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8 Ways to Save For an Engagement Ring Without Going Broke

March 24, 2021 By Justin Weinger Leave a Comment

When you’re ready to ask the big question, the thing that can be a little daunting is figuring out how to afford a ring. Living the broke life means you probably don’t want to get a high interest loan, or add more debt to your credit card, so what can you do instead? You can save. If you haven’t started saving yet, now is a good time to start. Because if you want her to say, “I do”, you’ll probably want to put a ring on it.

Set a Budget

Start with a reasonable (for you) budget in mind. If you’re slinging burgers and hustling Uber rides for money, it’s likely that a $10,000 ring isn’t right for you. While old-school experts say you should plan to spend 2-3 months salary on a diamond, new research shows that’s not the case anymore.

The truth is, you decide on a budget that works for you. Pick a number, and plan to stick to it. It can be easy to get carried away later on, but if you know how much you have to spend, it becomes easier to stick with the budget.

Split it Up Over Several Months

If you’re thinking about marriage but not ready to ask just yet, it’s a great time to start setting aside money each month. Once you’ve figured out how much you want to spend on a diamond ring, you can figure out how much you need to have on hand. Let’s say you want to spend $2400, you would need to set aside $200/month to have enough money for it in a year.

Be a Cheap Date

Setting financial goals, means you might need to make some sacrifices. If you aren’t already frugal in some areas of your life, it’s probably time to start so you can get that ring. There are plenty of ways to go out with your loved one without spending a fortune every time. Go out to eat less each month. Rent movies instead of seeing them at the theater. Don’t splurge on expensive trips.

Find Affordable Rings

The truth is you don’t need a ring with a diamond the size of the crown jewels to pop the question. Princess cut engagement rings are one of the most affordable cuts and one jeweler, Diamond Nexus, has several sparkly options for under $1000. If you got frugal enough, you could save for one of these beauties in just a few months.

Automate

It’s hard to spend your money if you can’t see it in your bank account. Automate your saving using the tools your bank offers or even using an app. Forbes mentions in this article that one of the best ways to save money is through automation. Some people even use apps that round up their savings. It’s a great way to set aside your “spare change” from purchases you already make.

Check Your Entertainment Budget

If you’re paying for 7 streaming services plus cable, internet, and 14 other subscription services, maybe it’s time to say goodbye to some of these or try to do more free and outdoor activities. Once you fill your time with sunshine, maybe you can say, “see you later.” Some people save as much as $300/month by cutting subscription services or getting smaller cable and internet packages.

Change Your Insurance Company

Insurance costs a lot of money over time. There is insurance for your home, your car, your health, and even your death. One way to cut costs to save up for that engagement ring is to switch insurance companies. While you may not be able to choose your health insurance, you can save big when you switch your car, home, and life insurance. Some people are overpaying on these important items by thousands of dollars a year.

It’s easy to save up for your engagement when you put your mind to it. The best thing about saving up and paying cash for a diamond ring is the peace of mind you gain by not having to worry about paying for it later. You can get down on that knee and ask for her hand in marriage without the dark cloud of debt. And with these good savings practices put in place, you’ll set the stage for a healthy financial future in your marriage.

Filed Under: Saving

Products That Save You Money

March 8, 2021 By MelissaB Leave a Comment

Products That Save Money

Every year, there seem to be more and more expenses competing for our money.  But rather than spending money on disposable or one-use items, consider investing in some of these products that save money.

Around the House

There are so many products that save money for around the house!  This is only a small sampling of what is available:

Deep Freezer

Investing in a deep freezer can save you a significant amount of money because it allows you to buy foods in bulk when they’re at their lowest prices.  Using this method, you never pay full price for food.  Our family has a deep freezer, and we buy a ¼ side of beef every six months to one year.  We get a wide variety of meat at a much cheaper price than we could buying it retail at the store.

Just make sure to keep an inventory of freezer contents and rotate your foods regularly so nothing goes to waste.

