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Dollar In, Dollar Out: What’s The Best Expense Tracking App?

Written by on January 30, 2012 · 23 Comments

For the longest time, I thought I didn’t have to keep track of my spending, I told myself that I make a decent living, I save for retirement, I don’t spend wildly… and it just seems so restrictive to have to keep track of every penny that comes in and out of my wallet.

Incidentally, I’ve always felt that way about calorie counting – hated it, didn’t see the point of it, assumed my metabolism would just take care of everything. But as my dresses fit a little more snug and jeans hung a little tighter, the truth became clear. It’s all a matter of mathematics, and I’m not going to reverse the trend without some serious work. About two weeks ago, after I heard about the app MyFitnessPal through Newlyweds on a Budget, I decided to give it a try. I started counting every bite and every sip. Instead of finding the tracking restrictive, I love knowing exactly where my calories are “spent” on.

The very act of typing in numbers keeps me accountable and keeps me informed, and that’s what I need with my spending as well. After all, saving money is all about math as well – dollar in, dollar out. And it’s mightily hard to control or reduce dollar out when I don’t have any idea how much dollars are going out and what they are going out for. That’s why I am on the hunt for a good expense tracker app, something that does for dollars what MyFitnessPal does for calories, if you will.

  • I’d prefer the app not be linked to my checking or credit card account. I like Mint’s interface, but at this stage of my spending, I need something that forces me to manually enter the numbers.
  • I’d like the app to be able to separate my spending into different categories, and if it has preset categories, allow me to add my own. Little charts and graphs to display the data are always appreciated, but I don’t need anything too crazy.
  • I’d like the app to track income input as well – ideally also support the capacity to separate out taxes, pre-tax medical premiums, etc.
  • There are lots of great paid apps out there, but ideally the app is free. (I think my experience with my MyFitnessPal spoiled me).

Some apps, both paid and free, that I am considering are: ExpenseTracker, iXpenseIt, and Buxfer.

So, I’m asking for your help. Please share in the comments what you use and what you like (and what you don’t like)!

Categories: Budget

Spending Goal: $2,000 On My Wardrobe in 2012

Written by on January 5, 2012 · 30 Comments

Most of personal finance is about how to earn, save, and invest money. Yet, spending money with intention is just as important.

Bottom line, I don’t think there should be guilt associated with responsible spending. That is why I have made a goal of spending $2,000 in 2012 on something that is important to me: a wearable, chic, cohesive wardrobe. The $2,000 will cover everything related to editing, building, and refining my wardrobe, including alterations, shoe inserts, bag repairs, jewelry and accessories, etc. I am going to try to limit myself to $150/month, and have a month or two when I can make an extra purchase if I want – such as when I head to Buenos Aires, Argentina in June.

My favorite stores include Banana Republic, Gap, J. Crew, Nordstrom Rack, and TJ Maxx. I also check out sample sites Ideeli and Rue La La quite a bit. Before I make any purchases online, I go through Ebates so I can get 2%-5% cash back on my purchases. That money goes into my Funny Money account. I am a consummate sales shopper who tries really hard to look for at least a 50% discount on the original retail price before I pluck down my credit card. That’s how I am confident that I can get attire that is of good quality (wool, silk, and leather, fully-lined, etc.) at fairly reasonable prices. But at my planned spending limit, Louboutins are definitely out. icon wink Spending Goal: $2,000 On My Wardrobe in 2012

Why spending goals are important

When I first started blogging, and even to this day, there’s a level of guilt associated with buying things for myself – things that are not considered “necessary” or “important” (i.e. non-educational items). But we all make money to spend it – what matters is how we spend and on what we spend. And the only right answers to those questions, of course, is responsibly and joyfully and things that we value. With a spending goal, I can structure my expenses so that they are guilt-free, planned, and carefully considered. If I didn’t have spending goals, I may very well STILL spend $2,000 on clothes and shoes. But my purchases wouldn’t be nearly as fun or as planned.

(Also, a confession: I’ve tried to try (and like) the minimalist thing, and I decided that there is a difference between my 3 black wool sheaths, and I do need a 4th. Oops!)

Do you have spending goals for 2012?

Categories: Budget, Goals, Shopping, Spending

$10,000 Wedding Cash from Mom & Dad

Written by on November 29, 2011 · 23 Comments

Our wedding budgeting is about to get a whole lot easier. My parents have decided to give me $10,000 cash as a gift for my wedding.

A 2009 New York Times Bucks column asked readers what they would do with cash from parents – use it as a wedding contribution or save it for a vacation or a down payment on their first home. Most people said that they would of course take the cash. I had an inkling that my parents may give me some money (my mom had mentioned something offhand a few months earlier), but I was still pleasantly surprised. My mom and I were chatting on the phone when she brought up the wedding gift topic again and reaffirmed that the money will come before the wedding next summer. When I was growing up, the topic of weddings never came up much and although we knew that historically, the bride’s family paid for the wedding, such things were never assumed – or even discussed – in my household. After I got engaged, CB and I planned our wedding according to what we felt comfortable spending without any parental help, so this money is a boon indeed.

