How to Blow $50,000

Dear Scott,

My fiancé and I work in hospitality, earning around $55,000 each. We love the industry we work in, but unfortunately it does not pay well. We are saving to go to Vietnam next year, but after that we need to save for our wedding and honeymoon, which will be about $50,000 in total. After that we need to save for a house deposit. We have a baby, and my fiancé works days and I work nights so childcare costs are minimal. But getting a second job is out of the question. What is a good way to save as quickly as possible?

Emma

Emma!

Are you on drugs? Or …  are you planning on supplying drugs at your wedding?

You can’t be seriously considering spending an entire year’s wages on one day!

Fair dinkum, I’m tapping the keyboard so bloody vigorously right now that I’ve woken up the dog, and she’s moving gingerly to the back door. (She knows the score.)You wrote to me for my advice, so I’ll give it:

I think you’ve got your priorities completely out of whack:There is zero correlation between how much you spend on your wedding and how long your marriage will last.

There is, however, a high correlation between money worries and divorce.

If I were in your shoes I’d first use that money to build up your Mojo, then put the rest towards a deposit on a home.

What about the wedding?

Well, you’re in hospitality, so why not ask your workmates to help you plan a rustic, authentic backyard wedding?

Years from now it’ll become your family legend: you started with nothing, and created something amazing. 

Scott