Scrimpandsave's Personal Finance Blog

1. Get back to a healthy weight of 135lbs.

2. Have $40,000 in my savings by the end of the year.

3. Stay out of debt.

I think that is all for now...

I already have an ING account where I have the bulk of my savings. With Christmas coming and going and having extra expenses that I didn't really account for, I am going to be more careful to save for next year.
I opened two accounts for a "Vacation Account" and a "Gift Account".

As I mentioned in a previous blog, I would really love for my fiance and I to take a nice trip every 2 years or so. Heck, maybe even more often than that. I rigged my ING account so that it will transfer $50 a pay into this account just for vacation savings.

I also opened up a "Gift Account". Starting next year, I would really love to be able to send my siblings and nieces and nephews gift cards on their birthdays. This saved money can also go towards Christmas.

I find that putting money directly into my ING account helps me a lot - because I don't even really see it in my paycheck. My spending money goes into my bank of america account and the rest (savings) goes to the ing account. I just hope I can keep up with saving that extra amount each month...I might have to tweak this amount to make sure I have enough for groceries and other necessities. Either way, I am happy that I am committing to saving a bit more!

I decided that I really needed to spend less...actually I decided this back in February when I joined the Saving Advice forums. Christmas was no exception. My sister brought up the idea of only buying for the kids (my nieces and nephews) and I thought it really sounded GREAT!
I decided to set a budget for $25 for each child. I bought each of them a hooded sweatshirt from Aeropostale (they are teenagers - so these were a hit).
It went really well. They loved their stuff and I didn't have to spend a lot.
I'm toying with the idea of opening up a "gift" fund. If I would put $15 a pay (26 pays a year) into this fund, it would take care of birthday gifts and Christmas presents...I think I am going to do this!

::makes an ING sub account::

1. Stay out of debt: I don't have any credit card debt as of now, and although I will my marrying into some student loans, I want to make sure that I am never, ever carrying a monthly balance on my credit card.

2. Bring my current savings from $10,000 to $30,000. This savings goes towards the purchase of a home (it's my down payment fund).

3. Get married in September and pay for my portion of the expenses in full.

4. Get back to my healthy weight of 135 lbs.

2009 is going to be a pretty big year!

Well, it's been a little while since I posted so I thought I would update my wedding budget:

Photography: $2600 ($500 Down payment)
DJ: $1500 ($500 Down payment)
Ceremony/Cocktail Music: $850 ($250 Down payment)
Videographer: $1100
Officiant: $ 300 ($100 Downpayment)
Dress: $800
Hair and Nails: $200
Flowers: $1000
Invitations: $200
Attendant Gifts: $600 (paid $300)
Rings: $700
Room: $300 (Our room for the night of the wedding)

I decided that I don't need 23 people in the wedding party! It is going to be 12 instead. If I can get a cheaper dress, I most definitely will...too bad I tried one on a few weeks ago that was $2,500 and fell in LOVE with it! Don't worry...I didn't get it...

The things that I don't have downpayments on are budgeted amounts...so if I can get them cheaper, I will!

Did I mention how GORGEOUS this place is?

Now I just have to get on my wedding dress diet...err..after the holidays.

Wedding Stuff:

Photography: $2600
Officiant: $ 300
Flowers: $ 500
Invitations: $ 500
Attendant Gifts: $1000
Hair, Nails and Makeup: $ 200
Rooms for the Night Before: $ 500
Ceremony/Cocktail Music: $ 800
DJ: $1500
Rings: $1700


Ever see "My Big, Fat Greek Wedding"?

Yeah.

I'm really looking forward to my $7,000 raise coming in September - but until then, this is where my $ goes!

I get paid bi-weekly. I love those three paycheck months! Yeah!

$1156 (Bi-weekly take home pay)
$400 (House downpayment savings)
$400 (Wedding Savings)
$200 (Rent)
$25 (Credit Union Account)
$25 (Car Account)
$15 (Gym Membership)
$90 (Groceries, Gas and Play Money)

I know...it's a REALLY tight budget. I am lucky to still live at home (I pay my dad $400 a month rent). I do have a teacher pension that takes 7.5% out of my pay. I also have a ROTH ira account...but until I have my wedding and downpayment saved - I put my contributions on hold.

Here's the background info:

My fiance has a year of law school left and will be graduating in May 2009. We are getting married in Sept. 2009. We need to save about $9,000 for the wedding...my dad is paying for the rest (thank you, Dad).

My primary motivation is to save for our house. My dad would like us to stay with him for two years after we are married and then buy a house - when we are more financially secure.

This is my house savings plan:


Salary/Date/Projected Savings

$42,298 July 1st 2008 $2,735
$42,298 August 1st 2008 $3,535
$42,298 September 1st 2008 $4,335
$48,696 October 1st 2008 $5,135
$48,696 November 1st 2008 $7,135
$48,696 December 1st 2008 $9,135
$48,696 January 2nd 2009 $11,135
$50,298 February 1st 2009 $13,135
$50,298 March 1st 2009 $15,135
$50,298 April 1st 2009 $17,135
$50,298 May 1st 2009 $19,135
$50,298 June 1st 2009 $21,135
$50,298 July 1st 2009 $23,135
$50,298 August 1st 2009 $25,135
$50,298 September 1st 2009 $27,135
$57,725 October 1st 2009 $29,135
$57,725 November 1st 2009 $31,135
$57,725 December 1st 2009 $33,135
$57,725 January 1st 2010 $35,135
$57,725 February 1st 2010 $38,135
$57,725 March 1st 2010 $41,135
$57,725 April 1st 2010 $44,135
$57,725 May 1st 2010 $47,135
$57,725 June 1st 2010 $50,135
$57,725 July 1st 2010 $53,135
$57,725 August 1st 2010 $56,135
$57,725 September 1st 2010 $59,135
$67,232 October 1st 2010 $62,135
$67,232 November 1st 2010 $65,135
$67,232 December 1st 2010 $68,135
$67,232 January 1st 2011 $71,135
$67,232 February 1st 2011 $74,135
$67,232 March 1st 2011 $77,135
$67,232 April 1st 2011 $80,135
$67,232 May 1st 2011 $83,135
$67,232 June 1st 2011 $86,135
$67,232 July 1st 2011 $89,135
$67,232 August 1st 2011 $92,135
$67,232 September 1st 2011 $95,135
$75,849 October 1st 2011 $98,135
$75,849 November 1st 2011 $101,135
$75,849 December 1st 2011 $104,135



If we follow this plan...I think we will be sitting pretty by the time we are ready to buy our first home. I am thinking that we will be looking in the $300,000 range. That could hopefully get us not only our first home...but our forever home!