In our Fifth topic for 2007 we cover Planning A Wedding and Baby on A Budget, as well as Practical Money Saving Tips

01.  Planning A Wedding on a Budget
02.  Having a Baby on A Budget
03.  General & Practical Money Saving Tips

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Planning a Wedding on A Budget

Imagine this you finally meet the person you want to spend the rest of your life with. Everything is perfect and you are planning to get married. Now suddenly the gloom sets in. Nowadays, more and more bride and grooms are stressing out about the financial burden of a wedding. Of course this is your day and you want everything perfect. Unfortunately in this era a modest wedding can cost you $10,000. For many of us that is a lot of money. Not to worry though there are ways to cut costs and still have the perfect wedding that you have always dreamt of. No matter how long you have to plan your special day there are ways to cut costs. The biggest thing is to plan ahead. Keep track of everything you research. Buy a 3 ring notebook and put all your papers, contact numbers, menus and receipts in it. Not only will it be easier to reference but it is also a great keepsake you can look back on. I highly recommend joining the bridal websites like www.theknot.com. There are many brides and grooms out there that share awesome ideas and tips.

Establish a budget from the beginning. Planning a wedding is a lot of fun but can be very overwhelming. Having a budget will eliminate a lot of stress right away. Sit down with your fiancée and decide what is most important to each of you. Call around and get general prices for each of the things so that you can be sure you budget accurately for them. Some things you may find are not that important and may even decide to do without. Set a realistic goal of how much you would like to spend. It is often recommended to actually budget less than you are willing to spend. It will leave you a little breathing room. Do not get upset if you estimate wrong because chances are in the end it will balance out.

Choosing a specific date may actually save you money in the long run. The most popular times to get married are between February and June. Often time's vendors do not give discounts or incentives during this time because they are already so busy. Getting married in the summer or wintertime when the vendors are slower will work to your benefit. They tend to be a lot more negotiable. The other option is to get married around a holiday. For example, if you choose to get married around Christmas or Easter the church is already decorated which will save you floral fees. The biggest complication with getting married around a holiday is that a lot of people travel for the holidays, which means that some guests may already have other engagements.

The reception is where you will spend the bulk of your money. Some places offer all inclusive deals. The all inclusive deals generally cover your florist, photographer, cake, and food. Before you jump into this be sure to get referrals from previous couples. You want to make sure that it is worth it. Plan to spend most of your money on the music, photographer, and food. Your photos are the only memory that you will have left when your day is over so be sure to pick the perfect photographer. As far as the food you must decide how to serve this. Many couples opt for a sit down dinner, which can be very pricey.

There are ways to cut the costs of a sit down dinner. For instance, chicken dishes are generally the least expensive, on the other hand if you have your heart set on something else you may want to make it a smaller meal. Generally places serve 4 courses you could take off a significant amount of money by cutting out salads or another course. The alternative to this is a buffet. The drawback to a buffet is if you have a lot of people everyone eats at different times. You and your future spouse should decide if dinner is really necessary. You may want to do a brunch or appetizer wedding. Be sure though to schedule the times accurately. If you do not intend on serving dinner schedule your reception after the dinner hour, which is generally 7pm.

Alcohol is a huge expense at a wedding. There are a few different choices that you and your future spouse have to cut costs. An open bar tends to get very pricey. An open bar is when anyone at the reception can order drinks and you pay the bill at the end. An alternative would be to find out if your reception location offers an alcohol price per person. The way this works is you pay up front a certain amount of money per person and they can drink an unlimited amount of alcohol. That way there are no surprises at the end. The other option is known as a cash bar. A cash bar is when everyone pays for his or her own drinks. Some people find this tacky, but it has grown popularity over the past couple of years due to budgets. If you do not want to do a cash bar, but cannot afford to pay for everyone's drinks you have one more option left and that is beer and wine only. This is often a nice choice because it is a lot cheaper than alcohol, plus anyone who wants anything else can pay for it.

Flowers can be a huge unexpected expense. Florists tend to charge a lot of money for centerpieces. If you or someone you know is very crafty it will benefit you to ask them for help. A great tip is to have a florist put together one centerpiece, which will be used, on your table. You can then get together with your "crafty" friends and make center pieces for the other tables. Remember they do not have to match perfectly. Pull some ideas out of the main centerpiece and add your touch to them. Believe it or not you may actually be amazed at how nice it looks when they are all put together. Plus your wallet will thank you. It also helps to pick flowers that are in season when you get married. This will eliminate a lot of extra costs. Attire is very important to many couples but it can also break the bank. You want to look perfect which is understandable. A wonderful way to save money on a wedding dress is to borrow friends.

