If you've been tuning into any wedding-related TV programs, such as Say Yes to the Dress, Rich Bride Poor Bride, or Bulging Brides, chances are you've seen 'Til Debt Do Us Part and know exactly who Gail Vaz-Oxlade is. For those of you who don't, Gail is a money maven who helps couples turn their lives financially around with strict money challenges and rewards them with a hefty $5,000 cheque at the end if they follow her advice. Now Gail is focusing her energy on "princesses." In the premiere episode of her new show Princess, which airs tonight at 9p.m. ET on Slice, Gail helps a bride-to-be whose spending is out of control. So much so that her fiancé is considering calling off the wedding! I asked Gail to share some of her expert advice with us, so if there are any of you out there who are having trouble saving and don't want to end up with a huge credit card bill after the big day is over, read on.
1. Save your extra paycheque. Most people set up their budgets to accommodate two or four paychecks a month, depending on their pay schedule. Sometimes you get an extra cheque in the month and that can be a boon to your Wedding Savings.
2. Like to hit the fast-food outlets or drive-through windows? Keep a container in your car and every time you pick up a coffee, grab a sub or munch on a muffin, drop a buck in your bag. This will be your Fast Food Tax. Hey, if you can find the money for the coffee, you can find the money to save for your wedding too!
3. Save your “savings.” If you save $5 by shopping the sales, using coupons, or just by being a smart shopper take that $5 and stick it in your SAVINGS container at home. If you don’t, you’ll just spend it somewhere else and then you won’t have saved a penny.
4. Reward yourself. If you have the discipline to use a credit card the pay off your balance every month, use a card that gives you cash back or a useful reward like grocery points. Then take the cash you saved by using points and add it to your Wedding Savings Account.
5. Use a change jar to accumulate your change and at the end of every month or two, roll it up and add it to your Wedding Savings. Want to give it a boost? Add a fiver to the jar on the weekend. It doesn’t matter if you use an envelope, a coffee can or an old jam jar. If you’re determined to have a paid-for wedding, you’ll need to be disciplined about your savings. Pick an amount and stick it in your container every single week. Whether it’s two dollars or 10, the trick is to do it religiously, never count it and don’t spend it. This is for your big day, and watching the money pile up can help keep you focused. Every time you hit 50 dollars, mark it off on a chart and put the money into a high-interest savings account so it can earn you more money.
Want more money saving advice? Check out our video on budgeting for your wedding and beyond.
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