Saving for a wedding

krustylouise

Hi all,

We are saving for a wedding, we currently don't live together, as he works 40 miles away, but we hope to in the future. I have attached my SOA in the hope someone can advise where I could cut back to save money for the wedding. I appreciate that I should have contents insurance, and also life insurance, and I am already getting quotes for these, so just advice on cut backs would be great. Just before you start reading I will say, I have slight arrears on my water, my mobile is locked in a contract until June, and Sky package is in contract for another 6 months I think and includes TV, line rental and internet. My groceries include everything, for myself my daughter 2 cats and meals for OH when he's here.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 891
Partners monthly income after tax....... 0
Benefits................................ 849
Other income............................ 173
Total monthly income.................... 1913

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 83.07
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 90
Road tax................................ 12
Car Insurance........................... 34.44
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 173
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 6
Entertainment........................... 70
Holiday................................. 115
Emergency fund.......................... 40
Total monthly expenses.................. 1881.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................1272......60........0
Total unsecured debts..........1272......60........-


Monthly Budget Summary
Total monthly income.................... 1,913
Expenses (including HP & secured debts). 1,881.51
Available for debt repayments........... 31.49
Monthly UNsecured debt repayments....... 60
Amount short for making debt repayments. -28.51

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,272
Net Assets.............................. -472

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

flamingo747

Can you cut the haircuts down to less often, go to a local college to get it cheaper or do it yourself?
Do you need to save for a holiday, or is this tied to your wedding saving?

The sooner Vanquis is paid, the sooner you can say mote each month for the wedding, if that's the way you plan to do it?

krustylouise

flamingo747 wrote: »

Can you cut the haircuts down to less often, go to a local college to get it cheaper or do it yourself?
Do you need to save for a holiday, or is this tied to your wedding saving?

The sooner Vanquis is paid, the sooner you can say mote each month for the wedding, if that's the way you plan to do it?

Hi Flamingo,

I've just realised a blimming mistake! It's supposed to be £6pm for hair cuts - £70 for the year! Stupid me! I will edit first post. Holiday saving is for a 3 night break to Haven with DD in March and possibly a holiday abroad in October, as we haven't been away ever, aside from Butlins last year for 5 days!

19lottie82

Hello, congratulations on the engagement.

It may seem obvious, but you say you don't live together but are saving for the wedding...... surely it would make more sense for you to move in together now, as I presume you will be doing this when you get married anyway?

You will save a LOT if you are running one household instead of two.

I know you say your OH works 40 miles away but surely a solution ill have to be reached once you are wed. Can you not just move this forward a bit to enable you to save?

krustylouise

19lottie82 wrote: »

Hello, congratulations on the engagement.

It may seem obvious, but you say you don't live together but are saving for the wedding...... surely it would make more sense for you to move in together now, as I presume you will be doing this when you get married anyway?

You will save a LOT if you are running one household instead of two.

I know you say your OH works 40 miles away but surely a solution ill have to be reached once you are wed. Can you not just move this forward a bit to enable you to save?

Hi Lottie,

Yes OH is looking for jobs in my area, though efforts appear to be fruitless atm, there just doesn't seem to be many jobs around, this would be much better as he would save £400 per month in Petrol! However he currently lives with his Dad, so he doesn't have many outgoings.

JizzleMonkey

congratulations on your engagement.

The other part that you haven't mentioned is how much you are planning on spending on the wedding. There are often ways to make a wedding more affordable without throwing money around like confetti.

It is better for your married life to be on a comfortable financial track than to have had a big wedding splurge.

natlie

Your gas and electricity seems expensive, I pay £102 per month - dual fuel and there's 5 of us in a 3 storey house - check if there is credit on your account to pay off some of your CC debt


Pause the holiday in October and use the sun vouchers to get a £9.99 holiday


Your council tax seems high are you getting the 35% discount for living alone?

Editting to say: my wedding cost £1944 2 yrs ago that's one month on my wages - that was all in dress & shoes, hubbie's suit, clothes for kids, meal for 22 and drinks, car, photography and venue we had a great day

Your satellite tv and entertainment costs are high, might be worth shopping around and doing cheaper entertainment
HTH
Nat

LittleMissGiggles123

Hi

Congratulations!

Gas & electric seem high.

Entertainment could be cut, if you halve it that's £420 a year saved

Council tax over 12 months instead of 10.

I think clothing could be cut too, even temporarily. I know kids are expensive but do you have any family or friends that could give you hand me downs or could get your daughter clothes for her birthday?

And final one that stands out for me is presents. Can you tell friends/family that as you are saving for a wedding you will not be buying gifts this year & tell them you don't expect a gift in return either.

Your main problem is you are already overspending and on your own admission still need to sort out insurances, so these are going to add to your outgoings.

Just a few points I could think of. I'm sure more people will have more suggestions soon.

x

poppasmurf_bewdley

Water Rates of £83 per month equals £996 per year, which is very high. Is this correct? Could you have a meter fitted to pay less?

Council tax at £110pm is very high for someone earning £891pm. Do you get CT benefit?

Your mobile phone package is crippling at £50pm, and we need to re-negotiate it asap.

You have an emergency fund of £40pm. How much is in it and available at the moment?

You have nothing down to pay for your proposed wedding. Are you just having a simple register office ceremony and then a drink with just family afterwards? That is what you need to be aiming for.

krustylouise

JizzleMonkey wrote: »

congratulations on your engagement.

The other part that you haven't mentioned is how much you are planning on spending on the wedding. There are often ways to make a wedding more affordable without throwing money around like confetti.

It is better for your married life to be on a comfortable financial track than to have had a big wedding splurge.

We have a budget of around £8k however our venue has come in well under half what we anticipated!

krustylouise

poppasmurf_bewdley wrote: »

Water Rates of £83 per month equals £996 per year, which is very high. Is this correct? Could you have a meter fitted to pay less?

Council tax at £110pm is very high for someone earning £891pm. Do you get CT benefit?

Your mobile phone package is crippling at £50pm, and we need to re-negotiate it asap.

You have an emergency fund of £40pm. How much is in it and available at the moment?

You have nothing down to pay for your proposed wedding. Are you just having a simple register office ceremony and then a drink with just family afterwards? That is what you need to be aiming for.

Hi,

Thanks for your reply, as mentioned above, I have arrears on my water, however this has just ended now, freeing up £50pm. Council tax is arrears also, however they too are nearly over. As also mentioned above, phone package cannot be renegotiated, however it ends June and I will be getting a PAYG sim.

The wedding budget is around £8k {bear in mind I am not saving for this alone}.

Thanks again