I know that you are thinking why would I want to do that. Let me tell you why. You only wear the dress once for a couple of hours. You can borrow a friends dress and make it unique to you. I am sure most people would not care if you altered it a bit. Perhaps it is a plain dress and you wanted rhinestones on it. Take it to a tailor and have it done. It will save you a lot of money in the long run. If you are completely against borrowing someone's dress maybe you would like to have a friend or family member make you a dress. You are sure to be unique and it will mean more to you since one of your loved ones helped you design and make it.

Now if you are like me and have no loved ones who can make a dress take advantage of all the sales. Bridal stores constantly offer sales on dresses. Often times wherever your bridesmaid's dresses are ordered from the store will discount your dress. Men's tuxes are expensive to rent as well. Look into the little mom and pop stores they often times give better discounts. You will be amazed at how much money you can save by signing up your whole party at one store. Be sure to inquire about group discounts. If someone in your party already has a tux discuss with the store about receiving free accessories for that person. The majority of stores will rent the groom the tux for free as long as the party rents from them.

No matter how you put it a wedding is an expensive event. The important part is that it is what you have always envisioned without going into debt over. Plan ahead and follow these tips and you are sure to save some money. Every dollar adds up. In the beginning it may seem minimal but at the end you will realize with a little cost cutting you are sure to save a significant amount of money. Always take advantage of the Internet. A lot of times ordering off the Internet for favors and other things will save time and money. Buy bridal books they are an excellent source of information. Also find out in your town if there are any wedding shows. Wedding shows are a great way to shop around and talk with other couples. Remember as stressful as it is to plan a wedding it is well worth it in the end. There is no right or wrong wedding. It is your day and enjoy every minute of it.

Having a Baby on A Budget

The most exciting time in someone's life may be finding out they are becoming parents. It is also very stressful. Of course you want everything to be perfect for your bundle of joy. The problem is a lot of infant stuff is very expensive. Shopping around from the beginning is your first key to saving money. You must think about all the necessities that you will need first. Safety should always be first before looking at anything. Check out all safety guidelines prior to shopping.

So you are expecting your little angel soon and are preparing for his or her arrival. One of the first things you start with is the nursery. You want it to be just perfect. As you look around for things for your baby's room your "ahh" turns to "eww". Decorating a baby's nursery without straining yourself financially is not impossible. It is actually quite simple with some planning ahead. First thing is paint. It sounds silly but paint can really change the personality of a room. Paint is relatively cheap and a good project for your husband to do while you go out shopping. Keep in mind it does not have to be plain. You may want a border or sponge painting. Anything like that will really transform a plain room into something extraordinary.

Surprisingly enough bedding for a baby's room can get very expensive. You may have a theme that you have your heart set on until you see the price tag. Let's face it when your child is 3 or 4 you will have no use for it. A better alternative is to buy plain crib sheets and then just accessorize. For instance, if you always wanted sports for your son's room buy a sports lamp, rug and border. Instead of buying the sports bedding set which will probably cost you a pretty penny. The other thing to keep in mind is that it is not recommended that babies sleep with comforters or blankets anyway so you are only buying it for decoration. Coordinate the colors and it will all blend together

Decorations for the walls such as paintings and other artwork can get very pricey. A nice alternative to this is to do a collage of family photos. Not only is it personal but also as the child grows up they will appreciate it more and enjoy seeing familiar faces. Take advantage of the changing table dresser combos. A changing table can only be used for a few years whereas a dresser will be used for many years to come.

Feeding a baby can be very costly. Obviously if you choose to breast feed you will save an average of $1200 a year. Breast feeding is a personal decision that one must make. There are advantages and disadvantages to it. However, once the child eats food it is most cost effective to make your own baby food. I am not Martha Stewart however I made my own baby food the majority of the time. It saved me a lot of money. It is very simple all it takes is a pot of boiling water and a blender. Boil the vegetables and hard fruits until very soft and then throw them into the blender. A tip that I was given which was a lifesaver was to put the food into an ice cube tray and put in the freezer. Once the baby is ready to eat put it out and microwave it until warm.

Diapers are a necessity. Let's face it the majority of us are not going to use cloth diapers. To save on diapers it is recommended to cut coupons. The other option is try store brands. They are often half the price of huggies and pampers and some are actually very good. Try to buy diapers and wipes in bulk. The more you buy at a time the lower the price. If you are currently pregnant hold off on buying too many size one diapers as some babies grow out of them in a matter of weeks. It is recommended though to buy diapers while you are pregnant to avoid the shock of it after you have the baby. While on the subject of diapers it is not necessary to spend the money on a fancy scented diaper pail.

