Hitchswitch-Blog

Tag: Budgeting

  • Wedding Budget Saving Tips

    Wedding Budget Saving Tips

    Wedding Budget Saving Tips

    If you could describe a wedding in three words, what would they be? 

    If you’ve never had a wedding of your own, then let me take the words right out of your mouth. Beautiful. Elegant. Fun.

    Yeah, yeah, I get it, being a guest is the frickin’ best because unless you’re the bride or groom, you didn’t pay for anything. You went all dolled up, ate a filet mignon steak with a side of couscous, got drunk, and went home. That’s what guests do, and I know this because I attend over three weddings a month. 

    My three words? Too. Damn. Expensive.

    via GIPHY

    According to Business Insider, “The average wedding cost in the US is $33,391”. I’ve been married since 2017, and I am still in debt for the extravagant wedding my in-laws persisted we have. They only have one son so you can imagine how that conversation went.  

    Anyways, there are several things you can do that will help you save hundreds of dollars on your special day.

    Here are our top four.

    1. Scratch Off Anyone You Haven’t Seen In 2+ Years

    Let’s be real. Does your great uncle Paul from your mom’s side that you haven’t seen in over five years really need to be invited? I know when it comes to creating a guest list for your special day, you want the whole world to know, but think of it this way: the more people come, the more money out of your pocket.

    Honestly, I get it. At some point, you feel an obligation to invite some people even though you barely know them. While my husband and I were creating the guest list at the time, we were incredibly stressed out because more than half the people on the list were closer to our parents, not to us. It rounded up to over 200 people. 

    via GIPHY

    A word of advice? Cut out anybody you haven’t spoken or heard from in the past two years. Explain to your parents and future in-laws that you would rather save that extra cash for something that will benefit you and your partner in the near future.

    2. You Don’t Need Filet Mignon With Couscous

    You can’t have starving guests. Even though prices vary per guest in every state, you’re looking at an average of $85 per plate. And that’s the not so fancy weddings. If you want a New York wedding, you’re looking at an $80,000 fee.

    Here I thought California was too expensive.

    So what do you do? If you’re looking to save money, then I’ll tell you what you don’t do, and that is hiring a caterer. As soon as you mention the M word (married), anything that will cost ten bucks will jump to a hundred. We know it’s the same product, but we’re under so much stress at the time that we couldn’t give a shit, am I right?

    via GIPHY

    If you have any close friends that run family-owned restaurants or if your family is in the food industry, you can always ask them to cater! It doesn’t need to be anything fancy because I promise you, people just want to eat. I had a friend who served chicken thighs on top of basmati rice at her wedding, and you better believe it was the best darn thing I’ve ever tasted.

    So no need to over think the food because you’re not going to look back on this day and think, “I should have gone with the $8000 caterers”.

    3. Mother Nature is Your New Wedding Venue

    Haven’t you heard? That’s, like, totally a thing now.

    Renting out a plaza for your wedding reception is crazy expensive. I know this because mine cost me a thousand for the night.

    Lately, I have been noticing a ton of people planning their wedding in their backyard. There are a few who also use public parks because it’s already fixed up beautifully without costing a dime.

    Bridal Musings does a wonderful job on how to set up a backyard wedding.

    4. Skip The Bouquet and Settle For A Single Rose

    For a few of my brides, this might strike a nerve. If you’re one of those brides who want to preserve your bouquet in a glass frame, then by all means, skip this step. Before I continue, I would just like to state that I have been to weddings without a single flower in sight and I have been to weddings where over $2000 was spent only on flowers.

    via GIPHY

    Other than your bouquet, you need to keep in mind the bridesmaids, the flower girls, the corsages, table centerpieces, and much more that I can’t remember at the moment.

    Also, flowers die. Imagine spending $2000 on flowers just for them to die that same night. Holy crap, you can buy a used car with that amount of money. Now, there are alternatives to flowers such as candles, crystal vases, goldfish bowls with petals, and even fake flowers. If flowers are a must, then keep them to a minimal.

    If you’re the DIY’er in the family, then all you need is to pick a few roses from your nearest public park and get to working.

    The list goes on and on…and on. Shop for your dress or tux off the clearance rack, ask family and friends to help with the setup instead of buying professional work, buy affordable wedding rings, stay in state for the honeymoon, set up karaoke instead of hiring a DJ. 

    Ok, maybe that last one isn’t necessary, but you get my point. 

  • Things You Never Thought to Take Care of After the Big Day

    Things You Never Thought to Take Care of After the Big Day

    After you’re married you might think that your to-do list is finally finished, right? No more planning meetings or last-minute fittings that clutter up your schedule. Well, sorry to break it to you, but you’re not off the hook just yet. In fact, there are a lot of time-sensitive tasks you should plan on taking care of pretty soon after the big day. So snap out of your marital bliss fog and take care of these tasks so you can get back to staring at your new bling and doodling your new last name.

