10 Hidden Costs of Planning a Wedding

It's wedding season!! And speaking from personal experience, planning a wedding can be expensive! The most important thing when planning a wedding is to create a budget. We all know of the big budget line items when thinking about planning a wedding: Dress, food, venue, transportation, etc., but what about those things that don't come to mind?

Below are 10 Hidden Costs of wedding planning,  and how you can combat them!

1. Postage ---You would think something as small as postage isn't a major cost to consider, but 45 cents per envelope adds up! The most common stationary used for a weddings are save the dates, invitations, response card envelopes, and then thank you cards. I'll use myself as an example. We sent about 125  save the dates, invitations, and thank you cards. $125 x $.44= $55 x3 = $165. If you notice, I didn't count response cards because we didn't use them! That saved us $55. Instead of including a postage paid envelope, we asked that guests either call or email to RSVP. $55 doesn't seem like much but with planning a wedding every little bit counts. Also, be careful of the type of invitation you get. Depending on the size and weight, you may end up paying more than the standard postage per envelope.

2. Alterations ---If you purchased a dress or tuxedo that requires alterations, be wary of where you go. The more complex the alterations, the heftier your costs will be. I was utterly shocked at how much my alterations were. My alterations were 25% of the cost of my dress! Some bridal shops include alterations with the cost of the dress. Ask about this when you are shopping. Try to purchase a wedding dress locally!! If not, you will pay for the cost of alterations AND travel.

3. Wedding Accessories --- Earrings, shoes, necklace, bracelet, etc. Give yourself a spending cap for these items and purchase over time so that you are 1. not stressing yourself out weeks or days before the wedding, and 2. so that you aren't left with a large amount of money you have to spend in a short amount of time.

4. Taxes & Gratuity - The wedding planner has told you that your venue will be $40 per person for dinner. Let's say you have 125 guests. That's $5000. The SUBTOTAL is $5000. When you add 9% taxes and 18% gratuity, your bill has increased by $1350 to a grand total of $6350. If your budget is $5000, make sure that includes taxes and gratuity. Consider gratuity for the band and your transportation in the budget as well.

5. Wedding party gifts --- Being a bridesmaid or groomsman is more than just smiling and walking down the aisle. Your loved ones are investing money and time to make sure that your day is special. To me, getting your bridal party gifts are a non-negotiable and can add up quick! Especially, if you have a large wedding party.Don't wait until the last minute to purchase gifts. Purchasing over time will allow you to spread your costs out.  No matter how much time you have, start buying your gifts early! There are also great DIY ideas on Pinterest that can lower your costs as well.

6. Decorations --- Oftentimes, some decorations are included in the cost of your wedding package, particularly if you are having a wedding at a hotel or banquet hall. Most brides and grooms want to add the personal touch to their wedding, especially if they have a theme or color scheme. Just like #3 and #5 purchase your decorations over time. Find decorations that you can assemble or make yourself to make your special day stand out.

7. Alcohol - Open bar sounds great right? Of course, but it means a big cost to the person who is paying for the wedding. There are a lot of opinions on this issue whether an open bar is appropriate, right, wrong, etc. My advice is to think about the group of people you are inviting to your wedding. Are there more drinkers than not? or vice versa? If you feel that an open bar isn't necessary, don't add it to your package.  It could save you a couple thousand dollars. A cost effective alternative is a non-alcoholic specialty drink, or a bottle or two of wine at each table.

8. Favors - Favors can become very costly as you have to consider the cost per person. DIY favors can be cheaper but consider the time that will be put in to prepare them. Pinterest is a great resource to find wedding favors that are inexpensive and your guests will love.

9. Back up Plan --- Are you planning a wedding outside? It is always important to plan for the possibility of rain. This can become very costly especially if you have to pay for both locations regardless. Consider an indoor location to ease anxiety about weather. If you do plan to have a wedding outside, consider using a venue that also has indoor space. You may only have to pay one total price.

and finally.

10. Damages ---So Uncle Rick got a little rowdy and excited and ended up hurling in the hallway, and guess who has to pay for it? You! Damages could be really costly depending on what happens and how much damage is done. Before you sign any contracts for your reception or ceremony location, be clear about what damage charges may incur so that you don't get any surprises!

For all of you who are getting married congratulations! I hope that my tips are helpful to you as you plan one of the most important days of your lives! Enjoy :-)

Which Should I Invest in First - 401(k) or IRA?

Student loans paid off in 10 years!!

