5 ways to stick to your wedding budget

While C and I are planning our wedding it is important for us to use our budget wisely. At first we had no real idea of how much things cost for a wedding, but it quickly became clear to us that things can be very expensive (if you allow them to be). We sought to find ways to get the most out of our money and to prioritise it to the areas that mean the most to us. Today we will  be sharing our top five tips to save money and help you stick to your wedding budget. 

1. Be prepared to negotiate. 
Don't assume the price you are quotes is the price you have to go for. Especially if you are in a position to pay in full ask for the opportunity to bring down the price. For our reception we altered the package to remove alcohol (as we are LDS) and canapés and a few elements that were not that important to us. These changes reduced the price by over a 1/3 and meant the venue of our dreams was within our budget. Ask is an off-season or military discounts is applicable, you won't know unless you ask.  

2. Build your 'foundation'. 
Start by planning and paying for the things that are absolutely essential for the day (i.e wedding license, ceremony location, attire for bride and groom, photography), from here expand to things that are of high importance (reception location, food, flowers, attire for bridal party). Your essentials are those that should take paramount importance in your budget. We avoided buying 'bits and bobs' and decorative accessorise until the essentials were paid for, that way we know that it is within our budget to buy these things, also it helps prevent impulse buys if you have to go and check if you have all your essentials covered. A good way to do this is to create a list of priorities having three categories (essentials(needs), high importance wants, low importance wants) and assign items to those lists. When looking to purchase something assess what category it falls under and if you are ready to make purchases for that category yet.

3. Simplify stationary. 
Firstly consider what is actually necessary, do you need to send out engagement announcements if you will soon be sending out save the dates? Does every individual attending need a ceremony program? Consider only sending save the dates to out of town guests. We kept our stationary budget low by taking advantage of the many great free printable sites out there (we used this site). By using the designs on the site we were able to create beautiful pocket fold invitations, save the dates and order of service for the fraction of the price we would pay to have it professionally made. I will be uploading a post in the coming weeks on how you too can make beautiful wedding invites on a budget. 

4. Work your contacts. 
Know a budding photographer, a wonderful baker or a musician? Take advantage of your friends and families talents and ask for their help at the wedding. Friends and family discounts are great and sometimes you'll get stuff for free as a wedding gift. We have been fortunate to have a friend offer to play the organ for us at the ceremony and the reception. Whilst another friend is making cakes for us and we just have to cover the cost of the ingredients. Whilst my parents are using their car to drive the bridesmaids around. 

5. Don't be afraid to use second-hand. 
At the end of the day most of what you will use on your wedding day will be used for a matter of hours. We are borrowing some second hand chair covers from a friend. Plus a lot of the decorations we have bough we got second-hand on ebay. Lots of people have barely used wedding items in their home that they are looking to get rid of. In fact I even got my dress second hand on eBay. The dress had been worn once (as to be expected) and was in beautiful condition. I ended up spending £150 on the dress plus £75 for alterations which is a fraction of the $1200 retail price 

What ways did you manage to save money and help stick to your wedding budget?

Don't let black Friday take you into the red

Over here in the UK black friday is increasingly becoming a bigger event (despite the fact we don't do thanksgiving so it seems odd to have a place in UK culture). It is so easy to get caught up in the moment but don't let black friday drag you into debt (or hinder your progress for getting out of debt).

Shops love to lure you in with special deals, that get you up at the crack of dawn. The pressure to buy can feel overwhelming. Some easy ways to manage your spending on black friday are

• Shop on cash (or debit card for online) only. Cant afford to pay cash (or the electronic equivalent) then you can't afford to buy what you are looking at. Take a pre-set amount of cash with you and once it is gone its gone.
• Plan ahead, if you are going to be making purchased make a list of what you intend to buy (and ensure that they are things you need to buy and can afford). This could include thing that you intend to buy for christmas presents.
• Stick to your list. When you start to deviate from your pre-set shopping plan that is when the problems arise and you start buying compulsively.
• Use the method that reduces compulsion the most. Some people find being a physical shop worse than online shopping and visa versa.
• Take a buddy who will hold you accountable (make sure its not someone who will compel you to buy more) and enjoy the shopping experience together whilst being responsible. 

As Dave Ramsey puts it 

via http://www.daveramsey.com/blog/stay-in-the-black?ectid=Pinterest 

What are Help to Buy ISAs?

The governments new 'Help to Buy ISA" is launching on December 1. Today's post will explain what this new financial product is and who is is best for. 

ISA are Individual Savings Accounts they allow for tax free savings up the cap set by the government each financial year.  The Help to Buy ISA is very similar to a cash ISA but there is the opportunity for a bonus. Individuals can save up to £200 a month with an initial deposit of up to £1000 and received a 25% bond.  The maximum that can be saved and receive a bonus is £12,000 and this is topped up to £15,000 when the saver goes to buy a home. 

