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

Posted By Jim On 06/30/2006 @ 1:03 pm In Debt,Personal Finance | 11 Comments

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 [3].

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[3] CNN Money: http://money.cnn.com/magazines/moneymag/moneymag_archive/2006/07/01/8380764/index.htm

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