August 2009 Topic - Saving Money on Children, Weddings & More!

01.  Saving Money on Weddings
02.  How to Save Money on Children
03.  Grocery Store Tips
04.  Saving Money on Cell Phones
05.  Tips for Saving Money on Health & Car Insurance

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1. Saving Money on Weddings

The phone rings at 9:00 in the morning and your wife starts crying tears of joy and then says, "Hold on honey here is Daddy". Your only daughter informs you that she is engaged and could not be happier. You have mixed emotions about this. You are happy for her because she has found her soul mate. On the other hand, you now know that this wedding is going to be really expensive. You want to give your "little girl" her dream wedding, but unfortunately you do have a budget that you must stay within.

Good news is you can attain that budget and still give your daughter the wedding she deserves. There are some simple steps she can take to plan the wedding she has always dreamed of. First step is to stay organized. Buy a binder and keep all your papers and receipts in it. It will make it easier to reference and also will be a keepsake to look back on. Talk to other brides and grooms and you will be pleasantly surprised at some of the ideas you will come across. There are many websites out there dedicated to planning the "dream" wedding such as www.theknot.com.

Establishing a budget in the beginning will help plans go in the right direction. Every one desires different things; therefore the bride and groom should sit down and understand what is necessary to each party. Do some research and get general pricing on what is important to you so that you can accurately fit into your budget in the beginning. The money left over is for "trimmings", trimmings are the other things that you would like, but are not mandatory. Wedding planners recommend that you budget less than what you can actually spend. This will leave you a little wiggle room.

One of the best ways to save money is when you actually have the wedding. The most popular times to get married are between February and June. Vendors are extremely busy during these times so incentives and reduced prices are not likely offered in this period of time. On the other hand, if you choose to have a summer or winter wedding the vendors are more likely to negotiate on pricing.

Receptions are the most expensive part of weddings. There are venues that offer all inclusive wedding packages. They generally include florist, photography, cake and food. This may be a great option for many couples to cut costs. However, be very cautious prior to taking this choice. Many times you get what you pay for, therefore if it seems to good to be true it probably is. The best thing to do is get referrals from other people who have used this option.

You will have two choices for a dinner wedding. You can opt for a sit down dinner or a buffet. A sit down dinner typically costs more since it requires more planning and service. Be careful when choosing a buffet since timing is everything. Buffets are tricky at weddings since you want everyone to eat around the same time. The last thing you want is your guest waiting in line for a long period of time, and then getting stuck with cold food.

Another alternative is to stay away from a dinner wedding. Many couples are choosing to have their weddings in the afternoon or later at night. That way you must only serve a lunch or appetizers, which is cheaper than dinner. If you choose this avenue be sure to time it accurately. A brunch wedding should be timed around 11am. Whereas an after dinner wedding should be no earlier than 7pm.

One of the first things people overlook as a huge cost at weddings is alcohol. Many future spouses do not put this in the budget in the beginning. There are a few options available to you. Traditionally, people offer an open bar. Anyone at the party can order from the bar and you receive the final bill. This can be expensive. Many places offer a price per person and it is added into the bill ahead of time. The issue with this is if you have a lot of guests that do not consume alcohol you have to pay anyway. A cash bar is another possibility. If you are one of the people who think this is too tacky and not an option you could opt for a beer and wine bar. A beer and wine bar is much cheaper and still gives people the opportunity to order liquor at their expense.

Dresses, flowers, and tuxes are other expenses that you will incur on your journey to the alter. Florists typically charge a lot of money for centerpieces. Find a friend or relative who is crafty and ask for some help. A little time and patience and you may be able to make centerpieces yourself. Sometimes simple looks the nicest. You can always hire a florist to make one centerpiece for the bride and grooms table and then make the other pieces yourself. Try to go for flowers that are in season this will eliminate a lot of additional costs.

