of the siblings. Everyone is trying to save for things this year and it is just silly for us to blow our budgets or got into credit card debt to buy gifts. Usually we spend close to $75 on each person. So this will help a lot. Not going out to expensive dinners, renting movies instead of always going out, not buying shoes all the time (this is very hard for me, trust me). But mainly we are just trying to be wise about our money. In January we are going to start living as much as possible on just my salary. That will be a huge change, but worth it in the end.

We`ve saving a few ways

Def look into CD's --the rates are better than a regular savings account--but if the thought of having to put it away and not be able to touch it bothers you what we did was use ingdirect--when we started saving for the wedding there savings account was at 6.5% --now it is at 4% which is still better than most banks-- after the wedding we just kept the account for our house fund and it worked because it was a completely seperate account that all we did was add to and never took out you can check them out on their website www.ingdirect.com-- you just link it to an existing account and transfer the money over-- you can sign up on line -- just an idea Laura

We`ve saving a few ways

I agree with the ways to save...For me, as a teacher, I have a choice to get all my money divided in 10 months or 12 months (and I get a 2 month check in June) so that will take care of a lot...plus FH gets a big tax return each year, b/c he pays an enormous amount of taxes and on his W2 he lists 0 dependants...so gets a lot back because he declares his mom...so that helps in saving...If you have direct deposit - it makes it very easy for you to take a % out...you can look into 6 month CDs or even 3 month...and keep rolling over...I know a lot of people who borrow from 401Ks or other retirement plans (I can borrow at 1% b/c its my own money - but I don't think I will need to do this) as for our daily lives...I don't coupon cut too much...I feel like I buy things I don't need or want that way, but I do look for sales and look for the best value once in the market..Our biggest cut back is our weekly sushi dinner...We used to go once a week to a great place in the village for about $100 for the 2 of us...now we go maybe once a month - we've staying in a lot more...AND like everyone else - no big vacations...we used to go 2-3x a year also, but instead that money will be saved and we will go to his moms in december...maybe a weekend trip as well before June and our honeymoon will be our big trip

We`ve saving a few ways- dont forget 401(k) loans

If you have a 401(k) plan it may have a loan feature. If yours does look into it. This is one of the best yet least utilized loans around. Through a 401(k) loan you borrow your own 'tax differed' money out of your account and pay it back into Your Account with Interest going into Your Account. I mention this because I just had 2 people come into my office and tell me they were going to cut back their 401(k) savings because they are saving for a wedding. When we ran the numbers we found that continuing to save in the 401(k) - tax differed and then borrowing their money back for a short term (we allow anywhere from 12 - 60 month terms) definitely made sense. Something to check into.

My FH is a finanial planner - so he makes me save! :-)

That's a good thing - because I definitely like to spend. We are cutting corners too - we are paying about half the wedding but as Yabbobay can attest, we are spending a pretty quarter (about $25,000 ourseleves) on the wedding. Let me just say that I have not bought a new outfit for me in the longest time. I get my nails done every 2-3 weeks vs. every week. I try to cut coupons too, spend less on gifts, etc.... And I get movie passes at work, because I refuse to pay $9 for one ticket. Each month a certain %of our check gets put into a mutual fund (TIAA-CREF, where the FH works)too (low minimums and fees). Things are tight, but I am not complaining. I'd rather snuggle with my guy on some Saturday nights versus spending a lot on drinks at some bar. But for our sanity, we do go out sometimes! It's only for 7 more months and we think it's worth it!!!!

A combination of the above...

We are both putting a certain amount into our wedding account with each paycheck. We opened a couple of CD's that will yield about $1500 in interest by the time they mature. Plus the cutting back here and there, eating in more, I try to bring in lunch, things like that. In a good way and a bad way we have two out of town weddings this year. It's nice that we have to go away so they are like mini vacations, but at the same time, they are probably not places we would have planned to go. Although I am very excited to be going to Charleston this weekend for the first one!

Cira, My FH is a FP w/ Amex, how about yours? *NM*

Heather, my FH is a FP w/ TIAA-CREF!

Isn't fun? - Does he put you on a budget too and ALWAYS wants to go over the numbers!! :-)

Thanks everyone! Great advice! *NM*

Cira

Actually I'm always on a budget. He does go over numbers a lot though:) I'm so happy he loves his job, and it's close to home (Amex in Hauppague).

Heather ....

He's studying for his CFP now and he's test is in 2 weeks. He is so stressed right now. Rob likes his job too - but we are both in the city - he's in Midtown and I, in lower Manhattan. Where are you both from? Email me at [email protected]! :-)