When I told CB about the cash, he couldn’t believe what a generous gift it is. We are both so grateful. It made me feel 100% better about splurging on my wedding dress and helped us make the decision to expand the guest list from 25 to 35-40. The great thing is that the cash is a no-strings-attached gift. My parents have no special requests for how we should spend the money, who we should invite, or how to conduct the wedding. After reading some stories on blogs and wedding websites (and watching family spats on Say Yes To The Dress), I’ve realized that such easy-going parents are not to be taken for granted. Bottom line, the money is ours to spend as we wish.

How does the extra money change our wedding planning? It doesn’t – much. It’s not so much my discipline or frugality as it is the sheer logistics of planning. In many ways, I am glad my mom didn’t tell me about the gift until our venue has been selected and the photographer has been booked. If I had taken the $10,000 into account, it would’ve been much easier to choose more expensive venues, menus, photographer. I probably would have had dancing instead of a dance-free lunch reception. Instead of searching for our photographer on Craigslist, I would have signed with a more established person for double the price. (But I love our photographer, so maybe things worked out for the best). I might have gotten these $200 Badgley Mischka shoes. I suppose now we can hire a professional wedding videographer if we want. All those options are tempting.

If we maintain our current budget, we expect our total wedding expenses to clock in around $6,500-$7,000. Sometimes I wish I can be the type of bride who’d be perfectly happy eloping. Think about the type of vacation we can take for $7,000. But I know myself, and I know I’d want something. Despite all the anti-wedding sentiments that seem to percolate in the blogosphere (if you ever want to see a collective vehemence for spending, just read the comments of some wedding blogs), I do want a wedding, complete with a long white dress, a walk down the aisle, and celebration with friends and family. CB’s family has also generously gifted us $1,000 that we have put into our joint savings account / Galapagos fund, which stands at $9,000+. With our savings and parental contributions, the wedding is paid for twice over.

So here is what we have decided to do: we are going to stick with our sub-$7,000 budget, and then save the rest. Perhaps we CAN start our married lives with a little house fund.

Will your parents help you financially with the wedding? If your parents offered you money, would you spend it on your wedding, a down payment, or a combination of the two?

Categories: Budget, Gifts - Tags:

Do We Need a Wedding Videographer?

Written by on October 6, 2011 · 49 Comments

A year ago, I didn’t even know that wedding videographers existed. When someone talked about wedding videos, I thought of the wobbly shots captured by Dad or Uncle Bob with a handheld recorder (in my mind, this recorder would be from the mid-90s because I don’t think my family has upgraded our recording arsenal since then).

Shows you how much I knew! Now that I am deeper into the wedding planning madness process, I am starting to wonder if I need a wedding videographer. On the one hand, videographer = lots of dough. I don’t know if we want to stretch blow up our budget. Even a beginner will cost $1,000 or more. Professionals whose clips I’ve loved cost upwards of $3,000.

On the other hand, will I regret not recording at least the ceremony? Wouldn’t it be nice to hear our voices say our vows? More morbid… wouldn’t it be nice to have family’s images and voices captured for posterity, after their passing? A wedding is one of those rare occasions when everyone we love is there and dressed up and happy, and in 10 or 20 or 50 years, will I look back and regret that we did not have wonderful videos of our parents?

The third option, CB suggested, is to have a friend or family member man the camera. Won’t be professional, won’t be artistic, won’t be thousands of dollars. And we’d have those memories preserved on tape.

The internet has not been helpful, because all the answers to my Google query “Do we need a wedding videographer” comes back a fairly resounding “yes.” Most of those links are from wedding videographers. So just a slight bias there. icon wink Do We Need a Wedding Videographer?

I’d love to get your feedback.

Did you have a professional wedding photographer? Did you regret your decision either way?

Business Insurance Experts Premierline Direct

Categories: Budget, Luxury - Tags:

We Saved $2,000 On Our Honeymoon Airfare

Written by on September 29, 2011 · 18 Comments

Credit cards and I have always had an amicable relationship bound by mutual expectations: I pay on time, they give me rewards. Recently, though I’ve realized that I really have not been taking advantage of all the great things that can happen with credit cards.

In this case, a good thing is my honeymoon airfare. For two round-trip flights from Los Angeles to Buenos Aires, business class on the outbound flight and economy class on the return flight, I paid $418.20. Per Kayak.com, the cheapest flights on those dates would be $1,205 per person, economy class. For a mixed flight like ours (business class one-way and economy the other), the cost was $1,800 per person.

For airfare that would cost at least $2,400 for the both of us, we paid just over $400. A $2,000 saving does wonders for our honeymoon budget. All thanks to British Airways Chase credit card and the 100,000 miles sign-on bonus I picked up in May. Even if I include the $95 annual credit card fee in the airfare, it would still be just over $500 for two people, an incredible deal.

I’ve had my first taste of points experience and I think I’m hooked! I never really signed up for credit cards for the bonuses before, but I think I am a changed women. My Blog Reader is now filled with points and miles blogs such as The Points Guy, Million Mile Secrets, Mommy Points, Help Me Travel Cheap, and Frugal Travel Guy.

The Points Guy’s guide on British Airways miles helped me figure out how to book an award (and convinced me to do so before November 12, which is when a big devaluation on British Airways miles is supposedly due). After 2 hours of playing with dates on the British Airways website, I finally found this deal…. with the departure date a full week-and-a-half after our wedding date. A small hiccup, but for less than $250 per person I can wait a few days to go on our honeymoon.

