Should I open up a "Wedding Account"?

[ScrimpAndSave]

I'm getting married 9/26/2009.

I'm fortunate that my father is paying the bulk of the wedding, but we are going to contribute about $7,000.

These are the accounts I have now:

Bank of America Checking: I keep very little in here...it is my "play money".

Bank of America Savings: I pay $400 a month in rent to my dad. He is linked to his account. I just make sure the $400 is in there for him to take out on the 15th of each month (There is also a buffer amount in there so that I don't get some weird charge for it being too low)

INGDirect Savings: This is my house downpayment, EF, closing closts fund, wtc. We are looking to buy a house sometime in 2012. I just started saving last month and I have about $4,500 in there as of now.

Teacher's Credit Union: I have $25 a pay going there for Christmas Money at the end of the year. I recently opened it, so I only have $25 there.

I like to see things itemized (as you can see) and would like to have a special place for my Wedding savings. I would like to save $150 a pay for that account.
Right now, I have it grouped into my INGDirect account...but it is deceiving how much I really have in there for the house and how much is there for the wedding...


Ugh. Am I crazy? Any suggestions? Thanks!

[cooliemae]

I would suggest just opening up another ING account. I have three accounts open with them so that I can keep monies separate.

[kilcher]

Never mind.

[Exile]

Originally Posted by ScrimpAndSave

I'm fortunate that my father is paying the bulk of the wedding, but we are going to contribute about $7,000.

If you are contributing that much, I imagine that your dad must be paying quite a bit more. Pardon me for saying so, "ScrimpAndSave", but that name hardly describes your priorities.

I do not see the need for such a lavish wedding. Why not scale back the celebration and put the 7 G's + some of what Dad is kicking in towards a down payment for your house, savings, or investment instead?

[ScrimpAndSave]

Hey, I wanted to take a cheap flight and elope!

My 74 year old dad had different plans...I think especially since my mother passed away within the recent years and he wants to put on a celebration for the entire family (we are Greek and Italian...yikes).

I am shooting for $7,000 to be on the high end of what we are saving for the wedding. Anything over the $7,000 get put toward the house.And around here, the average wedding is $40,000-$50,000...mine is WELL below that budget.

I did try to open a new ING account...but it said that since I am already a member - it wouldn't let me. I must be doing something wrong...will try again.

I'm not offended by your comments, so don't worry. We are on this message board with the understanding that we all have various financial and cultural differences.

Thank you for your suggestions.

[jIM_Ohio]

My thought is to commingle the intermediate funds into one account. So I would just ix the house fund with wedding fund and know how much you need for each (save $x/month for house and $y/month for wedding, after "a" months the account has enough for wedding and "b" months the account has enough for the house.

[Scanner]

(we are Greek and Italian...yikes).

Say no more. . .

[LuxLiving]

What you need to do at ING is create subaccounts titled 'Wedding Fund' and "House Fund", not new accounts.

[geojen]

Originally Posted by Exile

If you are contributing that much, I imagine that your dad must be paying quite a bit more. Pardon me for saying so, "ScrimpAndSave", but that name hardly describes your priorities.

I do not see the need for such a lavish wedding. Why not scale back the celebration and put the 7 G's + some of what Dad is kicking in towards a down payment for your house, savings, or investment instead?

Don't forget that just because you see 7 thousand as extravagant or unnecessary, someone else may have different priorities. So they spend that much on their wedding...maybe they are sacrificing in other areas.

[ScrimpAndSave]

Thank you very much...you are absolutely right.

I just finished grad school and paid every cent of it in cash...I don't take "vacations" unless they are a day trip to the shore that is 2 hrs. away...I brown bag my lunches and cook in bulk for the entire week in individualized servings. I don't consider these things sacrifices though...many other people would.

Thank you.

[zetta]

Rather than having so many separate accounts to keep track of, you might consider using a budgeting program like YNAB (see Personal Budget Software - Excel Budgeting Template, Free Personal Finance Spreadsheets). This way, you can keep most of your money in the account earning the highest interest, and just "virtually" move it around to different catagories as you save.

[ktmarvels]

I do something similar to what Zetta was suggesting. I have an excel sheet with several different categories listed (house dp, roth savings, travel, EF, car fund, etc), the total of which adds up to the amount in the house. So I only have one bank account, but several sub-accounts which I track through the program.

I just switched back to ING and their sub-accounts would do the same thing, though.

[musicalbabe85]

Originally Posted by ScrimpAndSave

.And around here, the average wedding is $40,000-$50,000...mine is WELL below that budget.

Holy Crap! My wedding was MAYBE a little over $2000. My parents did pay for a bit of it, but wow. I don't see a need for such a lavish day either. And especially with us, we had already been living together and had a kid. We didn't have the budget, nor did my parents, but either way, rich or not, I didn't see a need to waste that much money on something that would just be one time!

[musicalbabe85]

No offense or anything! That's just my POV!

I do hope that your special day turns out just like you want it:-)

[ScrimpAndSave]

Understood musicalbabe....but mine isn't all that lavish either. It's just the cost of living around here.

[cooliemae]

Weddings are expensive these days. My fiance and I and are getting married in October and we're budgeting $12,000. That includes reception, chapel rental, DJ, photographer, flowers, dress, wedding bands, tux rental, cake, invitations, hair/make-up, etc. The reception alone for us will be close to $4000 for our 100 guest.

And up here in Green Bay, if you want to get married in the fall you have to wait for the Packers to be out of town, otherwise prices almost double!

[Exile]

Originally Posted by ScrimpAndSave

Hey, I wanted to take a cheap flight and elope!

My 74 year old dad had different plans...I think especially since my mother passed away within the recent years and he wants to put on a celebration for the entire family (we are Greek and Italian...yikes).

I am shooting for $7,000 to be on the high end of what we are saving for the wedding. Anything over the $7,000 get put toward the house.And around here, the average wedding is $40,000-$50,000...mine is WELL below that budget.

I did try to open a new ING account...but it said that since I am already a member - it wouldn't let me. I must be doing something wrong...will try again.

I'm not offended by your comments, so don't worry. We are on this message board with the understanding that we all have various financial and cultural differences.

Thank you for your suggestions.

Thanks for understanding the intent behind my gruff tone. BTW I do understand cultural constraints. But sometimes we can go overboard in trying to please our parents.

Also, as you probably know, the first year of marriage is very high risk, and I just hope that you and your fiance will have the financially secure start that newlyweds need to eliminate a prospective source of tension. Best of luck.

[kilcher]

Originally Posted by ScrimpAndSave

And around here, the average wedding is $40,000-$50,000...mine is WELL below that budget.

"Everyone else is doing it" isn't always the best rationale.

[ScrimpAndSave]

Kilcher, exactly. That is why my wedding is NOT $40,000-$50,000.

[LuxLiving]

ScrimpAndSave, did you ever figure out how to create a subaccount at ING?