Wedding Budget Update: T-2.25 months

Since our engagement in October, we have saved up $17, 338 for the wedding (of this, we have spent almost $11k on vendor deposits).  We expect to save a total of $24, 000 until the wedding day.

Our original budget for the wedding was $50k (all wedding day expenses plus the rehearsal dinner and honeymoon).

If you’re wondering why we’re only saving for half of the budget: it’s because we only started saving for this during our 9 month engagement.  All our presents are hopefully cash; we’ll figure out the rest into our budget once we get all our numbers in, post-wedding.

But no, we won’t be paying the wedding in credit!  We have an emergency fund (and a house fund) we can tap into for cash flow since we’d have to pay for the entire wedding before we can even cash in our wedding gifts.

7 months into the planning and our wedding budget has already decreased by almost $5k!



*the ones in red are paid for/final amounts

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April Net Worth

**Disclaimer:  (CAD$)

“My” net worth is really a “we” net worth. 

The fiance and I combined finances in October 2016, shortly after we got engaged.  If I’m sharing my entire life and future with someone, you bet that includes finances as well!

We’ve been pretty good sticking to our savings goals; though we constantly go over our discretionary fund.  For the month of April, I increased it from 600 to 700, and that went well!

NET WORTH:  CAD $14, 077  (USD $10419 / 1USD – 1.35CAD)


Retirement ($42, 950):  For now, we just contribute 100 biweekly; nothing too crazy since we are still prioritizing purchasing a home first!  And starting a family!

Down payment fund ($14, 000):  This has been stagnant for about a year now.  I consider this an asset since it will be used to finance a home.

Vehicles ($16,000):  I don’t usually consider cars an asset but in the past 2 years, I’ve got a car written off twice.  Since I’ve had to purchase cars twice; I decided to include it as an asset to balance the new loans I took on.


Cars ($48, 200):  Both brand new.  And we’re both keeping these cars until they can’t be driven anymore.

Student Loan ($11, 000):  For now, we are only paying off the minimum.  I plan to pay this off by 2019.


Sinking Funds ($10, 000):  These are anything I consider short-term:  Travel fund, car fund, wedding fund, tax fund, etc.

Emergency Fund ($9, 000):  I don’t consider this an asset because it’ll eventually get spent; though maybe I should?  I might use this to pay off the student loan (or at least partially) to save on interest.

The main goal for now is our wedding fund.  We have exactly 3 months to save up for the wedding!  This is a one-off budget category so I can’t wait to get settled into married life and a more normal budget!

How I Calculate Net Worth


What I consider ASSETS:
Cash on hand
Chequing accounts (the fiance and I still carry separate individual accounts, even though we use one budget spreadsheet – and pay off each other’s ccs etc, pay for wedding vendor downpayments, etc.  Shared money!)
(minus) Work reimbursement money:  the fiance gets his reimbursement cheque up front, while I hand in my work receipts at the end of the month then get a cheque.
(minus) Credit cards.  We try to pay EVERYTHING on cc for cashback rewards. We never carry over a balance though and send payments at least weekly.
Friendly loans:  A cousin borrowed money from me a year ago and is paying it off monthly.  This is set to be paid off by summer.
Gift cards
– TFSAs 
– Vehicles:  This differs between individuals.  We don’t put  value on my fiance’s car.  But my car… carries a value that decreases every month.   The reason behind is that in a span of 5 months, I had a car written off after an accident AND a car stolen.  That’s TWO car loans in 5 months.  In order to not take a drastic hit on my net worth, I balanced it out with a car value.

– Car Loans x2
– Student Loan: 5.5% interest 😦
– Emergency Fund: Some consider this an asset since it’s only money set aside and not necessarily earmarked for a specific expense.  However, I intend to use this to pay down the fiance’s student loans AFTER the wedding.  For now, we need all the liquid we can get.
– Tax Fund:  I pay quarterly and save for it every month.
– Slush Fund:  We set a $600 discretionary budget for the both of us (which currently, does NOT meet our needs at all, looking to increase this).  Anything extra (read: none) goes in this fund.
– Travel Fund
Gift/ Events Fund
– Car Fund
– Wedding Fund:  
Summer 2017!  Can’t wait!!!
– Charity Fund

As you can see, all our sinking funds are in our liabilities section.  This is because these are intended to be spent in the next 1-12 months.  We save monthly even for yearly expenses… or at least save for those big expenses little by little in advance.

No mortgage to speak off (yet) so a house asset/ mortgage doesn’t complicate this calculation.

How do you calculate your net worth?

Wedding Budget

As soon as I got engaged, you bet one of the first things I did was create a spreadsheet.  I listed every possible expense related to the big day.  I originally wanted $25k to be our max spend because I’d rather save for a down payment or traveling rather than  a one day event.  But lo and be hold, I’ve given in to peer pressure and society pressure and family pressure …


The first thing we tackled was the venue.  We narrowed down our guest list to about 180ish people and searched for venues less than $100 per person.  We visited about 4 venues before falling in love with our venue.  Less than an hour before our visit, we had already paid the deposit!   The venue unfortunately requires a specific vendor for their AV system so we have no choice but to pay the $2100 fee.  The fiance was adamant about a live band… unfortunately they go for at least $2000; so we settled for an acoustic singer who has an amazing voice for a reasonable price.

Well, before the reception venue,  the church was what we really had to book first.  We were lucky enough to secure a date 9 months after our engagement!  To be honest, I really wanted a fall wedding… my favourite season!   But we couldn’t wait to get married… so a summer wedding it became (my least fave season though!).  The marriage prep course, license, and church fees are fixed amounts.   The rehearsal dinner the night before the wedding is def the biggest expense.  We unfortunately can’t control that to just the bridal party and entourage; what with out-of-town family tagging along and everyone else’s plus ones and all that.

