Getting married soon? Then you should start saving money now but how? Imagine with me for a moment. What if you could save the money for your wedding without asking your parents? Would you do it? Of course! What if you could save up for both your wedding and your honeymoon? I am all in!
Weddings are a huge expense and I am talking about on average of 30,000- 40,000 and it only grows to depend on how many guests you have. The more guests, the more money you have to dish out for the venue, the food, the decorations and more. So, how do you truly save money for your wedding? It takes determination and discipline to save enough for your wedding, here is how you can do it.
Be Realistic
Sit down with your partner and discuss what you actually your needs are and what are your wants are. This is a great way to determine what you can’t live without and what you can remove or find a more affordable price for. This can be the same for your honeymoon you will have to determine the upcoming cost of your flights and hotel, activities you want to try, the cost of transport around and the cost of food.
Put it Into The Bank
A clever trick for saving money is to put your savings into a separate account from your personal saving account. Choose high-interest savings account for your wedding and your honeymoon in order to earn money as you save. This is great for after the wedding as well to save up for a home or a nice vacation or two. You can deduct a certain percentage off your monthly paycheck, for example, you can choose to take 5 %, 15% or 20% or choose to have that amount automatically.
Honeymoon Fund
If you don’t want to do the tradition of receiving gifts from your guests, then think about having a honeymoon fund created. This works similar to a wedding register except instead of gifts you get money contribution. That way you do not collect items you do not need but have help for a honeymoon trip. This is great for couples who are already settled and are living together. The average cost of a wedding gift can be around $20-50 dollars at times, so if you have 50 guests that would for sure cover the cost majority of an average honeymoon.
Final Thoughts
Are you ready to start saving money for your wedding? Remember when starting you should be realistic on what you want and what you actually need. It may be a little tricky since everything looks like fun but everything also has a price. If you can’t afford it then maybe you are going to have to rethink about getting it. Agree on a certain amount of your paycheck to be sent to a high-interest saving account so that you earn as you save money. If you want to skip the tradition of having guests bring you gifts you can also create a honeymoon fund so your guests can contribute to your honeymoon. These are great examples of how you can save money for your wedding.
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