What methods should I use to save for my wedding?
My wedding is in October 2010. For the half of the wedding that me and my fiance are paying for we need to save $4000. Although we would like to overshoot just to be on the safe side. We are relying on about $50 a week into savings and banking our tax returns which will probably be $1500 this year and the same next year. We were thinking about starting like an 8 month CD to gain some interest..Is there any ideas I might be missing?
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You will not lose your money, if the bank goes under, in a CD or bank that is FDIC insured unless you have over 100,000 bucks in there- so keep your money in there. I think you guys will be about there if you're putting $200 away a month and including your tax returns into the wedding savings pot.
Some things you can do to make sure you are able to put the $50 a week away in the first place is to cut out things that you indulge on- like frequent coffees, purchasing new books and dvds (you can buy them used on places like half.com or borrow them), eating out frequently can suck up savings too. You can also start turning in your recyclables to get whatever cash out of them you can- it won't be much, but it's something. Happy wedding and good for you guys for taking responsibility for your special day!
If you're looking to save on favors, I'd check out TheWeddingFavorBar.com. This could help skim your budget a bit, making it easier for you to pay for other things like food, entertainment, etc.
Another idea that you should consider is trimming the guest list. Make sure that you're only inviting people that you REALLY want to be there. This can cut down on costs for the reception.
Wholesale is also the way to go in terms of saving on a wedding. Wholesale foods and flowers can be great ways to stretch your budget without sacrificing quality.
Consider making your own centerpieces/arrangements/bouquets with the help of a wholesale flower distributor. Oftentimes, they can give you resources to help you or even offer up inspiration.
In terms of food, maybe look to do appetizers wholesale. Try looking at a discount food distributor or restaurant supplier for foods that will be inexpensive and still taste great.
I hope this helps!
You can charge the guests instead of accepting wedding gifts. 50 guests spending $20 each will get you $1,000.
The economy could hit an all-time low and you could loose your whole CD investment.