Monthly Archives: June 2019

Wedding Planning on a Budget

wedding

Your wedding day is one of the happiest days of your life. You’re surrounded by family and friends as you embark on your new journey with your spouse. While your wedding is one of the best moments in your life, it is also among the most expensive. According to The Knot, the average cost of a wedding in 2018 was almost $34,000. Luckily for you, there are some strategies you can use to help trim costs and still have the wedding of your dreams.

Dressing Your Wedding Party

Everyone knows it’s most important for the happy couple to look their best, but dressing bridesmaids and groomsmen doesn’t need to break the bank. There are several ways you can save money by taking a look at the wardrobe of the wedding party. If having a set dress code for your wedding party isn’t imperative, you can allow them to dress themselves within basic guidelines that you’ve defined. Or, you can choose to ditch the tuxedo rental in favor of going with a classic suit and tie, which not only saves on rental fees, but allows your groomsmen to reuse their suits in the future.

Controlling Food Costs

Food and bar costs are among the largest contributors to expensive wedding receptions. So, how can you save some money while making sure your guests don’t go hungry? The first thing you need to do is ask about your reception venue’s rules for food and drink. If your venue allows you to bring in outside food and beverages, you can save thousands of dollars on a caterer by preparing the food yourself with some help from family and friends.

If your reception venue does not allow you to bring your own food, choosing a buffet option is usually cheaper than a plated dinner. With a buffet, your guests can choose from a variety of options while you save on the cost of table service and wait staff.

Be Creative When Setting a Date

Summer through autumn is wedding season, with the most popular wedding months being June, September, and October. Opting for a winter wedding can save you quite a bit of money. First, most venues are cheaper for weddings outside of the peak summer season, which can save you thousands. Secondly, there isn’t as much competition from other couples for the venue you want.

If a summer wedding is important to you, most reception venues are cheaper to rent on Fridays and Sundays. If you’re willing to be flexible and not have a traditional Saturday wedding, you can save big.

Make Decisions that Work For You

Ultimately, your wedding day is about being surrounded by the people you love as you celebrate your new union. We hope these savings tips help put you and your spouse in a stronger financial situation as you begin your life together. Open a savings account with Iowa State Bank today in order to start saving for your big day!

Budgeting Checklist for Buying Your First Home

buying-home

Buying your first home can be an exciting but overwhelming experience. The right bank and agent can take most of the hassle off of your shoulders. Make sure you’re checking these items off of your list to allow for a smooth home buying journey – without breaking the bank.

Check Your Credit Score

Making sure your credit score is high and on the rise will allow you the opportunity for better rates! Look for any issues with your report and contact the credit bureau to have them fixed.

Gather Your Documentation

Have your documents in order when coming to the bank to discuss a pre-approval letter and loan. Contact us in advance to find out which documents we require. To help you get started, you should plan to have the following documents when applying:

  • Income and employment verification – Last two years’ tax returns, W-2s, 1099s, and your last few pay stubs
  • Identification – A primary form of photo ID (driver’s license or passport), and a secondary form of ID (Social Security card, student ID, insurance card, etc.)
  • Financial condition – Bank and brokerage account statements including retirement accounts, proof of funds to close, or a gift letter (if your down payment is coming from a gift)

Secure Pre-approval

A pre-approval letter shows a buyer that you are serious and have the funds to afford the home. This also lets you know how much house you can afford, so you don’t start hunting for houses that are out of your budget.

Decide On Your Max

Even if you can afford a certain amount, not spending it all may be wise. Scale back a little and decide on the price you’re willing to spend. Hold yourself accountable to not pass that limit.

Think Of Additional Expenses

Repairs, maintenance, monthly bills, moving costs, and closing costs will all factor into your budget. Know how much income you earn each month and subtract all of these costs; then subtract your daily expenses (such as gas and groceries). This will show you how much you will actually have to put toward your mortgage payments. Deciding on your max budget will help you know your purchasing capacity and live more comfortably.

If you’re looking for a great rate on your mortgage, contact us or stop by the bank. We will be happy to help you along the path to buying your dream home!