    Change your last name

    Okay so this isn’t exactly unexpected, but there’s a lot more that goes into it than you’d think. Hitchswitch will give you a huge jump on the legal paperwork, but once that’s taken care of there’s still more to do. Don’t forget to tell your employer and have the IT guy update any account usernames or emails. You’ll need to update your personal social media handles. Here’s a handy tip: reserve your new email address ASAP once you’re engaged, especially if you want a professional sounding one. That way, once you’re married you won’t have to worry about being stuck with mrswifey82429@gmail.com as your contact info.

    Have a money talk

    This one isn’t fun, but it’s so important to have this conversation. Sit down with your new hubs and treat the meeting like a business conversation. What assets and debts are you each bringing into the marriage? Are you going to combine accounts? Then talk about your bigger money goals such as paying off student loans, starting a family, buying a house, or travelling. Whatever it is, take a look at what obstacles are in your way and make a plan to tackle them together. Then go do something fun because money talks can really suck the life out of you.

    Review your wedding vendors

    If your wedding vendors made all of your dreams come true, make sure you show them some love with a glowing review. In the unfortunate case that something didn’t go as planned, a thoughtful review can help another bride avoid the same problem. Word of mouth is huge in the wedding industry so taking the time to write reviews can be a big help for their business. Plus, doesn’t your wedding planner deserve it after dealing with your Bridezilla moments?

     

    Take down your registry and wedding website

    Once you’ve opened your wonderful gifts, take a look at your wedding registry. Most will offer a discount for purchasing any items you weren’t gifted, so take advantage of that while it’s still good. Then it’s time to say goodbye and delete the registry along with your wedding website if you had one. While it served its purpose, it’s just not what you want popping up in an employer’s Google search ten years down the road. Trust us, it’s time to let it go.

     

    Organize your life

    You were smart and changed your name with HitchSwitch, which made the entire process pain-free, but now you’ve got a stack of important paperwork taking up room on your counter that you cannot afford to misplace. Arm yourself with a filing system and label maker and get to work creating a process for storing everything. In addition to organizing your name change paperwork, this is a good time to sort out important docs from car purchases, taxes, insurance and apartment leases. You’ll feel like you’re really #adulting with your newly organized system. What’s next, making your own doctor’s appointments? Slow down!

  • I Love It When You Talk Budget To Me, Baby

    I Love It When You Talk Budget To Me, Baby

    Remember that wedding vow. The one that went, I, take you, for richer or poorer. If you’re a bit hazy on how to get started on this one, we’ve got you covered.

    Consider the start of financial planning to be much like the early stages of planning a wedding. Use your resources and start discussing your obligations early on. Work with people who share your vision so the two of you feel secure and cared for. After all, it’s your money!  

    We’ve created a list of financial tips for newlyweds so you won’t be forced to revisit those vows, and test their true meaning.

    Don’t Commit Financial Infidelity

    While discussing money is not always the easiest conversation, the number one rule is to always be honest. This means not hiding any assets, discussing your financial goals, and working together as a unit. Be open about your situation so you can create the right plan for you as a couple.

    Crunch The Numbers

    When you set a time to sit down and discuss finances, you should both tally up all of your assets. This means savings, checking, retirement accounts, real estate, collectables and yes, debt.

    You should also review credit reports, and income if that hasn’t been previously been talked about. If there is something you haven’t told your partner yet, this is the time to get everything out in the open.

    #Goals

    Dreams can’t become reality without a a set of goals to get your plan in motion. There are three types of financial goals every couple should discuss and work into their budget:

    1. Emergency Funds: three-to-six months of essentials bills saved up for the unpredictable moments marriage can throw at you
    2. One-to-Five Years: savings for the dream trip to France you both have been wanting to take, or a down payment on a new car.
    3. Long Term: funds that can be built up over time and make a big difference in the future (children’s education, retirement funds).

    Create Your Budget

    To make your budget, add both of your essential costs (housing, groceries) with discretionary costs (Cosmo subscription, SoulCycle classes). It’s usually recommended to live on 80% of your income with the other 20% devoted to savings.

    If either of you has a fair amount of debt, live on 70% of your income and use a few tricks to cut spending down. Maybe limit takeout from your favorite sushi bar to once a month and trim rarely used expenses like cable or gym memberships.

    Think Big, Start Small

    Stash is not just an investment app. Just like a wedding planner wants your special day to reflect you, Stash lets you invest in what matters to you. You can invest in a selection of stocks that are carefully curated by their investment team based on expense ratio, trading liquidity, and risk profile. (Full disclosure- we looked up that lingo, too!)

    No need to dust off your old Econ textbook, Stash makes it easy to learn about investing. Visit Stash x HitchSwitch, and you’ll receive $5 in your new account to start investing. Time to make some money!