A garbage can with a stick on deodorizer will do the trick. My all time favorite thing to buy for babies is clothes. However, baby clothes can be just as expensive as our clothes. Don't go too crazy shopping for your little one. Keep in mind they grow very fast and will probably only wear the outfit a couple of times. Look into clothes at discount shops and take advantage of anyone who offers hand me down clothes. Remember when your child grows out of sleepers you can always cut the feet off to extend the wear on them.

Other accessories for babies that can hit your wallet are playpens, strollers, cribs, walkers and car seats. Playpens are not necessary. You can use a child gate instead. Instead of buying a "baby" gate opt for a "pet" gate. They are exactly the same and usually cheaper. Strollers are a big ticket item for many people. They are very fancy nowadays but are they really necessary? The answer is no. Actually sometimes they are more of a hassle than anything. Stick to a cheap basic stroller and invest in a back or front carrier. They are much more convenient because you have your hands free and do not have to maneuver anything through crowds of people. Cribs are a necessity. This is the one of the areas where I will say to splurge. The child will spend a lot of time in a crib and you want to make sure it is up to safety guidelines. Some cribs give you an option to turn them into toddler beds and then adult beds. This is great if you are going to do this. Weigh it out and see because they do tend to cost more money.

Walkers are an added expense that you probably do not need. If you have someone you can borrow it from I would recommend doing that. Truth is baby's usually only use walkers for a few months. If you are set on buying one go with a store brand and nothing fancy. The purpose is for the child to have some independence and be able to learn how to walk. All the extra things like a cup holder and toys are really not worth paying for. Most walkers have a tray that you can put toys on. The final expense is a car seat. This is one of the most important purchases you will make. Do not get a used one. Buy this new and make sure it meets all guidelines. You can go to your local fire department and they will make sure it is installed right. If you do not have the money to buy one fire and police departments will usually give you one. Also check with your auto insurance companies because some of them offer you one for free if you attend a safety seminar.

Raising a baby is very expensive. Take advantage of any freebies or coupons offered to you. Also join any clubs that your local grocery stores may offer. They will send you coupons for things you will need. The membership is usually free. Another great resource is the excited family. Do not be ashamed to take their offers of help. Raising a child does not have to put you in over your head. Follow some of these tips and the money you save can possibly go toward the college fund.

General & Practical Money Saving Tips

Initially many people may find it challenging to live on a budget, especially those who are not used to tracking their daily expenditures. When these figures are recorded and added together they often form a total that exceeds the amount of income that they are receiving.

When people are faced with this situation, they must cut back on their spending. However, this is often easier said than done. With this in mind, we have compiled a list of practical money saving tips that should help you to get back on budget as quickly as possible.

Alter credit card behavior - Pay cash whenever possible. This will help you from making a purchase unless you actually have money available. If you decide to make a credit card purchase, be prepared to pay the balance off monthly. This will save a lot of money by avoiding interest charges. If you already have a credit card balance, then transfer your balance to the credit card that has the lowest interest rate. Additionally, find a card that does not charge an annual fee.

Brown bag it - Believe it or not, all of those lunch hours spent at the local restaurants begin to add up. Bringing your own lunch can save you several dollars each day.

Call during off peak hours - It is not uncommon for "phone talkers" to spend a couple hundred dollars a month on phone charges. Much of this can be avoided by placing the majority of your calls during off peak hours. These hours may vary depending on the service, but many cell phone companies offer unlimited calls during nights and weekends.

Clip coupons - Although this may seem like a tedious waste of time to many, the savings can often be well worth the effort. Many stores will offer to double the amount of your coupon up to a certain amount. Using this technique can save you as much as $20 to $30 (this number will vary depending on the amount purchased) each time you shop.

Refinance - Mortgage rates have been extremely low over the past year. This has been a great opportunity to reduce the monthly house payment significantly. (If you are planning to have your house paid off prior to retirement, then you may want to factor this in before refinancing.)

Bundle your insurance - Many insurance companies will offer their customer lower rates if they purchase multiple insurance policies. For example, some people use the same agent for multiple cars, and others combine their cars and house.

A key point to remember is that a dollar here and a dollar there really begins to add up. Avoid the temptation to resist changing a pattern of spending because "it would save that much money." For example, if all those small savings add up to $100 a month (or in some cases much more), then that equates to $1200 annually, which is a significant amount of savings.

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Got a question? Then contact our Education Team on 561-883-2398 Ex.310 United conducts regular seminars on financial education, including "How to Budget", come along and join us - to reserve your seat contact our Education Team on 561-883-2398 Ex.310

Newsletter 05
Rev.1
May, 2007