 

So....have you ever felt like you're NEVER going to pay off your student loans? Are you so overwhelmed at the amount of student loans that you have to pay back? Have you thought about being a professional student forever so that you just keep putting off payments?  :-) When I did my exit counseling after graduate school, I was just in shock. I was desperately trying to figure out how I would pay my loans back without going in the hole, or something that would help me along the way.

As a social worker, working in a Title 1 agency, I was eligible for the Public Service Loan Forgiveness  program. As long as I continue to work in a Title 1 agency and  pay 120 payments which as about 10 years worth of payments, all of my Federal Direct  student loans will be forgiven.  You do not have to have a certain type of degree, but there are criteria that you have to meet in order to qualify. Click the link above!

Are your student loan payments too high? Are they more than what you can afford? If you took out federal student loans click HERE to find out if you are eligible for income based repayment, income contingent repayment or pay as you earn repayment plans.

Private loans are difficult to repay and unfortunately many of the repayment programs are not available for people who have taken out private loans. However, many of the private loans have repayment options that will make it easier on your pockets. Check with your private loan servicer to find out your options if you can't afford your payments.

I hope you find something here that saves you some money or shortens your repayment time! Any more info on student loan repayment or forgiveness plans? Share your experience and comment below! Also, check with your school to find out what they offer for forgiveness or repayment options. Look for more student loan forgiveness and repayment programs below.

Federal Student Loan Forgiveness Programs

Association of American Medical Colleges Loan Repayment and Forgiveness Programs 

National Health Service Corps Loan Repayment Program 

American Bar Associations Loan Repayment Programs

Nurse Corps Loan Repayment  Program 

The Dangers of Keeping Up with The Joneses

It's simple. Don't spend money you don't have to buy things you don't need to keep up with people who could really care less..

We've all looked at things other people have and wanted them for ourselves.

I remember when my husband and I were engaged, my father in law took us on the west side of Rochester and he showed us where he and my mother in law lived when they first got married. The purpose was to show us how they started off.  He said something so profound and it has stuck with me to this very day. "DON'T LET DEBT, DETERMINE YOUR DESTINY." Wow. I never thought of it that way. How does this tie in to keeping up with the jones'? Well, we often will go above and beyond, acquiring stuff..to keep up with this persona of what and who people think we are. New clothes, new cars, new phones, big house, big car note, big vacations..big DEBT. Don't you want your goal to be to live life on your terms? Don't live life on the terms of Mastercard, Visa, American Express, and Discover.

Comparison is the theif of joy. We are all on different journeys. What is for you, will be for you, and what is for someone else is for them. Don't worry about what is going on in somebody else's life. If people are so concerned about your clothes, car, shoes, bags, house, and not concerned about who you are, maybe it's time to reevaluate some relationships. God has a plan and purpose for everyone. Don't override HIS plan for yours.

I HOPE I struck a nerve! Let's do better so we can be better!

Dating on a Budget

Valentines day is coming up and who doesn't love a nice date? Well, I guess it depends if you're paying! Dates are great, but they can become expensive really quick. I mean, to go the movies for two is pushing $50. Movie tickets are between $10-$15 a person, and let's not even get started on the cost of popcorn, candy, and a drink! Now, this in no way means that you can't splurge every now and then, but doing it all the time can break the bank!

Let's think fundamentally about the purpose of a date. The purpose of a date is to get to know someone, spend time with your significant other, and have fun! It doesn't matter how much money a person is spending, it's the thought, and the creativity that can make a date much more exciting than a meal and a movie.

My husband and I have been married for a little over 7 months and we have challenged ourselves to think of different ideas to not only save money, but also to be more creative in the time that we spend together.

Here are some ideas for dating on a budget:

• Cook a meal together. Cooking together can build trust, create a team effort, and you can see how your love interest fairs in the kitchen!


• If you live in area that has free concerts or festivals, take advantage of that! They are always fun. (especially in the summer)


• Wine tasting --We live near the Fingerlakes (NY) and wine tasting is like it's own culture. What's great about wine tasting is you can sample several different wines for a very low fee. Sometimes, as low as $2 a tasting.


• Have a cup of coffee! - Most cities and towns, have great local coffee shops where you can get coffee and other specialty drinks. Coffee shops are great places for conversation, and simply enjoying each others company.


• Do something active! Go on a hike, go rock climbing, take a walk in a beautiful garden.


• Movie night in--Grab your favorite movies, a blanket, and your loved one. Snuggle up and enjoy!