Categories: Budget, Travel

Travel Planning – the costs add up!

Written by on September 14, 2011 · 20 Comments

coins 300x199 Travel Planning the costs add up!Do you ever think that you are doing a great job keeping costs down on an upcoming trip, but once you’ve added up everything, you think – wow that’s a lot of money! CB and I are planning a trip to Boston area for me to interview at a business school and then to spend a few days playing tourist. We first went to Boston almost exactly a year ago to visit CB’s prospective graduate program, so I am really excited to come back to the city.

Here is our budget for Boston:

Total estimated cost of trip: ~$1,500

*Eye pop*

When I look at the elements of the trip individually, they don’t look unreasonable. In fact, I was almost patting myself on the shoulder for managing to (a) find a red-eye from the West Coast to Boston so that we wouldn’t have to pay for a hotel Thursday night, (b) buy tickets that were less than $350 per person, (c) use points to get a free night at a hotel, (4) resist the nice $200+ hotels and instead stay in a small guest house with shared baths.

I love to visit different places, but no matter how carefully I budget individual pieces, somehow the sum of trip just seem so much higher than the costs of its parts. Do you ever get sticker shock once you get to the total cost of a trip?

photo credit: rachel titiriga via Flickr

 

Categories: Budget, Travel - Tags: ,

How Far Would You Go to Cut Your Housing Costs?

Written by on September 8, 2011 · 18 Comments

In real estate, we are often deciding between Price, Location, and Space. You can have a big, well-priced apartment or home in a less-than desirable location. Or, you can get a cheaper, tiny place in a great part of town. Of course, if your budget is stretchy enough, you can get the biggest place in the best area!

Imagine that you can cut your rent by 70%-80%. Imagine what you can do with all the money you save. Now imagine what you have to sacrifice to get that rent.

Felice Cohen, a professional organizer in Manhattan, chose Price and Location. She has managed to live in a 90 sq. ft apartment where she sleeps less than 2 feet from the ceiling. She pays $700/month for the privilege, whereas her neighbors pay $3,000+/month for normal-sized apartments. Her “living room” is a chair with a reading lamp. Her “ktichen” consists of a hotplate, a toaster, and a tiny refrigerator. Her “bedroom” is a loft bed so close to the ceiling that when Felice is lying down, her face is 23 inches from the ceiling.

Talk. About. Dedication…. or a stunning ability to cope with claustrophobic spaces… I can’t decide.

Reading about Felice’s extreme sacrifices to get into the location she wants at the price she wants has made me think about what I’d be willing to give up for cheaper housing costs. Right now CB and I pay $1,100 for a big 1-bedroom apartment in a very convenient part of town – close to freeways, shopping, restaurants. The best part is that we have 2 parking spaces. Here’s what we’d be willing to do to drop the rent:

  • Live in a studio if we can drop our rent by 25% or more (savings = $275)
  • Trade down to a smaller apartment if we can save 10% (savings = $110).
  • Give up our 2nd parking space if there is a substantial break in the price (i.e. $250 or more). Two parking spaces are a real sanity saver when it’s raining or when street parking is unavailable.
  • Share a 2-bedroom apartment or house with roommates if we can save 30%+ (savings = $300+).

What WOULD you do to decrease your rent by 70%-80%? Would you move back home? Live with roommates? Live with a roommate in a studio?

Categories: Budget, Real estate

Wedding Planning – Expenses So Far

Written by on August 26, 2011 · 22 Comments

After finally settling on a wedding date in June 2012 and deciding on a small wedding with a guest list of 30 or so, I started signing contracts and putting down deposits. Here are the costs so far:

Ceremony site: $240.

We are getting married in a public building. Because all the venue has incredible architectural details and built-in seating, we don’t need any decorations or chair rentals. In fact, we might even get some of this money back if we leave the site in good condition. I have wanted to get married at this place even before I got engaged, and may have even looked up how much it would cost.

Photography (50% deposit): $425.

I actually found my photographer via an ad I posted on Craigslist. We loved her portfolio, had a great Skype meeting with her, and booked her for 4 hours. She recently started doing wedding photography full-time and has a beautiful blend of photojournalistic and portrait pictures. This lady is going jump out of our price range very soon, if she hasn’t already. I know it can be hit or miss finding someone on Craigslist, but I wouldn’t have booked her if I didn’t do my due diligence, so I am hopeful that things go well.

Wedding dress: $66 including tax!

While I was wandering around a Nordstrom Rack 10 minutes before closing, I spied a long column of ivory lace. It was a completely spur of the moment purchase, but when I tried it on at home, I saw that it fits really well. It satisfies all of my criteria: it’s lace, it’s budget-friendly (all right, downright cheap!), and, if I may say so myself, it’s quite flattering. This material is also light weight, which was important to me because I want to be able to navigate easily from my seat to the cake table. icon smile Wedding Planning Expenses So Far

Restaurant reception deposit: $500.

This fee is applicable towards the price of food and drinks at the reception. It’s a quaint French place, and normally those places aren’t exactly to CB’s taste, but he really liked the meal we had here so we booked as well. I was won over when I saw coq au vin on the menu.

