Planning for the big day can be stressful and exciting at the same time. You probably have an idea in mind, and all you need to do is set things in motion. But of course, you need money to get the ball rolling on your wedding plans.
Don’t have enough budget yet? Check out some tips here to help you save money for your wedding.
Set a Well-Defined Budget
Saving money always start with a set budget. For a wedding, it’s crucial to have a well-defined budget that details every cost. Create a strict budget by setting it to a hard maximum. Once you have this sorted out, list down all expenses that you can think of.
When setting a budget, it’s wise to have a buffer ready. The buffer allows for any last-minute or unknown expenses.
Your set budget may have surprised you, so you need to find other areas to save. You can prioritize some wedding aspects that will help you save more money. You and your soon-to-be spouse can decide on one to two areas to splurge on.
It’s normal to want the best for your big day but you also need to be realistic about it. Unless you’re rolling in dough, you can’t always have the best of everything, hence you need to prioritize.
Once you determine your wedding priorities, revisit your set budget and reconsider some areas where you can save.
3) Save Every Month
Allocating funds for your wedding each month will help you meet your target budget. This can also help you save. You can start saving now but if you want to lower the amount you save every month, you can start saving two years before the wedding. Of course, this works for couples who are not in a rush to get married.
4) Reduce Other Expenditure
A great way to help increase your ability to save is by removing existing costs you’re paying each month. Start with your large costs such as seeing if you can use a broker to reduce your interest rates, stop using credit cards and cancel unnecessary discretionary expenses. Do you need Netflix or other have a gym membership running that you don’t use? Consider whether you’re spending money which could otherwise be going towards your big day.
5) Have a Savings Timeline
The average engagement lasts 14 months. This gives you quite plenty of time to save money for the wedding. Have a savings timelines to keep you on track. Create a schedule when you need to pay your wedding supplies as well so you won’t be caught off guard down the line.
Whatever steps you take to save money for your wedding, it all comes down to one thing — avoid overspending. Don’t go into debt to pay for your wedding. You don’t want to start your marriage paying off debts.
Use these tips to help you save money for your wedding. Say “I do” with your finances on the right track.