How to save for a wedding
These six wedding savings plan tips will help achieve your savings goal for the big day by planning ahead, making a budget and prioritizing expenses.
Wedding expenses add up quickly. With dreams of the perfect wedding dress, the latest dessert trend and a killer band, scaling back can be difficult. However, having the right wedding savings plan in place means you can truly set aside guilt-free money for whatever you want at your wedding.
Here’s how you can start saving for an unforgettable day.
1. Open a separate wedding savings account
To successfully begin saving for the big day, consider opening a savings account that’s dedicated entirely to your wedding. It’ll allow you to easily track, monitor and manage the funds for the big day.
2. Make a life budget before a wedding budget
If you don’t already have a budget for your regular monthly expenses, now it is a great time to start. This will enable you to see what’s left for wedding savings after all bills are paid.
Decide how much of this discretionary income you and your partner feel comfortable spending on your nuptials. (How much do weddings cost? For reference: the average cost of a wedding in the U.S. was $38,700 in 2019, according to Wedding Wire.)
Next, add in any additional contributions from parents or other family members if they offer. This number will give you a good starting point as you begin planning.
3. How to save money for wedding expenses
With a budget in place, now you have to execute it. Every paycheck, transfer the predetermined amount from the budget you established in the previous step to the wedding savings account. Also, consciously cut back on things that would make a worthy trade-off for a dream wedding.
4. Establish a timeline
Considering the amount you’re saving for the wedding every month, how long will it take you to reach your goal? Keep that in mind as you start thinking about a wedding date. If it’s not realistic to save everything in six months, perhaps picking a date a year or two out makes more sense.
5. Make a wedding budget list
When wedding ideas flood your social media feeds, it’s easy to get caught up in trends and minor details. Instead, sit down with your spouse-to-be and evaluate the elements that are most important to both of you when saving for a wedding.
Maybe your fiancé wants a photo booth, or perhaps flowers are your top priority. Splurge on those items and save on – or completely cut – others. This breakdown gives an idea of budget percentages to spend per category, but adapt it to fit your needs.
6. Apply for a new credit card
This does not give you license to bust your budget. Credit cards aren’t free money, but they may be able to help you save some cash.
Look for cards that offer perks like sign-up bonuses and travel rewards. If you put all wedding expenses on the card – and pay it off every month with wedding savings account money – you could rack up some free flights for your honeymoon.
Continue reading for more savings tips so you can get started saving for your magical day.