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Saving for the Big Day
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Photo by
Celebrations Photo Studios
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Gone are the days
when the bride's parents were obligated to pay for their
daughter's wedding. Nowadays
couples are getting married later in life - after settling
down and establishing a career. With the average wedding in Rhode Island costing
between $20,000-$24,000 you're probably wondering how
you're going to pay for your dream wedding. Well, we'd like to give you a few pointers:
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Shortly after you get
engaged, you should start saving (hopefully you've already
started!). Try and
put about 10 - 20% of each paycheck aside. This may sound like a lot, but if you write down every
expense you have in one day, you'll see that you can make certain
sacrifices. Instead
of going through the drive-thru every morning for that cup of
coffee or buying lunch every day, save money by making your own
coffee and bringing your own lunch to work. Instead of going to the movies (which nowadays can cost a
small fortune!) rent a movie and microwave your own popcorn!
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Have an account just
for your wedding funds. This
way you'll know exactly how much you have to spend. If you've already started saving, put some of the money in
a CD or short-term mutual fund instead of a savings account. You'll earn more interest.
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To cut down on vendor
costs, do some of the work yourself. Such as making your own centerpieces and favors. Invite your friends over for an "arts and crafts"
night. I'm sure they
will be more than happy to help you out!
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Believe
it or not - hire a wedding consultant. Couples tend to think that hiring a wedding consultant can
be expensive. Wrong! If you create a budget and give it to a wedding consultant,
they will do their best to make the most of it. In many cases, a wedding consultant will save you money.
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If
money is a problem (due to debt, going to school, unemployment),
then you must be realistic when creating a wedding budget.You'll have to cut down on wedding expenses and try to do
much of the work on your own.
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To figure out an
estimated amount of how much you can save towards your wedding:multiply your paycheck by .10 - .20 and then multiply how
many months before your wedding. Do the same for your fiance and then add the two totals
together.
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