Running total: $1,231

Now that all the important vendors and sites have been secured, and I have a rough budget in mind (under $6,000), I am feeling so much better about this whole process. I can tell that we’ve underestimated certain items – $1,200 for food and drinks won’t cut it, but we are saving on other things so I hope it will all balance out. Sometimes, I find my attention drifting towards what type of flowers I’d like have to what cakes we are going to bring for the dessert table. So, I suppose, wedding planning can be (kind of) fun.

Categories: Budget, Life, Love - Tags:

Should We Reschedule Honeymoon for $2K Savings?

Written by on August 25, 2011 · 24 Comments

Travelers know that the difference in cost between high season and low season / off season can be staggering. As I research more and more into our Turkey trip in 2012, I am asking myself the question: how much is temperate, predictable weather worth to me?

cappadocia 300x184 Should We Reschedule Honeymoon for $2K Savings? I originally wanted to visit Istanbul, Cappadocia, and Ephesus for our honeymoon, which would take place in June. After I’ve priced out the airfare and hotels, though, I’ve realized that this trip is looking MIGHTY expensive. Given that 2012 will be a year of: (1) 50% of income because we are heading back to grad school, (2) tuition to pay for the privilege of higher education, and (3) wedding, it doesn’t seem responsible to be blowing $7,000 on a honeymoon. But we still really want to go to Turkey. So if you can’t change your budget and you won’t change your destination, what do you do? You learn to incorporate the word “flexibility” into trip-planning! I decided to price out a trip for late March.

Turkey travel: high Season budget vs. low season budget

June:

  • Round-trip fares x 2 = $2,300
  • Hotels (~$150 per night) x 10 nights = $1,500
  • Hot air balloon ride x 2 = $650
  • Other activities / admissions / tours = $550
  • Food = $100 per day x 11 = $1,000
  • Plus 10% of total budget for incidentals & misc. costs
  • Total estimated budget = $6,500

March:

  • Round-trip fares x 2 = $1,200
  • Hotels (~$100 per night) x 10 nights = $1,000
  • Hot air balloon ride x 2 = $650
  • Other activities / admissions / tours = $550
  • Food = $100 per day x 10 = $1,000
  • Plus 10% of total budget for incidentals & misc. costs
  • Total estimated budget = $4,800

Of course, going in March has it’s price – the weather is not as temperate as June. In Northern Turkey, there may be rain, chill, and snow. On the upside, the crowds are thinner and it’ll be cheaper trying to get there. By going in March, we’ll be saving almost $2,000. But of course, we won’t be able to go to Turkey for our honeymoon, and then there’s the cold and wet rainy season thing. So maybe there’s something to be said for just sucking up the cost and going in June.

What would you do? Turkey honeymoon in the warmth of pricey June, or Turkey vacation in cheaper, colder, and wetter March?

photo credit: Alaskan Dude via Flickr

 

Categories: Budget, Travel - Tags:

Paris & Lisbon 2012 Budget: Is $4.5K Enough?

Written by on May 22, 2011 · 37 Comments

Europe 2012!! I am getting more and more excited about the prospect of leaving gloomy February in California and heading off to… gloomy February in Paris. icon biggrin Paris & Lisbon 2012 Budget: Is $4.5K Enough? I’ve been quite liberal with spending lately, so I wanted to use this opportunity to really buckle down and save. We are planning on staying for 6 days and 6 nights, 4 nights in Paris, France and 2 nights in Lisbon, Portugal.

My Paris + Lisbon Budget

Airfare x 2: $1,000 for fees and taxes. For 50,000 miles, I can get a round-trip economy class ticket to Paris. Since my British Airways Visa Signature card allows me to rack up 100,000 miles fairly quickly, I should have enough for tickets for both CB and myself. I am going to budget $1,000 for fuel charges and taxes that we will incur when we exchange the miles for tickets. I am going to try to get an openjaw ticket – flying into Paris and out of Lisbon.

Hotel: $1,000 for Paris x 4 nights and Lisbon x 2 nights. I haven’t done much research into hotel options. The one that I’ve found, Hotel Muguet near the Eiffel Tower and Palace Invalides, charges 115€ per night including tax during our dates. A few readers have suggested renting an apartment, but for my first trip I’d be more comfortable at a hotel. For the two nights in Lisbon, I imagine hotel would be cheaper than that in Paris.

Food: $1,400 at $100 or 70€ per person, per day. Obviously, one of the big reasons why we are going to Paris and Portugal is for the food. I don’t expect to spend time in Michelin starred establishments, but I do want to frequent the cute little bistros and neighborhood cafes, enjoy goodor local wine and drink lots and lots of cafe lattes.

Internal transportation: $200. One way ticket from Paris to Lisbon. Apparently EasyJet has some options for one-ways at around 50€ per person.

Tours and entertainment: $600. To be honest, I picked this figure only because it will make our total trip budget a nice round number. We will probably get the 4-day Museum Passes. Other than that, I am not quite sure how much this will cost.

Books and shopping: $300. I plan to pick up a Rick Steves’ guide books to Paris, and maybe a small book of French phrases. I also want to have a little bit of money to buy some scarves (from everything I’ve read, Parisian women are always stylin’ with scarves!) and perhaps a few pieces of custom jewelry at flea markets.

