This is not your typical – work more .. sell things – get more cash. You’re familiar with those. This practical exercise will shed light on where to get extra cash, not just for your wedding but for anything you’re being called to. It may seem tedious or daunting; but, when you’re done you’ll be able to look at your finances wholly – a snapshot of a year or even a few months can allow you to see the freedom and possibilities you have to align your income with your dreams.
Print out your last 3 months of bank statements, grab 3 highlighters and let’s start.
This can be subjective but do your best to feel out what makes sense to you .. Use one highlighter to go through the list highlighting everything that is a basic, absolute necessity: food (not from a restaurant), housing & utilities, maybe transportation. Grab a second color to highlight every thing that is a nice add on .. it makes your life easier or brings you a bit of joy. Use the last color to highlight everything that’s not a necessity; a luxury of sorts – fast food, coffee shops, restaurants, shopping, your weekend excursions etc.
Add up everything from the third color. These are things that you can go without. Use the equations below, one then the next, to discover your total extra cash.
a little math
Total of highlighter #3 / 3 (months of statements) = 1 months worth of extra cash
1 month of extra cash X # of Months left until your wedding = Total Extra Cash
How much cash could you add toward your wedding budget if you sustained from that spending? Add up everything you highlighted in the second color, use the same formula and weigh those options as well.
What are you willing to let go of in the coming months to lend extra cash towards your dream wedding? Weigh what feels best for you and yours. Check out How Much Does a Wedding Cost for more insight.
+ view the comments
