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Hello everyone,
I was just wondering if there are any ideas or strategies on how to effectively get rid of debt while I'm engaged. Ideally we would like to pay off the majority or all of our financial debt before marriage so that we can start "fresh" at the time of planning or during our marriage process. I know that we will be in debt after using our savings for our wedding..
Thank you for your time
I would sit down with your fiancée and figure out your monthly income. Make a list of essentials that you have to pay (gas, groceries, rent, cable, electricity, water, trash pick up). Find ways to lower those bills, like getting rid of cable and just having internet (Netflix can go a long way) or making meals with cheaper and generic groceries. Then make a list of things you spend money on but don't have to, like movie tickets and clothes shopping. Limit your expenses in those areas. Go on free dates (google it, there are some creative broke people out there).
Also, I personally do my grocery shopping at Wal-Mart, and then scan my receipt with their savings catcher app. It compares their prices to those from the local weekly ads, and if someone else has a better price, Wal-Mart pays you the difference. You can use the money saved any time, and it's super easy to do.
Hi,
I think if you take an honest look at your phrase "We will be in debt after using our savings for our wedding", you may start to realise where the problem lies: buying things with money you don't have. Without changing the way you approach personal finance (i.e. to "if I can't pay for it myself, I won't buy it"), I fear your "fresh start" will just become a cleaning-of-the-slate before new debt is taken on to buy the next big things you want. Try to think of debt as something you never want to have, rather than as a means to getting more/better stuff (aside perhaps for buying a house, where most people are not given any choice but to take a mortgage). The interest just goes into the pockets of banks and they laugh at us for being impatient and/or greedy.
Normally the most romantic weddings on TV are actually the simple, unique ones in an unusual place with only a few of the closest friends or relatives around them. Barack Obama once said that when he was young he knew Michelle loved him because she was willing to be driven around in a beat-up old car by him. People often look back on the simplest times as their happiest.
Do don't be afraid or too proud to downscale until you get things under control and have your own money to spend or save. You'll sleep easier as a result.
Hope this helps :-)
