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 .