Drain Snake

If you have a plugged drain, there is no need to call the plumber if you have a drain snake.  We have three girls in our home with long hair, and the drain snake has kept us from having to call the plumber more times than I can count.

Programmable Thermostat

A programmable thermostat allows you to reduce your heat or air conditioning when you’re not home and then automatically increase it 30 minutes or so before you return home.  This lets you return to a comfortable home.  Programmable thermostats can easily save you hundreds of dollars every year in energy costs.

Wool Dryer Balls

Wool dryer balls take the place of dryer sheets.  These balls only cost about $10 to $12 for a six pack, and they will last for months.  These are definitely much cheaper and more eco-friendly than buying dryer sheets.

Vinegar

Products That Save Money
Photo by Daiga Ellaby on Unsplash

Vinegar may be the item that saves you the most money on this whole list.  Vinegar can be used to replace so many cleaners and other items you may currently buy.  We use vinegar to clean our toilet and bathtub.  We also use it as a weed killer.

Food/Drink Consumption

Food is most people’s largest expense behind a mortgage/rent or a car payment.  But there are many, many products that save money in this area.

Coffee/Espresso Maker

If your Achilles’ heel is coffee, don’t run to the coffee shop every day.  Instead, invest in a coffee or espresso maker and make your brew at home.  (Plus, you’ll save time not waiting in line at your favorite coffee joint.)  The savings here are significant.

Herb Garden Kit

Buy a herb garden kit and set it on your window, and you’ll never need to buy fresh herbs again.  Not only does this save you the expense of buying herbs (that often come in packages to big to be used before they go bad), but it will also improve the taste of your food, which may make you less likely to go out to eat.

Bottle Emptying Kit

At first, this may seem like a silly purchase.  I regularly tip bottles upside down to try to get the remaining contents out.  However, frequently, bottles like dish soap can’t stand up when upside down.  Instead, they fall to the side.  As an alternative, attach a bottle emptying kit to the lid, and the stand holds the bottle in place while the ingredients run down for your use.

This kit can be used for condiments, oils, shampoos, hand soaps, dish soaps.  When you consider every item where you can use all of the contents instead of leaving a bit at the bottom, you will save money with a bottle emptying kit, though it may take years.

Female-Related Expenses

For female related needs, there are many ways reusable items can save you money.

Period Panties

Using period panties reduce the need to buy disposable tampons or pads.  While these panties cost around $20 each, they can be used for two to five years, if cared for properly, netting you a significant savings.  Plus, as part of the CARES Act, you can now be reimbursed for buying period panties by your FSA account.

Menstrual Cup

Likewise, a menstrual cup can be used for one to two years.  At $40, one of these could quickly save you money if you replace disposable tampons for it.

Reusable Bamboo Make Up Remover Pads

If you’re currently using disposable make up remover pads, consider switching to reusable bamboo make up remover pads.  You can buy a 20 pack for $3.99 on Amazon, and, according to Good Housekeeping, they can last you for over 500 to 1,000 washes!

Subscription/Membership Services

Some people adamantly refuse to pay money to save money when it comes to subscriptions and memberships, but I disagree.  Paying for these can be an excellent way to save money.

Amazon Prime

Photo by Christian Wiediger on Unsplash

An Amazon Prime membership costs roughly $130 a year (including taxes).  While that sounds like a lot, our family finds that the membership pays for itself in many ways.  Many other Americans must feel the same.  As of 2019, there are over 90 million Amazon Prime account holders in the United States (Fortune).

For our family, the free shipping alone covers the cost of an annual membership.  However, an Amazon Prime account can also save you money on entertainment—take advantage of Amazon’s free movies and TV shows as well as music, books, and magazines.

Costco

Costco is another membership-based company that can save you money.  We save a lot on organic food and foods that cater to our many food intolerances including almond milk, gluten free pancake mix, and other items.