The dress is very important to the bride. However, you do not want it to break the bank. Check out the clearance racks or enlist previous brides. You will only wear the dress for a few hours and is probably not worth taking up a lot of your cash flow. Borrowing a dress is a great option and most previous brides are more than happy to lend their dress. You can always get permission to alter or add things, such as beads or lace, to the dress to make it unique to your liking.

If you intend on buying a dress look into discounts that the store offers. In many cases if you buy your bridesmaid dresses at the same place the store will give you a break on the price of your dress. As for the gentlemen check out many different stores and compare prices. You will most likely save a lot of money if your whole grooms party gets the tuxes at the same store. The groom may even receive his at a discount or free.

There are many costs associated with having a wedding. Keep in mind it is imperative to have the wedding you always envisioned, while not breaking the bank. Do your homework and research all incentives as well as prices. You will notice that your "perfect" wedding is reachable.

2.How to Save Money on Children

A wise man once said "little kids little expenses, whereas big kids bigger expenses". I did not believe him, and laughed it off because at that point I had a newborn and formula and diapers were costing a fortune. Now I realize my father did know what he was talking about. As children get older the expenses increase. The economy has taken a turn for the worst in the past couple years. Yet, a recent survey revealed that people do not cut back on their children.

No one wants their children to be at any disadvantage due to the financial situation in the household. Luckily, there are ways to save money and still give your children everything that they deserve. First let's start with clothing. We all want our children to look nice and be comfortable. Look for discounts and sales on clothing. Consider buying out of season. For instance, at the end of the winter season coats and boots are commonly offered at a percentage of the price. Stock up and buy now so next winter you already have the items. Bear in mind though to buy a bigger size, since, as all parents know children grow very fast. You also want to enlist your friends who have children older than yours. I am sure they would be more than happy to give you the clothes that no longer fit their children.

School season is just starting and you get the long list of supplies that you must accumulate for your children. Many dollars later the list is complete and your child(s) is ready for school. Fast forward 4 months later and suddenly the teacher sends home a list stating that unfortunately they have run out of certain supplies and could you please send these items to school. Again many dollars later you purchase the supplies. Let's backtrack a little all school supplies go on sale after the school year starts so stock up and your wallet will thank you later.

Pack lunches for you and your children every day. It may seem like only a couple of dollars a day and more convenient than making lunches, however on average it will cost you over $75 a month. Not too mention it will be more nutritious to pack lunches verses buying.

After you get through the expenses of little kids you will face bigger expenses, such as education. Your children's education is one of the most important gifts that you give your child. Nowadays, tuition costs are rising and salaries are not following suit. Look into your state's programs to see what is offered. You will be pleasantly surprised at the statewide prepayment college options. You may also be able to establish a trust fund that you deposit money into every month.

A little invested money now could turn into a decent amount by the time your child reaches 18 years old. Since this will be a long term account look around at different investment options available to compare interest rates. In many instances the longer you leave the funds in the account the higher interest you will yield. The hope is that your child will get a scholarship however assuming this is not the case you want to be prepared.

3. Grocery Store Tips

1. Reduce your trips to the store. Every time you go to the store you are tempted to buy things that you ordinarily would not need. If you only shop twice a month you could end up saving over $200 a month and still have the necessary items.

2. Invest in a water purifier. Americans spend over $500 dollars annually on bottled water. You can buy a water purifier for under $50. This could save you hundreds of dollars a year as well as many trips to the store.

3. Buy what is available. It costs as much as 50% more to buy out of season food, such as fruits and vegetables.

4. Make a list. This will stop you from shopping beyond your needs. A list gives you an idea of exactly what you need. It is also recommended to use cash, instead of a credit card so you more aware of what you are spending.

5. Avoid buying prepared meals. You will pay for convenience and the items are predominantly less healthy than cooking your own meals.

6. Purchase generic products. Frequently the generic brands will save you up to 75%. Name brands are more costly due to the fact that you are paying for advertising. Most of the time the products are equivalent in quality. The one item that should always be generic is medications. Medications must be exactly the same in generic and brand name or it will not be on the shelf. The FDA (Food & Drug Administration) regulates all products and will not allow any generic to be sold unless it is exactly the same as the name brand.

