Let’s face it. Weddings are expensive, and even if you DIY as much as you can, comparison shop like a fiend and get major discounts, you’ll still be setback a pretty penny. Here’s how to plan so you can save up enough to throw your dream wedding:
Determine Your Budget Before Anything Else!
One of the biggest mistakes couples make when they begin to think about their wedding day, and how to save money, is to start planning their wedding. They’ll begin looking at venues, caterers and more “to get a feel for how much they’ll need to spend”. However, this can be detrimental in the long run as it may make you attempt to save an amount that isn’t feasible.
A better technique would be to determine what you can realistically save each month, and how much your total budget will be 6 months from now, a year from now and 2 years from now. This will give you a good idea of where you’ll stand in terms of your overall budget and can help you plan when to have your wedding.
Plan Your Wedding for Next Summer/Spring
One way to boost your budget is to put your Christmas bonus or tax return into it! If you get both, you may be able to get a big boost in cash to use by waiting and saving both your Christmas bonus and tax return.
Even if you don’t get a Christmas bonus, the tax return will help add a boost to your income, and if you can wait for two tax returns you’ll be in a great place!
Set a Monthly Savings Goal and Stick to it!
Set a goal to save X amount every month. If you’re afraid you’ll spend it, put it into short-term Certificate Deposits (CDs) to both gain some (small) interest and prevent you from taking out the funds early. Make your savings goal ambitious, but not unrealistic. If you can, follow the 50/30/20 rule. This rule is the simplest form of budgeting in which 50% of your funds goes to living expenses, 30% to savings and 20% to entertainment. If you follow this budget, you’ll be able to shell away 30% of your income and even if something comes up you should still have significant savings accumulated by the time of your wedding!
Remember, you’ll want to ensure that you’re saving more than you need for the wedding. It can save you in a wedding emergency!
What are you waiting for?
It’s never too soon to start saving for your wedding. Some even suggest starting on your first date! While it may seem silly, it makes sense. So if you and your significant other are even talking about getting married or approaching that level of your relationship, you’ll want to consider beginning saving. Even if you don’t get married you’ll have a great savings fund!