• Couples massage - Who doesn't love a massage?


• USE GROUPON!! Groupon is awesome when it comes to date night ideas. You can even personalize your Groupon account to pick out deals that can be used for date nights. You can always save money with this for a variety of things: restaurant deals, massage deals, shows and concerts, and even getaway weekend deals.

Don't go broke, trying to impress him/ her it will be damaging in the long run. Plus, if that "special" someone is only interested in what you can buy or give them, then they might not be the right person for you.

Remember! It's the time spent, not the money that is most important when dating. Have fun!!

Dr. Deena Carr On How To Tap Into Your Fortune [EXCLUSIVE AUDIO]

Money money money money!!

Happy Tuesday!!

Did you know that there are over $1BILLION of unclaimed money from as far back as 1940 in New York State?!

Who doesn't love a bonus? Check your name here. It's worth a try and is NOT  a scam. My mom, grandmother, and a close friend all had unclaimed funds!

If you don't live in New York State, see if your State's office has a similar department!

Click here for the original article.

Approved!!

You are approved!! These are the words that I had been longing to hear for a couple years and I finally heard them!! Let me just say this was a big decision for me. Those times where I will want to go to Lord and Taylor and buy those boots I've been eyeing are no more unless I have the cash for it! Honey, let me tell you, this is going to be an interesting year!

Sidebar: Have you been there? I know some of y'all have. You go to one of your favorite stores and you see something that you absolutely love but can't afford, but then you realize you have extra room on your credit card, and tell yourself "Oh, I'll pay it once I get paid," or "I'll just pay more than the minimum to pay it off." Or, "I need to treat myself. I deserve it." Come on, I can't be the only one that's been there.

Anyway, I was approved for Debt Consolidation and it will save me thousands of dollars to pay my debt down to one lender, with one payment, and a much lower interest rate than I had been paying. I'm using the picture above for motivation over the next three years while I pay my DC loan off when I am feeling discouraged and have the urge to use credit. There was a lot I had to think about, and if DC is something you are thinking about, take a look at the pros and cons: 

Financial experts are pretty divided on the issue for a number of reasons. Let's look at the pros and cons:

PROS:

1. If you have many creditors to pay to, it can be hard to keep up with all the payment due dates. Debt consolidation allows you to pay one payment to a lender.


2. A lower interest rate can save you BIG  money over time.


3. A large loan and consistent on time payments can greatly improve your credit score. When you are ready to buy a new car or purchase a home, your credit history will be favorable among lenders.

CONS:

1. Depending on  your level of motivation, you may only be  treating a symptom, and not getting down to the root of why you are spending. This is a legitimate concern. While debt consolidation can lower your payments and help you eliminate debts, if you are not dealing with yourself and your spending habits, you may be creating a much bigger mess for yourself. Those credit cards are paid off, but you still owe the loan ender. If you open more credit cards or use your existing ones,  you will be in for a long haul.


2. Depending on how much you owe, you may end up spending more over time with a loan than paying each creditor separately.


3. Depending on  your credit history, and the loan amount, you may not be eligible to get a loan. If that's the case, pay down your debts for about a year and reevaluate whether you want to apply again.

Debt consolidation is not for everyone, but it is going to work for me, primarily because I am committed to changing my spending habits. Consider your options and think what may be best for you . I also HIGHLY suggest that you talk with local credit unions and nation banks to find out what can be offered before seeking out a debt consolidation company.

What are your thoughts on Debt consolidation?

Dave Ramsey's FREE Guide to Budgeting Download + Great Deal on Financial Peace Junior Set

What's the Financial Fast? Michelle Singletary Explains

Target: Register Now for 1-Year of FREE Credit Monitoring & Identity Theft Protection

If you shopped at Target between 11/27-12/15 and were affected by the Target breach, you have the opportunity to get free credit monitoring and identity theft protection for one year!!

4 Things You Can Do To Reset Yourself Financially [EXCLUSIVE AUDIO]

Happy Birthday! Your Ticket to Birthday Freebies

(Me on my birthday a couple years ago)

So, it's my birthday..Happy Birthday to me!! 25 and blessed!
One of my favorite things that I look forward to on my birthday are freebies. I will later be talking about the benefits of rewards cards, but today I specifically want to talk about birthday gifts that you will get from businesses that can make your special day even brighter!
I will not deny that I love to shop and I am a loyal customer, especially to those retailers who give back to their customers. When you sign up for promotional emails from a company, many times they ask for your birthday..and for good reason. Below are a list of my favorite companies that give birthday freebies, rewards, or coupons

Food:
Starbucks: Free drink of your choice: Venti passion iced tea lemonade or venti white chocolate mocha?
IHOP: Free pancake breakfast. Who doesn't love pancakes??
Panera: Free surprise treat!
Red Robin: Free burger!

