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  • Writer's pictureGreg Cadogan

Tracking Expenses: The Key to a Debt-Free Wedding and Beyond Pt.1

Let's take a trip back to December 2012, just one month after our simple but unforgettable proposal, that we embarked on a remarkable journey, our first steps towards financial empowerment.

It was during this time, armed with determination and a budget template in Xcel, we created our very first budget, laying the foundation for a secure financial future.

As we eagerly approach our 10th anniversary, we reflect on the transformative power of tracking our finances.

Sit back, relax, and enjoy this article as we delve into the invaluable lessons we've learned about tracking expenses during the planning process of our wedding, sharing insights that will empower you on your own financial journey.



Managing Finance lead to debt-free wedding

 

Why should you track?

Before diving into the practical aspects of expense tracking, let's first explore why it's so important to track your expenses.

Many people may wonder if it's worth the effort or if it truly makes a difference in their financial well-being. We're here to tell you that tracking your expenses is not only beneficial but also a fundamental step towards gaining control over your financial life.

Here are the 3 most compelling reasons why you should start tracking your expenses today:

  1. Awareness and Clarity: Tracking your expenses provides a clear and accurate picture of where your money is going. It reveals spending patterns, highlights areas of overspending, and helps you identify potential savings

  2. Budgeting and Goal Setting: Expense tracking forms the foundation of effective budgeting. With a well-defined budget, you can prioritize your goals, whether it's saving for a dream vacation, paying off debt, or investing in your future.

  3. Reducing Financial Stress: Tracking your expenses can significantly reduce financial stress. When you have a clear understanding of your financial situation, you feel more in control and confident about your financial decisions. It eliminates the fear of unexpected expenses or not knowing where your money is going, leading to a greater sense of financial security.

In our own personal journey, our primary goal was to avoid going into debt for our wedding. Tracking our expenses through the Excel sheet played a pivotal role. It provided us with the much-needed clarity and awareness of our financial situation, enabling us to make well-informed decisions. These include:

  1. Determining the number of guests within our budget. (A series of uncomfortable conversations with family and friends)

  2. Identifying areas where we needed financial support from early. Shout out

  3. Establishing non-negotiables and areas where adjustments could be made without compromising our dream wedding. I was never backing down from the honeymoon (Secrets was totally worth it) and my wife was never backing down from the decor at the reception.


The reduction of financial stress was profound on the day of our wedding when we made our final payment to the MC in cash. It brought an overwhelming sense of relief, knowing that we had managed our expenses effectively and accomplished our goal of a debt-free wedding. This experience underscored the importance of tracking expenses, not just for the wedding but for our overall financial well-being, and served as a powerful reminder of the peace of mind that comes from being in control of our finances.

 

We will do a next blog on the wedding where we go in further details how we achieved our debt-free wedding.

 

SEE YOU SOON



Managing Finance lead to debt-free wedding
Wonder if we could still do this pose. lol

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