Weddings are expensive. However, they don’t have to be. With careful planning and saving up beforehand, you can cut the cost and of course the stress that is associated with the wedding arrangements.
Wedding is one of those days people look forward to their entire life. Since it’s a new beginning, they want to make the most of this special day. They want to celebrate it with their family, friends and colleagues. However, managing a big scale event means hiring a number of people to pull off the event and all of them need to be paid fairly.
That’s what makes weddings so expensive. No matter how extravagant your wedding ceremony, it is still a one day event. It isn’t wise to spend all of your savings and spent the next couple of years paying off the debt. You can keep your wedding spending under budget by proper planning and saving little by little for the big day.
Why is it important to save for your wedding?
No matter how careful you get while planning a wedding on a budget, there are a few expenses you cannot compromise. For example, you need to put aside money for the wedding ring, wedding dress, cake, venue, flower arrangements and a lot more. Even sticking to a strict budget still costs you thousands of dollars. The best way to make your wedding planning less stressful is to save beforehand. If you start to save up a year before your wedding date, it will save you the hassle of forking out thousands of dollars of interest to meet your basic wedding expenses.
How to save for your wedding?
Following are a few ways you can save for your wedding:
Have a well-defined budget:
The first step to saving up for your wedding involves setting up a realistic budget. However, before you decide the amount you would spend on your wedding, you need to do some research to know the options you have. Start off with the venue. Contact and arrange a meeting with vendors. Collect all the information you need and shortlist the best options. Now categorize every expense and prioritize according to your preference. For example, if you want amazing wedding photos, you can spend lesser on the band and leave yourself more room to spend extra on the wedding photographer.
Keep every small expense in mind while deciding your budget. If you have saved enough to bear all these expenses, you are all good. If not, set a timeline within which you are planning to achieve your saving goals.
Come up with a saving timeline:
The average engagements last for about 14 months. This means you have a good amount of time to plan out and save for your wedding. You need to map out a timeline to save for your big day and to keep a track of the goals you have achieved and the ones are still in the line. Plan out the amount you need to save on a monthly basis and stick to it until your wedding date arrives.
Try to earn more:
If you think you cannot meet your wedding expenses by keeping aside a chunk of your salary, you should search for some additional sources of income. You can sell the items you no longer need such as electronics, furniture or collectibles. This way you can bring in some extra cash. If that doesn’t work for you, try taking a side job to save up more. While it will get a little hard for you to manage, you will only be doing the side job for a limited period of time. It will help you generate more income and save you from paying thousands of dollars for debt.
Open up sub-saving accounts:
Opening up a sub-saving account is another great way to save up for your big day in a limited amount of time. This account should be created in addition to the regular savings account you have. You can use this new account to save up money to achieve your wedding savings goals or to save money while automating finances. Sub-savings accounts are tailored according to the specific savings goal you want to achieve. They let you see the amount you have saved so that you stay motivated and on track.
Remember that wedding is the beginning of a lot of responsibilities. So, everything in your wedding should be based on your own budget and financial stability (and not what your family or society expects from you). For example, if you have the budget to go for a diamond ring then go for it but if you don’t have that kind of budget, it’s absolutely fine to go with cheaper options like Titanium ring or a personalized handwriting ring.
Saving up for your wedding is something that shouldn’t be a source of constant stress. Start saving now and you won’t have to make a lot of poor decisions as your wedding approaches.