Money matters

How to save for a wedding

Not everyone can think of getting married and pay for everything without saving. Most of us need to save for a decent wedding. But then, how do you begin to save? You have to know how much a wedding costs. Costs of weddings vary greatly, depending on how big you want to go. Comparing the costs of average weddings will help you in having a rough idea of how much you may need to save.

Where you decide to get married has a great influence on how much a wedding will cost. A backyard wedding will cost you the least and high-end venues will cost a whole lot more.

How then do you save for a wedding? The longer you save and plan for your wedding, the better. Couples need to begin talking about wedding planning costs once they are engaged. After getting engaged, give yourself time to relax before making decisions about the wedding as excitement can cloud your judgment.

Have a wedding budget

A budget will help you keep your wedding spending on track, that is if it is realistic and workable. You have to first envision the type of wedding you want. While on that, think of your guest list, because this determines your cost. Work on a per-person figure on which to base your budget, this is where it is important to include a detailed list of every cost you anticipate paying for the wedding.

Prioritize expenses

List all expenses that include everything you want to spend money on. Go back through the list and separate the must-haves from the things you could eliminate without it spoiling the day.

Consider DIY

Consider whether you can free up money by going DIY with some of the costs. You can save by making your wedding favors or centerpieces instead of buying. DIY could save you money but you should consider how much you might spend on materials as well as the time investment required to decide if it makes sense.

Break down the budget into target savings goals

Once you have arrived at an overall budget amount, the next step is to figure out how much you need to save monthly or weekly to reach your target. “A good formula to determine the budget is as follows: Number of months until wedding X realistic savings each month + contributions and existing savings= total wedding budget,” Devlin, a wedding coach says.

Consider how long you have to save for the wedding and think about whether you may get any financial help from family or friends in planning. Have realistic saving targets, if you cannot reach the savings number together continuously, then you can either downsize the wedding to reduce the costs or consider delaying the wedding to give yourselves a longer window to save and have the wedding you always envisioned.

Have a dedicated account

Decide where and how you’ll keep your money. Before you start making regular contributions to a wedding account. It is recommended that you have a joint account for accessibility or keep it as hard cash to avoid inflation.

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