Debt, Personal Finance 
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After $30,000 In Wedding Debt, Good End Result

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The Koch’s, Doug and Tina, agreed that they’d spend on their wedding only as much as they’d be able to pay off within a year and arrived at $30,000. While the motivations for their budgeting is a little mixed (yeah it’s a wedding, but $30,000 on one night sure is a lot if that’s basically your savings for a year) but it did have one shining result – they budgeted. And in their budgeting they realized where their holes were, like an athlete studying his or her game, and plugged them.

They learned that they were spending $1,200 per month eating out: that’s $40 a day, every single day! They also cut back on a lot of other things, but one warning to those who plan on taking on debt because they foresee themselves being able to pay it off in X months – there are always unexpected expenses (Doug had back surgery, ring the register for a grand right there).

The lesson to take away from this is that you should budget to figure out where your money is going and re-evaluate whether you think that’s where it should go. You shouldn’t save every last penny, that’s water torture, but you shouldn’t be spending like there’s no tomorrow.

via CNN Money.

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11 Responses to “After $30,000 In Wedding Debt, Good End Result”

  1. LAMoneyGuy says:

    What is funny is that $40 a day is accurately noted as spending too much. Rachel Ray on FoodTV, however, has a show called, “$40 a day” in which she shows you how you can eat well in any city for $40 a day. It is supposed to be some miracle of frugality. Granted, it is in the context of vacationing. Nonetheless, I find the juxtaposed viewpoints amusing.

  2. Aimee says:

    Wow! I can’t even imagine having spent that much on our wedding. Of course, we decided to take our wedding money and use it for our actual marriage instead (house, bills, furniture) instead of the big wedding.

    $40 a day! Like LA said, there is that Rachel Ray show and it always made me laugh because I thought it was expensive too.

  3. Dan says:

    $40/day is pretty damn frugal for three meals in a restaurant.

  4. jim says:

    Yeah I guess even for four meals (lunch and dinner for two) the $40 isn’t much… but still, $1200/mo is a lot.

  5. Dab says:

    If you can afford to vacation year round, you can afford to pay $1200/month in food :P

    The $40 is for one, by the way. Generally, it includes alcohol and dessert, so you could certainly save some money by eliminating that.

    That said, the euro:dollar exchange rate isn’t exactly helping things.

  6. Dan says:

    A slick bit of typing there above…

  7. I believe the national average for weddings is right around that $30,000 mark. I work with just as many $5000 budget brides as I do $50,000…. and you’re right, that is a heck of a lot of money for one night. I am amazed that some people can order up $3000 worth of chocolate covered strawberries and not even blink!

    Thank God for brides, they keep me in business!

  8. Tom says:

    I just looked at my wedding category in Quicken. We were married in July 2003. The total cost of the wedding, and this is no joke, was $65,300 (not all covered by us, but I will explain). I can honestly say that we did NOT splurge for our wedding. Granted, this is in suburban Chicago, but I still find it hard to imagine that we could have done it any cheaper!

    As for the “explanation” promised above: the category shows $12,400 for Photography, but we collected checks from everyone and paid the photographer all at once (we, as in the bride and groom, did not spend $12,400 on photos). Still, though, our reception was over $15,000 (at $42/plate which included drinks). This did include _all_ wedding related expenses, including the engagement and wedding rings and the honeymoon.

    Also important to realize is that for most weddings, you _will_ receive gifts. I don’t think we came close to breaking even (um, not EVEN close), but with cash gifts from the wedding plus the shower gifts, I know the overall impact was not as bad as it sounds.

    Being from the Chicago burbs, I honestly cannot picture how someone could pull off a “normal” wedding for less than $10,000.

  9. Dan says:

    Then forget “normal.”

  10. Jon says:

    We did not do honeymoon or church wedding, and all told spent $35,000 on reception, dress, and all the rings. That is HK for you!

  11. nadim says:

    married the woman i love. i currently work part-time earning 40 k a year. i started a second job minimum wage to boost that income and now will be working second job 2 years to pay off 20 k


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