Budgeting

Your Wedding Budget

Budgeting for your Wedding

With the Royal Wedding happening tomorrow, wedding buzz has been in the air. What does the dress look like, how many people are they inviting, and how much is this wedding going to cost?! Although we all cannot fork out the reported $65 million, which is about 2,000 times as costly as the average British upper-middle class wedding, according to Christian Science Monitor, we can try to have our own royal wedding on a budget.

Wedding Invitations

It would be nice to have our wedding invitations adorn the words “commanded by the Queen” but let’s not get carried away. If you are on a tight budget and do not want to spend a fortune on your wedding invitation, research ways to print your own wedding invitations online. There are so many options nowadays, why spend more money? Ann’s Bridal Bargain is a great example.

The Bridal Bouquet

This can be one of the most expensive costs of a wedding, so make sure to choose wisely. Choose flowers that will be in season, and easily accessible to you. Be honest with your florist about your budget so you are not shocked when you get the bill. You can also plan your wedding at a park or garden so you already have a beautifully decorated venue.

The Wedding Gown

One of the most important, stressful, exciting decisions a woman will ever make…picking out the wedding dress. We may not have every designer wanting to design out gown like Kate Middleton, but we can get what we want, at the price we want. Many high-end designers are now selling wedding gowns at affordable price. Check out Vera Wang’s collection at David’s Bridal.

The Wedding Location

Like mentioned before, you can save money on flowers by having your wedding at a park or garden. These are great inexpensive options along with a local church or college, historical building, or the beach.

There is an endless list of costs when it comes to weddings, but these four are probably the biggest. Research as much as you can, because you deserve the wedding of your dreams!

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    Budgeting, Christian Credit Counselors, Credit, Money Management

    Financial Literacy: Money Lessons

    Financial Literacy Month

    We are back! I hope you had a Happy Easter with family and friends. And even though April is coming to an end, it is still Financial Literacy Month. Gregory Karp of the Chicago Tribune has put together a money quiz to help contribute to your understanding of money topics. Here is a chance to test your knowledge and hopefully learn a thing or two that will ultimately help you with your finances.

      • Do your credit scores rise when you get a higher paying job?

    Simply put, no. Your income in not shown on your credit report, so that isn’t a factor when determining your credit score. Using credit, and using it well, is what really matters.

      • Is a household budget meant to restrict your spending?

    Restrict is the wrong word. Budgeting allows you to tell your money what to do instead of wondering where it disappeared to. If you keep track of your spending and budget wisely you can set aside money to spend on fun things. Indulging once in a while will keep you on track so you don’t feel so restricted.

      • Should I pay off highest interest-rate debt first?

    Mathematically, using extra money to pay off high-rate debt, such as credit cards, makes sense. But if you have many different debts, you might get a psychological boost by wiping out smaller debts first.

      • What is the only official site for getting your credit report?

    You can request a free credit report annually from the three main credit bureaus: Equifax, Experian, and TransUnion. For the most part, they have the same information, so you could request one every four months to keep track of your score throughout the year.

      • If a thief steals your credit card and charges $1,000, you’re responsible for how much?

    Federal law says you’re responsible for $50, but most major credit-card issuers absolve you of all liability if it’s a clear case of a stolen card or number.

      • What is likely to provide the highest returns over time: stocks, bonds or CDs?

    Most financial advisers suggest a mix of stocks and relatively safer bonds, with the mix getting more bond-heavy as you approach the time you’ll need the money. Stocks have provided the highest returns over long periods, especially if you’re talking about decades.

      • Which is more expensive for a family of four: food or financing a new car?

    Food costs more, unless you’re talking about an especially pricey car. The American family of four spends about $8,700 on food in a year, or $725 per month, according to the most recent government Consumer Expenditure Survey. That’s far more than most monthly car payments. People will research for months to get a good deal on a car, but many won’t look at a sales flier or clip a few coupons.

      • How large should your emergency fund be?

    Three to six months of bare-bones living expenses, most money experts advise. But with the current state of the economy, six months should be the minimum.

     

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      Money Management

      April is Financial Literacy Month

      Financial Literacy

      In a proclamation on March 31st, President Obama explained how important it is to be financially literate and to have access to trustworthy financial services and products.

      “The financial crisis was fueled by a lack of responsibility from Wall Street to Washington,” Obama said. “It devastated ordinary Americans, many of whom were caught by hidden fees and penalties or saddled with loans they could not afford. Preventing a recurrence will require both better behavior and oversight on Wall Street and more informed decision making on Main Street and in homes across our country.”

      Financial Protection Laws

      It is our duty as Americans to be financially responsible and contribute to the financial education of the men, women and children around us. It is important that they know the importance and the freedom that comes with being debt free.

      President Obama is in the process of enacting more consumer financial protections into law, continuing what he started with the Credit Card Accountability, Responsibility, and Disclosure Act and the Dodd‑Frank Wall Street Reform and Consumer Protection Act signed into law last year.

      For the remainder of the month of April, our posts will be about some basic financial education topics that we have found to be helpful. Feel free to respond in the comments below with suggestions or topics you would like to learn more about.

       

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