7. Compare prices. On several occasions stores will advertise "sales", whereas in essence the prices are cheaper at another local store.

8. Keep your receipts. If you realize after purchase that the item has gone on sale or is offered at a lower price somewhere else you can go back and ask for a discount or return the item.

9. Cross county lines. You will tend to notice different towns or counties have different prices. Assuming you border another town it may pay you to actually shop there verse your neighborhood store.

10. Do not shop on an empty stomach. I know we have all heard this advice. Heed the warning. If you are hungry everything on the shelf will look appetizing. You are more than 80% more likely to purchase items that you do not need.

11. Take advantage of wholesale clubs, such as Costco, Sam's Club, and BJ's. Even though a membership must be purchased the savings can be extraordinary. A nationwide study was released stating a family of 4 who shops at WalMart and wholesale clubs verse a local grocery store saves on average over $2400 a year.

4. Saving Money on Cell Phones

Cell phones are very popular. Decide if you really need a home phone. This could save you over $200 a year.

Look into family plans for cell phones. Many companies offer discounts if you add on members.

Understand your policy. The majority of cell phone policyholders have no idea what their contract terms are. It will benefit you to find where changes can be made. If you are not using a service that you are paying for than cancel it.

Consider a prepaid plan. None of us like being shocked by an outrageous bill and too many times this happens with the phone bill. On a prepaid plan you know exactly what you are paying every month, as well as the service you will receive. You avoid the risk of getting overage charges.

Take into consideration canceling your current plan to switch carriers and save money. Be sure to research any early termination fees that you may incur. You will want to weigh in the fees, as well as the benefits.

Avoid peak time minutes. Many carriers offer free nights and weekends however the nights may not start until 9pm. Any calls prior to this you are charged hefty amounts for.

Avoid using 411 from your phone. Calling information from your phone will often times cost you a couple dollars per call. Try using 800-free-411. This is a free informational number that provides phone numbers, while advertising services. You may not want to take an extra minute to listen to an advertisement, but it could save you a lot of money on your bill. Furthermore you can contact a friend or family member who can provide you with the number.

5. Tips for Saving Money on Health & Car Insurance

Saving money on Health Insurance

Consolidate your health insurance bills. Often premiums are lower for a family plan. Look into all plans and see where the savings is greatest and consider doing a family plan.

Look into your employers health insurance plan. Group policies with employers are usually cheaper than individual plans.

Know your coverage. Health insurance plans will usually specify where you can go for services. Before seeking care see if the physician you are using is covered under your plan.

Look into copayments and deductibles. If you are not under constant care of a physician and only require annual check ups you may want to consider raising the deductibles to lower the monthly premiums.

Comparison shop. Look into all plans available to you. Often time's insurance companies offer incentives or supplementary savings.

Tips for Saving Money on Car Insurance

Keep track of your mileage. If you have cut back on driving due to the increasing price of fuel you could have a rate reduction.

Combine policies. Consider using the same insurer for home and auto and you could save money on both.

Comparison shop. One driver can see dramatic differences in premiums with various companies. Be sure though that you are comparing the same coverage. A little research could save you over $1200 annually.

Good credit could actually save you 15 to 20 percent on your policy. Check your credit prior to applying for insurance and ask if there are discounts for good credit.

If you have teenagers or new drivers inquire what kind of discounts are offered by your agent or insurer. Many companies offer reductions in prices for good grades or full time students.

If you are driving an older car you may want to consider reducing your coverage for collision.

Those drivers who have good medical insurance can inquire into reducing your PIP insurance to state required. PIP coverage pays medical bills for you or your other passengers after an accident. If you have health insurance you are just duplicating the coverage, which is not necessary. ***You must find out what your state requirements are***

Raise your deductibles. If you are carrying really low deductibles you may want to raise them a little and it could save you up to an estimated 25%.

Be sure you have no gaps in insurance. If you are switching services the new policy covers you before the current policy lapses.

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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 08
Rev.1
August, 2009