How to Save for your Wedding Day

December 6th, 201012:32 pm

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How to Save for your Wedding Day

The thought of getting married and having that large, elaborate wedding is certainly something that most brides and grooms desire, but when it comes to the finances that’s rarely what they are able to achieve.  If you are struggling with the idea of how to save up for your wedding day, do not fear – it can be done!  Here is how you can start saving for your wedding day, starting with the most obvious:

Start Saving Immediately

As soon as the engagement ring slips onto the woman’s finger, it’s time to start saving cash, and soon.  Most brides and grooms get married within a year or two, which doesn’t necessarily leave a whole lot of time for you to save a substantial amount of money.  Start putting away a certain percentage of each pay check every month, such as 5, 10 or even 20 percent if you wan manage it, and then don’t touch it.  If you’re struggling to make the savings quota, look at what you are spending in your own day to day life and examine just where you can make changes.   If you cut out your daily coffee, how much could you save? If you stopped eating out and ate at home, you surely would save a ton.  You may seem a bit more strapped for cash these days, but it will all be worth it in the end.

The Wedding Bank Account

If you can afford to open up another bank account, then it is wise for the bride and groom to open up a joint wedding bank account.  This account will help you both keep track of the money you have saved for your wedding, as well as the wedding expenses and transactions once you begin putting down deposits and paying your vendors.

TIP:  Talk to your bank about what sort of savings accounts you can put your money in.  You want to make the most interest off of your money, so it may be a good idea to open up a mutual fund account or a high interest savings account.

Keep it Real

The most important thing for any bride and groom to do is to be realistic about how much they can save from each pay check to go towards their wedding.  Let’s face it; by the time a lot of us are getting married, we have racked up a student loan, car payments, credit card debt, and sometimes even a mortgage.  We have rent to pay, utilities, and we have to pay for food and use some money for entertainment from time to time.  Be realistic about how much you can set aside for your wedding.  If you need to set aside more, take a good hard look at your lifestyle and see where you can cut back on expenses.  This may be as simple as changing your cell phone plan or changing or canceling your cable.  Call your credit card company and ask them to lower your interest as well if you are paying a lot of interest on your cards.  You’d be surprised by just how many will lower your interest to 12-15%!

Categories: Budget and Basics