In addition, their clothes are very reasonable, as are their restaurant gift cards.  Don’t forget their discounts on car rentals or their discounted gas.  Also, one of my favorites is their two year warranty and concierge service on products like computers and televisions.  There are many, many ways having a Costco membership can save you money.

Final Thoughts

While most of these products that save money require that you spend money up front, the investment is worthwhile for the amount of money you’ll be saving over the next few years.

What are your favorite products that save money?

Read More

Costco Can’t Be Beat for Large Purchases

Is a Costco Membership Worth It When Living Alone?

5 Ways to Save on an Amazon Prime Membership

Free Alternatives for Things You Currently Pay For

Filed Under: Frugality, Saving Tagged With: Amazon Prime membership, Costco, save money

8 Free and Cheap Things to Help You Save Money on Your Wedding

March 6, 2021 By Justin Weinger Leave a Comment

They say nothing is free, but I know from living on a broke budget that there are many free things in this world if you just take the time to find them. Thankfully, this even applies to weddings and  it’s easier than ever to plan a wedding on a budget. These are some of the best ways to cut corners and get something for free to help you save big money on your wedding day.

Electronic Invites

It might sound crazy, but wedding e-vites are starting to trend. With a growing awareness of the impact of paper on the environment and people who simply want to save buck, they provide the perfect solution. It’s important to follow-up with your friends and family though just to be certain their invite didn’t end up in their junk email folder.

Wedding Websites

Tell everyone about your story in a fun and creative way. Free wedding websites help you connect all of the most important information to your guests. When you create a wedding website, you get to choose the theme, add images, put in the event time and location, and so much more. The designs are chic, stylish, and help you communicate everything you need in a free and modern way.

Free-ish Officiant

Don’t want to fork out money for someone to officiate the wedding? Did you know you can get ordained online for free or cheap? Some states require an ordained wedding officiant to handle the ceremony. But the cool thing is that there are ways to become official for good or just for the day. Choose someone you love and respect to get the credentials if they don’t have them already. It’s likely they’d be honored to participate in your day in such an important way.

Pot-Luck Style Dinner

It might be a terrible idea, but what a fun way to include everyone in the wedding. Some people love pot-luck style family gatherings so for them, this could be a great way to save cash on the big day. It’s important to note that if you do this, you risk people being offended or frustrated that you’re not providing a meal. So maybe you provide the main dish, and they bring all the delicious sides.

Church or Community Center

Some churches rent out their event halls for low cost or a donation to the ministry. The same goes for local community centers. They provide affordable alternatives to hotels and other large wedding venues. These types of locations are perfect for smaller gatherings.

Get Married at a Park

If you don’t care about fancy decorations, a wedding ceremony at a local park could be the perfect solution. Some of them allow weddings as long as it’s standing only. Additionally, in Colorado, you can get married in the Garden of the Gods for free. You just need to make a reservation in advance and follow their rules. Look at your local parks and see if any of them offer something similar.

Borrow your wedding gown

What if instead of paying $5-$10K on a dress you’ll wear only once, you simply borrowed from a family member or friend? Since most people will never wear theirs again, they might be excited to see their wedding clothes get a second act. Be prepared to offer to pay for cleaning services and understand that you may not be able to make any alterations if you don’t love something about the dress.

Free online wedding planners

There are countless companies who offer wedding checklists to help you plan a fantastic wedding. Once you get it done, you can put in the details and check it off the list. These are helpful because if you hired a wedding planner, you could expect to pay up to 20% of the total cost of your wedding on them.

What not to get for free

While free is good, it’s also important to think through the parts of your wedding day that probably should go to a professional. While you may think that random camera phone photos of the day will suffice, hiring a professional photographer and/or videographer is something you should definitely plan in the budget. Unless you have a friend, who is a pro and will do it for free, it’s best to hire it out.

One way to save however, is to only hire them for the most important parts. If you get them for at least the ceremony and formal photos, you’ll have some key memories captured professionally. You can let your buddies take endless camera phone pictures of the reception and dancing and upload those for you later.

Filed Under: Saving

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