Photos/Videos was the next biggest expense but something we weren’t comfortable skipping out on.  We fell in love with our vendor’s work after watching a bunch of their Same-Day-Edit videos.  I can’t wait for ours!!!!

L O L at how much more a bride’s expenses are compared to the groom’s!

And like any budget, there should always ALWAYS be a buffer for those random little things you forgot.

6 months til the wedding and so far, we have saved up $10200 (2016: 6000).  Of that, we spent about $8000 in deposits, securing our vendors.

Our budget has us saving another $13000 in the next 6 months.

We will be requesting monetary gifts (instead of registries) and hoping that would help cover the remainder of the expenses.   So fingers crossed and lots of prayers!


February 2017: 10k!

Oh, hi Feb!  Ahhh I just want the next 6 months to fly by!  I’m itching to start married life already!!

Wedding concerns?  Finding a substitute for a preggy bridesmaid.  And having to study for a license exam in the middle of all this wedding prep!  Otherwise, I’d like to think I still have my calm.

January budget went okay… I just find it really hard to stay within out $600 discretionary allotment.  We’ll see how this month goes; but I’m considering increasing this to $800.

Also, our car fund is something that needs to be potentially reviewed in the future… not sure if it’s enough of a buffer.

Net worth… we finally reached $10000!!  *small wins, happy dance*

Things to look forward to in Feb?  Valentine’s day.  A short month.  A charity gala.  And a long weekend road trip to Pennsylvania.

Happy love month!

2017 Financial Plan

YNAB’s my jam.  My budget is based on the following principles:

  1. Last month’s pay is used for current month’s expenses.
  2. Even less frequent expenses (especially the larger ones, ie vacation/Christmas) get accounted for every month.  So I started saving for Christmas in January, every month.  (ie $100 every month so I have $1200 ready to spend for presents in December).

Sinking funds.  Travel fund/ gift fund/ wedding fund/etc.  Basically those huge one-time expenses that I save for throughout the year.  Because my pay varies, I allot different amounts each pay cheque; as long as I save the entire target amount before it’s needed.

Slush fund.  Discretionary expenses.  Anything that is not related to my car, savings, travel, gifts, etc.  I save a fixed amount every month (and consider it spent) and use on an as-needed basis.

I also always like to underestimate income and overestimate expenses.

2017 will be the first year the fiance and I will be completely joint in budgeting.  Our accounts are still separate (for legal reasons) until the wedding but in theory, our budgets and spreadsheets are joint.

He is salaried which makes his part easy-peasy:  the same amount each payday.

I get paid hourly, every 15th and 30th; so my pay varies significantly each period (so I just average it out).

2017 BUDGET:


Retirement:  Will not be maxing limits this year to make way for the wedding fund.  Otherwise, I prefer to have a savings rate of 25%.

Personal Debt:  Time share and a store purchase.  Both will be paid off by the end of the year.  0% interest.

Student Loan:  Minimum payments all this year.  Hoping to pay it off by 2019 though – approx $11500 in total.

30th:  I plan to celebrate my 30th birthday in Europe in 2018!  I am dedicating a new savings category for this, separate from my regular travel fund.

Wedding:  Clearly our biggest expense of the year!

Parents:  We both live at home.  So I guess this is technically rent and etc.

Vehicles:  Sadly both our highest expenses.   This includes everything from car loans, insurance, gas, tolls, maintenance.

Discretionary:  Everything else.  Date nights, shopping, coffee, random splurges.

How does your 2017 outlook compare?

Show me the money, honey

Net worth:  Negative something.
Assets:  Opened an RRSP with $100 monthly payments.
Liabilities:  $28,000 student loan debt.  $20,000 car loan debt.

2012:   I became obsessed with spreadsheets:  budgets to plan and follow!

2013:  Paid off my student loan.
Net worth:  Negative something.
Liabilities:  Brand new car – $25,000 car loan debt.

2014:  Finally a positive net worth!  A temporary 6 monthly side hustle definitely helped.
Net worth:  $4k in May to $26,000 at the end of the year.
Liabilities:  $18,000 car loan debt.

2015:  Car accident in August, car got written off.
Net worth:  $40,000
Liabilities:  Brand new car loan –  $27,000.

2016:  That 5month old car got stolen in February!!
Net worth:  $50,000 in June 2016
Liabilities:  Brand new car loan –  $36,000.

Dec 2016:  Joint net worth:  $9000

I got engaged in October 2016 and by the end of the month, we had transitioned into a joint budget.

New debt:
Student loan – $11,800
His vehicle – $19,500
Her vehicle – $31,700

…not to mention a $50,000 wedding to plan and save for in less than 8 months!!!

2017, please be good to me us!! 🙂



I love new years!  Fresh start along with the hopeful, optimistic feeling you have piled on to that Christmas holiday-high:  all that festivity, love sharing, gift giving, and non-stop food!

Another new thing this year?  I’m back to blogging!  A lot has changed in my life since I last delved into blogging (circa 2015).  And in the same way that blogging (and reading other blogs) has inspired me to get out of debt quicker, I’m hoping it’ll help get my financial life in order once again.

So those life changes?

I GOT ENGAGED LAST OCTOBER!   I get to marry the love of my life in July and I am beyond excited!

With this, comes a whole new financial plan and goals;;; and the wedding planning!  The bride in me tends to get carried away with the details and the wants; yet the frugal side of me is going crazy with the piling expenses.  It’s always a challenge balancing wants and needs; but on your wedding day, THE most special, glamorous, loved, magical day in a woman’s life, that challenge becomes magnified.

Accountability always renders results so here’s to a successful financial year, wedding budget, and marriage.

Cheers to 2017 and all the amazing, blessed, wonderful moments it will bring!!