How to save for wedding
Congratulations, you’re engaged! Enjoy this feeling and this moment but everyone knows you’ll soon start wanting to plan that special day. Wedding days are so important, that public declaration of your commitment to one another. The next chapter of your journey as a couple and a day you never want to forget. It certainly is your day and you want to enjoy it as much as you possibly can. Many people have always had an idea of how they want their wedding to be. With those thoughts and opinions, comes money. Let’s have a look at how to save for wedding.
Do your research
Firstly, when you look at how to save for wedding, you need to do your research. Pull together your ideas and do the research into how much those ideas will cost. What exactly are you going to have to pay for? These need writing out and listing the prices against each of the things you want as part of your big day. Don’t fall into the trap of seeing the first reception venue you find and wanting that one. Shop around, find alternatives, and see what you can save money on. If you can opt for a cheaper venue you might be able to afford the wedding car too. Research, research, research, and talk about finances, expectations, and your wedding day openly.
Have a plan
You need a plan. What are the desirables and what are the must haves? You need to figure out how much all of this is going to cost and then actually start saving. Your plan should include how much you are going to put away every month into your dedicated wedding fund. This will allow you to focus on saving and actually see a savings pot grow month on month. Sacrifices might need to be made in order to make those deposits into your bank account, however, when you see that deposit as what it is going to pay for, it’s much easier to be content with those deposits.
Give yourself time
You might be tempted to get engaged and then married within a few months. However, if you have no savings to pay for your big day, you need to give yourself time to save the money you want to put toward the wedding. When you have figured out how much you need for the wedding you want, you can look ahead and pick your wedding day. The number of months can then be used to split the total amount which will give you a monthly savings figure. If you have a wedding date in two years’ time and want a wedding that will cost £9000, simply divide that number by 24 months. That works out at £375 a month you need to put aside. You can figure out the weekly and even daily amounts you need to put aside. These bite-sized chunks make it much easier and less of a facing to save.
When you are saving for wedding you need to be realistic. What can you actually afford? How much can you afford to put aside every month as well? Without being realistic, you might set goals that are simply unattainable. When you do that and miss those targets, you get demoralised and start to resent the event you are planning. No one wants that when you are planning a wedding! Knowing what you need to save and what you are saving for will help you stay focused. Saying that you want to save for a £15,000 wedding cake within 3 months, isn’t going to be something that is realistic. Make goals you can actually meet and work towards them with passion.
Make saying a priority
We all have lives to lead and when you are newly engaged you might want to go out and celebrate. However, once you have done that, you need to make saving a priority. Without that desire to put that money aside, you will simply fail to save for wedding. We’re not saying to stop enjoying your life. You simply need to look at where you are spending your money. It might mean saying no to a night out so you can put the money you would have spent into your wedding fund. It could mean being resistant to the temptation of a takeaway and getting something out of the freezer instead. These little changes to your habits can quickly add up. By having your wedding savings pot available to view on a mobile app, you will be able to pay into it when you make these sacrifices and also see the amount growing.
Have what you both want
Make sure you are saving towards things that you both want. That open and honest communication should include saying what you would like from your wedding day. This will make saving much easier for you both, with no annoyance something into play. Compromise is huge in marriage, so starting this now will set you up for what is to come in life. Sit down together to decide on your list of things for your big day and then as a tag team, work towards saving the money for them.
Look towards the future too
Wedding days are fantastic. It is the start of the next chapter of your lives together. However, you need to consider the rest of your lives too. Sure, you want to celebrate in style and have a day you’ll never forget. But do you really want to start your marriage in debt? Even if you save for wedding, what else could you do with that money rather than blow it on one day? It could go toward a house deposit, or you could use some of it for a holiday. You could put some away as savings for your future or for children. Definitely put money aside and save for wedding that you want, but keep an eye on the future and what you want to accomplish. You might decide to have a smaller more intimate occasion and make more of the money you put aside.