Total: $4,500 If we are very conscientious, perhaps we can cut this down to $4,000.

Do you think this Paris & Lisbon vacation budget is reasonable? Now I need to figure out how to save for this trip…

Categories: Budget, Travel - Tags: ,

The Tiny Wedding & Wedding Budget

Written by on May 16, 2011 · 37 Comments

I am going to have a tiny wedding.

Is all this talk of wedding planning driving you a little crazy? I understand, it’s irritating to me too. Somehow the excitement of the engagement has been overshadowed by Must. Get. Things. Done. when it comes to vendors and dates and guest lists and budgets.

When I first put together a $10K wedding budget, I was thinking about 40-50 guests. Still a small wedding by most standards, but it was plenty for me to worry about. The dollar signs started piling up. I thought about the debt we would have after graduate school. Visions of all the glorious trips we can take with the wedding money danced through my head. I started to read wistfully about elopements on Intimate Weddings.

Aside the money issues, I just wasn’t enjoying this whole wedding planning process, even though I liked looking at pretty pictures on wedding blogs and flipping through bridal magazines. I didn’t used to care about centerpieces and different colored linens, but somehow, I was starting to care, or caring that I didn’t care… and that was pretty scary.

I realized that…

  1. I have so much more fun thinking about a Big Ticket Travel honeymoon than about the wedding.
  2. I’d rather save my stress-handling capability for graduate school and work.
  3. At the end of the day, all I really want in my wedding can be summed up in these few phrases: marry CB, wear a lace gown, be surrounded by family.
  4. Oh, and I want nice photos to memorialize the whole occasion. Of course, the money saved is a plus also.

So there you have it. Last evening I had a conversation with CB and told him how I felt. After we talked, CB and I decided to adjust our guest list from 40+ to just around 20. Our immediate families (no dates) plus a handful of good friends. This redirection means that our budget has now fallen to under $6,000 and I stopped worrying about things like centerpieces and reception music. I’m not sure if 20 qualifies as a tiny wedding, but I think of it that way, a lovely, tiny wedding that is the perfect balance between a private elopement and a big shindig.

Wedding Budget For a Tiny Wedding
Item Amount of Total
Ceremony venue $240.00 4%
Music and officiant $0.00 0%
Marriage license $90.00 2%
Restaurant reception $1,200.00 21%
Photography $1,600.00 28%
Bride’s Attire $500.00 9%
Bride’s Hair & Makeup $50.00 1%
Groom’s Attire $600.00 11%
Flowers $100.00 2%
Hotel (2 Nights) $500.00 9%
Rings (surgical steel!) $200.00 4%
Gifts $600.00 11%
$5,680.00

Under $6,000! As we will be paying for this event ourselves, this means that we’d have to pony up $3,000 each. Still not a small sum, but it’s manageable. I think we have a real good shot of coming in under this budget, even. I just feel this giant weight lifted off me once we made the decision to go with a very small wedding.

This is going to be my last wedding post for a while. I promise. icon smile The Tiny Wedding & Wedding Budget

Anyone else decide to scrap their original plans and have a tiny wedding instead?

Categories: Budget - Tags:

Setting a Wedding Budget Under $10,000

Written by on May 13, 2011 · 37 Comments

Here’s my budget for an under $10,000 wedding, version 1.0.

I so want to be one of those talented and deal-seeking brides who managed a lovely soirree on $5,000, but that’s just not happening. I’ve taken a stab at putting everything together, and I know some of these expenses might be estimated low – but those that are low are things I really don’t care about. I have gotten pricing for the big items (ceremony venue, catering, photography), so I have an idea of what can be done. This is for a Sunday daytime wedding with a guest list of 40-50.

Ceremony: $500.00 (6%)

  • Site rental $250.00 Gorgeous venue. No need for flowers, decorations, or rentals.
  • Marriage license $100.00 Unsure. Need to find out the actual cost.
  • Officiant $0.00 Former Landlord to the rescue!
  • Music $150.00 I’d like to get a harpist or a guitarist to play for an hour.

Reception: $3,500.00 (41%)

  • Site rental $400.00 Tables, linens, flatware.
  • Food, servers, tips, taxes $2,500.00 I’ve gotten a few pricing quotes and think this is realistic.
  • Alcohol $200.00 Morning wedding = less alcohol.
  • Cake $250.00 Not a wedding cake.
  • Music $150.00 We’d do an iPod reception.. But we need to get an iPod first.

Photography: $1,600.00 (19%)

  • Wedding $1,600.00 Day of coverage with 2 photographers. No album, just CD & user rights.
  • Engagement $0.00 I think we’ll be skipping this.

Attire, Hair, and Makeup: $900 (11%)

  • Bride $400.00 This includes dress, shoes, accessories, etc. 3 words: Used J. Crew dresses.
  • Bride hair & makeup $0.00 All me. Plus any bridesmaid who wants to help me. icon smile Setting a Wedding Budget Under $10,000
  • Groom $500.00 A good suit that CB can wear long after the wedding.

