Recession Mama











By Katy

Beverly Hills Courthouse

Beverly Hills Courthouse

After I wrote about recession-proofing a marriage and, more specifically recession-proofing a wedding…I got a lot of mixed reactions. So I sent some e-mails to wedding vendors who were looking to get my business (and had e-mailed me first). I told them that I was possibly considering getting married next year, instead of this year because of the recession and that I wanted to have more money saved up. I was hoping for a few e-mails offering me some deals. But instead, here’s a more typical response from the ones I got.

“I do understand your dilemma that you posted at the bottom, about whether or not to get married this year and the deals. Something else to keep in mind – a lot of properties go through annual pricing review and prices often increase a bit at the beginning of each new year. Mostly to go along with the general increase of the cost of goods.”

Yikes! That’s obviously what I don’t want. Another “vendor” who had spammed me with e-mails had this to say about a wedding…

“Katy, with homes prices finally within reach, interest rates at 4.5%, $8,000 buyers tax credit and our cash back rebate of thousands of dollars – why not elope or at least modify wedding costs – and set a goal to buy a home together sooner? I invite you and your fiance to meet with us for a free homebuying plan.”

I don’t know how he got my e-mail, but dude, I already own a home…an awesome loft in downtown Los Angeles. (If you actually read this blog like I asked you too, you would know that.) On the other hand, eloping IS something I’ve considered. (Although, my mother might not like that, since I’m her only daughter and the ONLY one of my generation to get married.) And that’s kind of how another wedding vendor felt about the possibility of my fiancé and I eloping:

“I cannot tell you how many times I hear that and I understand your feelings. It’s a personal preference if you want pictures with Elvis or pictures with your flower girl…? We have a great location that can’t compare to the desert – we’re the beach! Great weather, beautiful sunsets – what more could you ask for! Let me know if I can help and we’ll see if we can pull something together for you.”

Hmmm…what does the desert have anything to do with it? And to be honest, I like Elvis better than flower girls. I won’t be having any of those in my wedding. If I elope, it will be at the Beverly Hills Courthouse. And I think I can safely say that Elvis has definitely left that building.

Advertisements


{April 9, 2009}   Recession Proofing a Marriage

img_seashellcenterpiece

Today’s Oprah was all about recession-proofing marriage. Is that even possible? Now, I’m not married, but I am engaged. Since we all know that couples fight mostly about money and sex, my fiance and I have extensive discussions about finances. We’ve even gone to pre-marital counseling. Now, I’m a realist.  I’ve had to be, and although our financial picture has not changed that much recently, we are closer to each other now, more than ever, in this recession.

Before I worked freelance as a TV producer, I didn’t really know much about money. I racked up credit card debt in college, like a Freshman adding the inevitable 15 pounds. Looking back, I laugh because I think my best friend Ryan and I thought we were rich! We took cabs, instead of the subway. We ate out at nice restaurants a LOT. I mean we were going to Ye Waverly Inn before it became a celebrity hotspot with its own Vanity Fair blog! Now, I even worked my way through college with THREE jobs, so you’d think I learned something about the value of money. But it’s difficult when no one ever wants to even approach the subject.

So how did I learn? Well, essentially by getting laid off for the first time in 2002. I was a news anchor in D.C., and right before the country went to war, this company (which will not be named) laid off the entire news staff. But their questionable decision was my path to a new world — the world of television and entertainment. I loved it. My first job was on a style/fashion type show, and if you know me…that’s always been one of my passions! I know designers like a 6 year old boy knows Hot Wheels. After two years working on that show, the network decided to move it to New York City, and that’s when I began to realize the importance of networking. I also figured it was necessary to have some savings. Now, I was still living with my parents then, and they will always support me. But it was time for me to get my own financial situation under control.

My first step was to figure out how to get rid of my credit card debt. I transferred everything onto a 0% card, and I applied anything extra out of my paychecks towards paying this card off. I, eventually, even transferred my student loan onto a 0% card. I don’t know if that’s a wise move these days because financial experts always tell you not to move your money from secured debts to unsecured ones. However, this really helped me.

My brother also helped. He consolidated one of my student loans with his, paid it off, and I just paid him monthly (without interest). (My brother is really the financial guru in the family. I hope to be him one day.) Soon, after paying off all of my debts, I started saving, and I now have roughly a year’s worth of expenses saved up.

Now, here’s the dilemma. My fiance and I have been engaged for a year now. We wanted to get married this August. But with the recession, we’d like to have an even bigger emergency savings because my savings would only cover me. If we were both out of a job, it definitely wouldn’t cover him. Most of you are probably thinking this is a no-brainer. We should just wait to get married, right? Well, not so simple. A lot of wedding locations, florists, photographers, etc. are offering deals THIS YEAR. And I’m a sucker for a bargain. So, to get married or not to get married. That is the question. And…just in case you were wondering. The question is NOT to have a cheaper, lesser wedding. I’m all about getting the BEST for LESS. I just need some help. ~Katy



et cetera