I realize that saving money during the wedding planning isn't the top priority for most couples. Or at least it seems that way. TheKnot.com was recommended when I asked if anyone knew any good wedding planning books. I have not yet spent much time on the site. So, I thought I would go take a look today. Of course, I immediately went to the link called, "wedding budget 101." You can't miss it, it's right next to the Knot.com American Express credit card offer. "Pay over time" the ad states. Yipee!
So, they talk about who is paying, and how to ask your parents to pay for part of the wedding. They talk about how much you should allocate to each category. Then somewhere at the bottom, they have advice called, "How much can you save?"
They start by recommending that you begin saving 20% of your income from the moment you are engaged. Seriously? I have bigger plans for 20% of my income. I wonder where that would go in Jean Chatzky's monthly spending plan:
- 35% Housing
- 15% Transportation
- 25% Other
- 15% Debt
- 10% Savings
I guess it's "other." Maybe if you weren't blowing 15% of your income on debt, you could save for a lavish wedding!
The article continues with two bullet points.
The first gives advice on ways to save. "Limit your spending on small stuff." Sounds good to me. "Going to Starbucks once, instead of twice a day." What? Okay, I'm not going to lie. I've been twice in one day before. But like once. Ever. And I just get the "drip" or regular coffee. It's a buck seventy. Overpriced, yes. But not a four dollar frappuccino. Do people go twice a day, regularly?
The second advises young couples to move their money from low yielding savings accounts to money market accounts or CDs. Reasonable advice. They also warn that you should read the "fine print" to avoid penalties. I guess the fine print would be buying a 12 month CD for your wedding 9 months away?
I guess I shouldn't be surprised at how little of the site is dedicated to keeping your costs down. There were a couple of other articles that I noticed. I'll review them later and report back.
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