Stationery: $0.00 (0%)

  • Save-the-dates $0.00 Former landlord has offered to do my invitations as his gift to us. He works at a paper company. Yes, in addition to helping me move, feeding me dinner, and inviting me to his backyard barbeques and parties, he will be gifting me all the paper goods I need for the wedding. Greatest Landlord Ever.
  • Invitations $0.00 see above
  • Programs $0.00 see above
  • Seating cards $0.00 No need for a buffet.

Flowers & Decorations: $190.00 (2%)

  • Bouquets $120.00 Bride (small) + 3 or 4 bridesmaid (nosegays). DIY. I’ll buy roses from the grocery store.
  • Boutonnaire $20.00 For CB. I think I’ll have to get a professional to do this.
  • Decorations $50.00 IKEA glass vases with.. Fruit? That people can eat. Not flowers.

Gifts: $375.00 (4%)

  • Bridesmaids $200.00 I will pay for their bridesmaid dresses. Incentive for me to keep costs low.
  • Groom’s party $75.00 Ties?
  • Former Landlord $100.00 Gift card to a nice restaurant?

Wedding Bands: $1,100.00 (13%)

  • Bride (incl. resizing) $900.00 I know I said I don’t want a band. But I really like this one from Costco… the milligrain would look very nice with the engagement ring. If I get this, I will wear the band on my left ring finger and move the engagement ring to my middle left finger.
  • Groom $200.00 Maybe higher depending on what CB likes.

Other: $300.00 (4%)

  • Transportation $0.00 CB’s car. It has a moonroof!
  • Pre-wedding hotel $300.00 For myself and bridesmaids.

Grand Total $8,465.00

Before I put everything in Excel, I kept thinking my budget is one number. Then I add up everything and it’s completely NOT THAT NUMBER. This is most distressing. The most logical areas to cut would be (1) the reception, and (2) the wedding bands. I am not sure I want to do either.

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Weddings Cost Money. Period.

Written by on May 12, 2011 · 22 Comments

Weddings cost money. Anyone knows that, but it was woefully easy to underestimate the cost of how much weddings actually cost before I started looking into the specifics. That’s why, before I got engaged, I thought setting up a wedding budget would be fun.

…. oh how I laugh at myself. This has been a quite frustrating process because I can’t plan without a budget and I can’t have a budget without an idea of what things cost, and most vendors I’ve contacted won’t tell me what they cost except that they will “work with me” to realize my “vision.”

As I am scouring the internet for more information about having wedding on what would be considered a smaller-than-average budget and looking up the costs for different venues and services, I’ve realized that weddings cost money. The fact is that if you want a traditional event or an affair with several traditional elements (catered meal, professional photography, a wedding gown, etc.), even a “budget” wedding is more money that you will spend in one day than for any other occassion.

It’d be much cheaper if we want to elope, but we don’t. We want family and close friends there. I want to strike the balance between saving for ourselves and inconveniencing others (so that means having the wedding on a weekday - when we can get everything for a song – is out). I want to have something good so that we show the guests how much we appreciate their attendance, while respecting our own financial situation.

But I’ve gotten pricing for a few things, and I am pretty close to getting a budget together. CB and I talked about $10,000 is the absolute MAX we are going to spend on the wedding. We don’t expect to get any help from our families. I think we can keep the whole shindig under $7,500 for 50 guests. If I can flex some negotiating muscle and get a few good deals, we might even be able to do it for $7,000 or $6,500.

I’ll put together a pretty spreadsheet for you guys on Monday.

Categories: Budget - Tags:

What’s My Wedding Budget? I Have No Idea

Written by on May 2, 2011 · 43 Comments

The first rule of wedding planning, I’ve read, is to set a wedding budget. Sounds great, right? You pick a number that’s realistic and prudent, and you prioritize your desires such dress, food, and venue accordingly. I am turning into a very bad PF blogger bride-to-be, however – I have no idea what our budget is! CB and I both know we want something (1) small at ~40 guests, (2) lovely, (3) that doesn’t break the bank.

What’s a reasonable wedding budget (for us)?

From most things I’ve read, $10,000 is kind of the watermark for an affordable wedding, while weddings around $5,000-$6,000 dip into the budget skillz territory. I know the Big Day can be expensive, but $10,000 is quite a bit of money for us. Even $5,000 sounds like a lot – it took us to a YEAR save up the precious $5,600 to the Galapagoas Fund. Granted, CB was also saving for the engagement ring that time (sneaky, sneaky), so I assume that we can save more in the coming year. Still.

My rational self says: “the wedding just doesn’t quite rank that high on our savings list to allow us to have a big budget.” My weddingbee.com-reading self says: “The $70/head halibut with crab cakes menu sounds really good! Ooh, and how about that $2,000 alencon lace gown?” -_-

Ring, Wedding, Honeymoon – we know the first and last cost $$$

The other part is that I have already gotten something wonderful – a beautiful ring. A ring more than I ever really even imagined. A ring much more expensive than I had expected. I also want a really nice honeymoon. In fact, we are probably going to turn the Galapagos Fund into the Honeymoon Fund, and save the turtles for maybe 5 years out. So the front-end and back-end of the whole getting-married process will cost us a pretty penny, even without taking into account the wedding itself.

