Advertising
Advertising

The Thrifty Bride’s Guide to Wedding Planning

The Thrifty Bride’s Guide to Wedding Planning

The big question has been popped, the engagement period has begun, and it is time to begin planning for one of the most exciting, scary, emotionally invigorating days of your life. Even for those who don’t place much value in the traditional wedding and choose to go another route, the act of marriage is a heartfelt one of acceptance, admiration, and commitment to one individual in a world of billions. The wedding is about sharing the joy of finding that one person that makes you happy beyond measure. Some want to joyfully include as many people as possible while others invite only those closest to them. Whether you want a wedding that will rival Queen Elizabeth’s with the dress to match or something a little more low key, these tips will be extremely useful for creating an atmosphere all your own at a fraction of the price you would otherwise pay.

Rings

When revealing your engagement to the world, one of the first things people ask is if they can see the ring. There is a huge cultural fascination and emphasis on the ring and its reflection of the love your partner has for you. What is interesting is that the emphasis on how large the diamond is has gradually lessened and people are choosing more affordable, artistic, and personalized routes when buying engagement rings. Another exciting development is that men are opting to wear engagement rings more and more. With these things in mind, here are some tips to help find just the right ring for both parties.

Upgrade Programs

This is a great idea, perfect for the young couple who will be growing their lives together both in finances and in taste. How this works is that you buy rings that are within budget and that suit you at this point in your life, but with the upgrade program you can come back to the jewelry store at any point and if you want to upgrade to something larger or simply different you will receive credit equal to 100% of the original price toward the purchase of a new ring.

Consignment

Advertising

This is a great way to cut the cost of some beautiful engagement rings. Consignment stores have both bling and modesty and are the same exact diamonds, stones, and bands fouand in any jewelry store except with a smaller price tag. Preowned does not mean less valuable. Another plus is that many of them have online stores which gives you the opportunity to peruse what’s available before deciding if consignment is for you without ever having to leave home.

Alternative Stones

The fascination with the diamond has had its day. As beautiful as diamonds are, they lack the personality that a lot of couples are looking for and the price tag doesn’t help their case. Many couples are considering other precious or semi-precious stones in an array of different settings that suit their partner’s taste in style, color, and price.

The Dress

Such a big one! Many of us dream about our wedding dress from the time we are old enough to play dress up and others could be happy wearing sweats as long as in the end they are married to the person of their dreams. Here are some great ideas to consider that will make everyone happy and save some extra money for the honeymoon!

Clever Girl

Advertising

Companies know that they can price wedding dresses at the prices they do and people will pay them. That same dress in another color would be sold for much less. One way to get around the wedding dress price tag is to order a bridesmaid dress in white. The price of wedding dresses and bridesmaid’s dresses differ drastically in price and no one will be the wiser.

Rent

A lot of women want to keep their dress after the wedding as a souvenir or to be able to hand down to future children. If this is not your thing, renting is a great option. You can get the dress of your dreams and give it back after your big day saving yourself potentially thousands.

Preowned

Preowned gowns are another alternative to buying a new gown at full price and if keeping the gown is something that is important to you, you can! The only person who will know that it is preowned is you and if it is the one, by all means make that happen and do it without spending three months salary or putting it on credit. Remember these can be altered as well. See a gown you love but want some extra length, a longer tail, or need it taken in a bit? These things can all be done and the dress can still be under budget.

Advertising

The Cake (and Food)

Depending on if you foresee your wedding being the social event of the year or if it will be a handful of family and friends, here are some clever and rather fun ideas for getting exactly what you want while continuing to make smart, thrifty decisions financially.

Fake It Till You Make It

Another one of the things that have become a staple of the wedding ceremony has been an extravagant wedding cake. There is a company that realized that having the extravagant cake is not always cost effective for the bride and groom. They help you fake the cake. Instead of paying out of pocket for a massive cake, half of which will most likely go to waste, you rent a beautiful display cake for the reception, and the caterers serve much less expensive sheet cake from the kitchen. Clever and cost effective.

Potluck Wedding

For a smaller wedding with just close friends and family, a potluck wedding dinner is a great idea. Not only does it cut the cost of a caterer but it makes everyone feel included. Make sure you or one of your bridesmaids have delegated dishes so that you don’t end up with all desserts or a few of the same dish.

Advertising

The Venue

When it comes to choosing a venue the prices range substantially depending on many different factors. Choosing a venue that is not typically a traditional wedding venue is one big way to cut costs. Getting married in the “off” season also contributes to lower prices. Other ways to curb costs are to stock your own bar and stick with beer and wine. Just don’t get married where you have to bring in everything- chairs, tables, etc. The cost and stress of having to supply those things are not worth it. Lastly and probably most importantly, if getting wedding gifts isn’t that important to you, asking those invited to contribute to the cost of the wedding is a great way to go. There are several sites online that make this easy for people to do. The bride and groom sign up, set up the account, and share the link that allows people to contribute electronically making it easy on everyone.

Flowers/Music/Photos

With the flowers, the music, and the wedding photography, going local is the best way to get quality work without paying the big business or wedding planner prices. The small local florist is not going to charge what the large wedding company will, the talented driven local photographer isn’t going to charge what the established wedding photographer will, and the young local DJ isn’t going to charge what the self-proclaimed wedding DJ that was referred will. Definitely do your homework and check portfolios but there are many talented people who are capable of doing the job at a much lower price. Another way to look for the photographer and DJ is through local music schools and universities. With the flowers and floral arrangements you would be surprised what you can get online, delivered right to your door. Shopping online for your wedding flowers is another affordable choice.

Plan Plan Plan

When setting your budget, focus on your priorities and work from there. Planning your own wedding can be quite stressful but often the most rewarding. Being able to make sure things are as you envisioned- or close enough- is exciting. It is also quite a task and can become stressful. Set things in motion and let your bridesmaids and those around you know what you need. When people offer to help, let them.

I think what it comes down to when looking to make this day as memorable as possible for everyone involved (without going into debt) is creating an event that is completely original to you and your partner. Think outside of the box and start your journey together savvy and saving for your future.

More by this author

Common Sense Ways to Beat Cold & Flu Season 6 Tips For Creating Your Dream Job 5 Truly Haunted Places Worth Visiting This Halloween The Thrifty Bride’s Guide to Wedding Planning 5 Reasons Why Internships Are as Important as Your Degree

Trending in Budget Activity

1 6 Easy Ways to Treat Yourself 2 7 Websites to Sell Used Stuff Profitably 3 Seven Tips to Save Money While Renovating Your Home 4 4 Ways to Make Every Penny Stretch in 2017 5 Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising
Advertising

Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

Advertising

5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

Advertising

Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

Advertising

6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

Advertising

So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

More About Personal Finance Management

Featured photo credit: rawpixel via unsplash.com

Read Next