If you have read my blog, you will see that I am a big fan of the Wedding Edition of REAL SIMPLE. It addresses issues that no one wants to face like budgeting for your wedding. As a Sonoma Wedding photographer, I find many of my bride clients struggle with these issues.
My last two blogs discuss who is paying and what are you willing to spend? Now the big question: “How are you paying for this wedding? Here is some worthy advice from the Wedding Edition.
“Haven't squirreled away $20,000 for you wedding? Start saving now so you won't be scratching together money for years to pay your debts. It's a good idea to start a separate joint bank account for your wedding fund.
More tips...
- “Open a savings account with an online bank that pays high interest rates like ING Direct (ingdirect.com). Because these banks don't have high overhead, they let you automatically transfer money out of your checking account with no fees. Ideally, arrange to have 10 to 20% of each paycheck deposited into this account, beginning at least a year before your wedding date.
- Set up a bank certificate of deposit (CD). With a CD, you can put away a large amount of money and it will earn interest at a fixed rate for a pre-determined amount of time - 6 or 12 months, for example. When the term is up, you can withdraw your money and use it to pay your vendors.
- Avoid withdrawing from a traditional retirement account (an IRA) or a 401 (K) (you may be taxed and subject to withdrawal penalties) or taking out a bank loan, which will only increase your debt. If you must use a credit card to pay vendors, have a plan in place to pay the bill off quickly.”
No comments:
Post a Comment