Top Down vs. Bottom Up

So I am kind of at a loss. How do I go about the process of setting a wedding budget? I can pick an arbitrary number out of the air and try to fit all the elements we want (or start cutting!) into that budget – the top down approach – then find the number woefully inadequate. Or I can start pricing individual items and build up to a budget that will accommodate those items – the bottom up approach – and then watch my budget (and my head) explode.

I also don’t want set something based on “how much we can afford” – because “afford” is such a squishy term. If I can “afford” a wedding only if I cut back on my retirement saving or take out money that I have already saved for something else, can I really “afford” it?

Before we got engaged, CB and I talked jokingly about a wedding budget. HIS brilliant idea was to spend $5 – a dollar each for the dress, the reception, the ceremony, the photography, and the food. Har de har har. I am going to spend more on this wedding than the cost of a Big Mac, but how much more? I don’t know.

So, to all the ladies and gents who are planning a wedding, how did you decide on a wedding budget? Are there any worksheets / templates that you found helpful?

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20 Ideas for a Cheaper Night Out

Written by on April 7, 2011 · 15 Comments

Today’s guest post is by “Wojo” Kulicki, author of the personal finance blog Fiscal Fizzle. Thanks Wojo!

A lot of young people love to go out—whether it’s clubbing, bar-hopping, eating out, or a wide variety of other expensive entertainment options. Some people can still afford it, but more and more are finding that their income is having a hard time keeping up with their lifestyle.

I’m finding that many of us are willing to get very creative when put “under the gun” of a strict budget, debt repayment plan, or a cut income. Things that were needs suddenly become wants and get shoved to the side. Nevertheless, entertainment is still something we want to engage in, so what’s a 20-something to do?

Here is a list of 20 alternatives to going out—some I’ve tried personally, some suggested by friends and colleagues, and some learned by observation. If you’re finding it increasingly hard to entertain yourself by spending a night out on the town, maybe it’s time to give one of these a whirl:

Dance lessons.

If you’re like my wife, you love going out because dancing is fun. But she’s also perfectly content spending the night at a dance lessons improving her moves!

Board game night.

A staple of low-budget get-togethers, the right board or group game can really make the night last into the morning. My favorite? Catch Phrase.

Music session.

Do you sing? Got a buddy that plays piano? You’ve got yourself a night full of awesome music. </li>

Sports league.

While the bars and clubs are starting to fill on a Friday night, there are softball, soccer, and tennis tournaments going on right in your town!

Go to free community events.

At least once a week, there’s a free concert going on in the community park down the street. On the first Saturday of the month, there’s also a free movie night.

Tasting.

For many, one of the major appeals of going out is the alcohol. Why not attend a wine tasting instead, or better yet—have your friends bring over the wildest samplings they can and share!

Be in the vicinity.

Some people just love the buzz and atmosphere of nightlife. Head downtown and people-watch or walk the strip.

Be a designated driver.

If you just can’t pass up going out, but can live without the drinking, why not offer to drive everyone around?

Grab ice cream.

If going out to eat is your thing, but dinner’s too expensive, head to the creamery for some dessert instead.

Find a group activity.

Inexpensive get-togethers at the mini-golf course or the bowling alley could mean hours of fun that are light on your wallet.

Find an art event.

Organized art exhibits or downtown “art walks” can be great places to enjoy a nightlife atmosphere and maybe even score some free drinks.

Go to the movies.

Sure, it’s still spending money, but even a $10 movie is still competitive with most other night-out ideas.

Do a late night picnic.

When I think of picnics, a late afternoon at the park or the beach comes to mind, but a friend suggested that picnics late at night are an awesome way to pass the time.

Hold a bonfire/camp-out.

Those of you blessed with a country setting and a sizable back yard will have no problem pitching some tents to hang out in or setting up some lawn chairs around a campfire.

Organize a potluck.

Have friends who love food? Pick a house where you can crash and have everyone bring an awesome dish they’ve made.

Hold a Wii tournament.

Interactive games have changed the idea of game night forever. Now you can get everyone involved and moving.

Set up an outdoor movie.

If you have a projector, laptop, speakers and a large white sheet, you can create a DIY theater in about 10 minutes.

Head to the pool or the beach.

Water can be more exciting at night, especially with a few drinks and good company.

Hit the arcade.

Yes, they still exist! Once a staple of teenage life, arcades are a fun way to kick back, get nostalgic, and enjoy some simple fun.

Go cruising.

When I lived in Miami, we could spend an entire Friday night just driving down South Beach without ever getting out of our car.

Are you excited yet? A lack of money doesn’t have to mean a lack of fun! The list above is only a start—as you can see, there are tons of free or low-cost things you can do tonight instead of sulking about not having money at home. (Well Heeled Blog: or, for something fun and productive, how about enlisting your significant other in some spring decor to make your home cleaner and more stylish?)

What’s your favorite? What options have you tried that aren’t on the list?