The property must be less than $250,000 in London or £250,000 elsewhere. The money must go towards a deposit and not other fees to be able to receive the bonus. 

It is still not clear how interest rate will fluctuate for these ISAs as It was seen with Junior ISAs that shortly after their introductions rates decreased significantly. 

It is also not clear how much of your overall ISA allowance you can contribute to Help to Buy and if you will be able to contribute beyond the £12,000.

The ISA is individual, not based on your household. So both you and your partner (or whoever else you plan on purchasing a house with) could take our a Help to Buy ISA provided that you are both first time buyers. 

Be aware you cannot open a a cash ISA and HTB in the same tax year. If you have a cash ISA opened this year then it will need to be closed and the balance transferred before opening up a HTB or just wait until the next financial year to start.  Though some banks are offering a split ISA allowing you to hold a cash and HTB ISA at present Nationwide offers the best interest rate for this product. 

Several banks have signed up to offer the product. Halifax as of present offers the best rates at 4% interest and you are able to transfer the balance of a cash ISA towards the £1000 deposit. 

How to set and achieve your savings goals

Setting goals is a fundamental element to any budget. When you are working to get out of debt this is the primary goal. However, its easy to feel lost after you've gotten out of debt and it is therefore, important to set yourself some financial goals. 

These goals should be a mixture of short, medium and long term. But try not to have too many goals (about 5 in total is best). A common shorter term goal is often having a large emergency fund (of about 6 months to a year worth of expenses). However, you may also wish to save for other things such as DIY projects or holidays. 

Mid-term goals may include paying off you house, or saving for a down payment if your are yet to get onto the property market. Whilst longer term goals may be retirement, children's college and school funds. 

Whatever goals you choose to set it is important that they are attainable. Below are some top tips to making this goals achievable

• Have a start date- it is so easy to postpone and procrastinate about starting to do something. Stop talking and start acting. Even if it means simply setting up a standing order to a savings account for the money to come out in the near future. Taking a positive action towards a goal is rewarding and has the same snowball effect as when paying of debt.
• Have a end date- There will be points at which it is hard to maintain the goal and it seems like the easier option is to just quit. Having an end date to aim for helps with this. An end may be a time or a financial amount. It will also help you to calculate how much you need to save on monthly basis (or however often you save). 
• Make sure the goals you have set are for you and your family. If you are setting a goals so you can 'keep up with the Jones' then it will be destined for failure. 
• Use a visual- I love spreadsheets and these help me to visualise our finical situation and I also find them very motivating. However, some people like to use visual progress charts. 
• Celebrate achieving a goal and break goals into smaller goals worth celebrating. 
• Keep your savings system as simple as possible- having regular payments on standing order is usually the easiest way to manage a savings goal 
• Dont overly restrict- Now you are out of debt, not every penny you have has to go towards your goals. Don't overload yourself with pressure but allow some money in your budget to enjoy life with. 

What financial goals do you have at the moment?

Why life is better debt free

We are loving being debt free and the blessings it has brought into our lives. We are thankful for our journey to becoming debt free and hope that the lessons we have learned will stay with us throughout our lives (and prevent us getting into more debt). Today we are sharing some of the reasons why we are loving life so much now we are debt free. 

1. We can plan for our future
We are in a position now where we are able to plan for our futures. For us this involves getting our masters debt free and saving for a house deposit. Before when there was debt in the situation that had to be the priority of the focus and it detracted from our goals of the future. 

2. The burden is lighter
We don't have to worry about who we owe. We don't feel enslaved to a lender (Proverbs 22:7). We can live our lives as we want not bound by the constraints of another. The budget is able to be a little bit more relaxed and luxuries we cut out we can enjoy every now and again. The stress is considerably less, there is no worrying about going into overdrafts (incidentally C has now cancelling his overdraft when we got rid of the card). Less stress means less of a strain on our relationship. Rows about money just don't seem to happen anymore, we are on the same page and working towards the same goals. 

3. We can do things we enjoy
We can do activities or go on date nights without it being an issue. Since being debt free we can allocate more money to these areas of the budget (without going overboard). We are looking forward to visiting extended family over the Christmas holidays when we plan to go on a short road trip. These are treats that we can afford to include in the budget now we don't have to worry about paying down debt. 

4. We can give more generously
My family instilled in me the importance of giving to charity when you can and for many years sponsored children in less fortunate financial situations. When you live paycheck to paycheck there is little or no room in the budget to give. When we give we both give and receive blessings in our lives, being in a position to give is such a rewarding experience. Being able to pay it forward is such a wonderful way to make use of your money. 

What do you love about being debt free