Shopping:
Victoria's Secret: $10 coupon.
New York and Company: Free birthday coupon
The Limited: $15 birthday coupon

The food freebies are great. You can save so much just by signing up for these rewards. From the food freebies, I've posted, you've got breakfast, lunch, and a snack taken care of for the day! There are so many more places that give you free things just for signing up for promotional emails and/or rewards cards. Here are three sites that have more extensive lists of the birthday freebies you can take advantage of on your special day. Special shout out to my Capricorns and January Babies! Enjoy everyone :)

Hip 2 Save Birthday Freebies

All You Birthday Freebies

 

I failed the 52 week money challenge.

Does anyone remember seeing this circulate on social media last year? I am sure it may again as we begin 2014. I jumped on the bandwagon and tried this challenge at the beginning of 2013. I think I stayed with the challenge until about the 20th week and then I just stopped..for a couple reasons. 1, At the time, I was in graduate school, working a part time job, with a non-consistent pay check. 2, I just simply forgot. I had so much going on, I was getting married, moving, going on my honeymoon, and trying to find a job. Remembering to put money away each week was challenging for me with all that I had going on.

While I realized this challenge didn't work for me, there are other methods that can--and the purpose of something like this is to learn to  consistently save throughout the entire year.  Saving any amount per week, or per month is a great way to build your savings. Think about your income, and then think about what you can do to put away an amount of money without stretching yourself too thin. Saving 10% of your pay check is a great starting point.

If you successfully completed the 52 week money challenge, Awesome! I challenge you to do something greater! What is the maximum amount you can save each week or each month? If you look at the chart, towards the end of the 52 week money challenge, you are saving nearly $40-50 a week. If you can save up to $50 per week, or $200 a month, why not start at the top of the year? Do you know that adds up to $2700 at the end of the year? That's almost twice as much as what you would have earned with the original 52 week money challenge. 

Do you have a consistent savings plan or savings challenge for 2014? This year, I am fully committed to automatic direct deposit to a savings account NOT linked to my checking account. Share your ideas below!

 

After Christmas Shopping

I hope everyone enjoyed their Christmas with friends, family, and loved ones! I certainly did. This blog is not only about financial freedom, but is also about shopping smart---getting the most out of your money!

Just like Black Friday, the day after Christmas is a huge shopping day. I have found that shopping the day after Christmas has just as good if not better sales than Black Friday.

Here are three tips for after Christmas shopping that will SAVE you money!

• Buy your Christmas items for next year NOW!! Many retailers will mark their Christmas decorations, cards, trees, wreaths, ornaments, etc. down 50% and more. Small drug stores like Walgreens, CVS, etc. are great for this type of shopping because they mark down fast, and the traffic in these stores won't be as heavy as a Target or Walmart. You may get a wider variety of items to choose from as well.


• In a place like Upstate New York, we sometimes wear sweaters, boots, and coats until MAY! Department stores are going to heavily mark down these items to make room for spring clothing. Make that trip to Macys, JC Penney's or Lord and Taylor to see what you can find!


• Don't forget your coupon!! I am a coupon queen. Pretty much every retailer has some type of coupon for this time of a year whether it's a dollar amount or percentage off. Many times you can use these coupons on top of deals that have been discounted! Ask a sales associate if there are any coupons, check the newspaper, print out coupons from online before you leave, use your smart phone to look up coupons...I cant get enough of coupons!!


• Don't just pick anything from the rack or the shelf. Be selective on what you choose. Just because it is a good deal doesn't mean it's necessarily supposed to go home with you! The goal here is to save on what you already want to buy! Try to make a budget and/or list so that you don't overspend.

What are some ways you save during the after Christmas sales? Comment below!

Related articles

• JC Penney After Christmas Sales: Hit the one day doorbuster event on Thursday (examiner.com)


• After Christmas Shopping Another Way to Save Money (kstp.com)


• Target After Christmas Sales 2013: Use red card and save extra five percent (examiner.com)


• Six tricks to reduce Christmas Spending (blackandwhitegh.wordpress.com)