Categories: Budget, Entertainment, Life, Spending - Tags: ,

Giving Myself an Adult Allowance

Written by on March 29, 2011 · 42 Comments

Do you have trouble sticking to a budget? I do. The past several months have been tough from a money-discipline standpoint. I’ve went from “I don’t need a budget” to “oh shoot, I am spending A LOT of money” to “gosh I’ve eaten my way clean through the budget.” That’s why I’ve been batting around the idea of giving myself an adult allowance, or mad money, or free cash, whatever you want to call it. An allowance sounds like I’m back in grade school again, but sometimes I feel like I have even less self-discipline than I did way back in the day. So if the shoe fits…

money 300x225 Giving Myself an Adult Allowance

Several bloggers have sung praises about the adult allowance for themselves or their significant others as an effective money management tool, so I’m encouraged to give this a try. A brand new month is coming, I might as well try out a system that might work for me.

As a starting point, I am setting my adult allowance at $300/month.

I don’t really know what would be a reasonable allowance, but $300 sounds good and not too excessive. My “regular” monthly spending is probably around $1,800, including housing & utilities ($750), car ($450), food (budgeted at $250 but usually $300), medical ($100), student loan ($160), and charity and gifts ($100).

This $300 allowance can be spend on anything I want – from restaurant meals above my current $250 food limit to facials to movies. (Travel is excluded from this as I have a separate travel fund).

April will be my big experiment month. I am hoping the Adult Allowance works for me and I am greeted with a lower credit card bill (and I really WILL remember to pay my bill on time this month). The trick will be not to exercising my prerogative to increase the adult allowance when I exceed my limit, thus rendering this whole exercise moot.

Do you or your partner have an adult allowance? How much do you give yourself a week?

photo by Molly DG

Categories: Budget, Spending

Food Budget Inflation Rampant: Time to Wave the White Flag or Double Down and Try Harder?

Written by on February 15, 2011 · 38 Comments

In the Me vs. Food Spending competition, the statistics are currently thus: Food Spending 10, Me -3

Fighting a never-ending battle with food costs

In November 2010, I spent $336 on Food & Dining ($185 groceries / $151 restaurants). In December 2010, I spent $297 ($78 groceries / $219 restaurants). In January 2011, I spent $279 ($20 groceries / $259 on restaurants). Granted, some of these splits might be biased because CB tends to pick up groceries on his way from work, and I will often pick up the check at restaurants to make up for the difference.

food 300x145 Food Budget Inflation Rampant: Time to Wave the White Flag or Double Down and Try Harder?

via flickr/clspeace

Still. For someone who had a ~$200 food budget just a few years ago and who had expected cohabitation to decrease food costs (because we can split groceries! and magically bond over cooking like characters in romantic comedies! – I was obviously not in my right mind), these numbers are a little hard to accept.

The truth is, I don’t like to cook after I come home from work. I find cooking time-consuming and thankless. *CB thanks me when I cook, as I do when he cooks, but on the whole I think this whole daily-grind-cooking (as opposed to special-occasion-cooking, such as a dinner party or a lovely brunch), is one of the most thankless jobs out there. Mom, I don’t know how you did it.

I’d rather pick up extra freelance assignments, or work longer hours and try to get a bigger bonus – in other words, I’d rather make more money to afford buying good food than try to scrimp and budget in that regard. But making more money takes time, while resisting the 6th restaurant visit in one week can be implemented immediately.

Resign to the higher food budget? Or make an extra effort to cook more?

On the one hand, is $300/month food budget for one person really that unreasonable? On the other hand, I can easily cut $50 or $100 out of the budget if I just cooked 3-4 more nights a month. Is cooking 3-4 more nights a month really that difficult? I know CB is also finding that our profligate dining out habits to be a drain on his finances. Given that neither of us lack things to save for, isn’t it worth more effort to cook?

I don’t know the answer to this. But I do know that I am hungry.

Categories: Budget, Food, Spending - Tags: , ,

How Do You Budget for Health Care Costs?

Written by on February 8, 2011 · 23 Comments
health care How Do You Budget for Health Care Costs?

http://www.flickr.com/photos/katerha/4481575790/

Health care costs can eat up a big chunk of your budget, when you least expect it to. I should know – just ask me how much health care services have cost me so far.

Before this year, I only sought out health services once a year, for my yearly eye/dental/health checkup. This year, however, I am not so lucky. A few months ago, I sprained my ankle, and I am still paying for it (physically and monetarily).

First, I saw an orthropedic specialist ($30 co-pay) and got X-rays (haven’t got the bill yet, but counted toward $500 deductible). I also had some lab work done for my annual checkup ($94), a prescription ($10), and co-pay for doctor’s appointment to get those tests and prescriptions ($30). Now, I am in physical therapy for my ankle, and who knows how much that will cost. Physical therapists are medical professionals, and they don’t come cheap.

Add in my new eyeglasses and eye examination ($160) and dental care, and I am just getting an inkling of the expenses that can incur. I know things can be a lot worse. I don’t even want to think about the staggering sums that should come for a major illness or a trauma.

But as I have learned, medical costs can add up even for someone who is young, generally healthy, and well-insured.

Fortunately, since last year I have been putting $100 a month into a special savings account I dubbed the Health Care Account.  This very creatively-named account has since rolled into a neat balance of $1,000 or so, enough to pay for my deductible and co-pays. I am just grateful that I have insurance and resources for me to make decisions based on what’s best for me health-wise, instead of just focusing on finances.

How do you budget and pay for health care costs?

Categories: Budget, Health, Insurance - Tags:

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