Your wedding is supposed to be the happiest day of your life. So why do so many couples start off their married lives with a massive pile of debt acquired from just one day? A dream wedding doesn’t have to break the bank. If you’re saving for your wedding, follow our 10 simple tips to help you reach your goal quicker.
1. Set A Budget
Firstly you need to set a budget. Are you happy to spend $20,000 on one day? Or would you rather try and keep it below $10,000? Maybe you’re happy to spend the big bucks, and maybe you want to keep costs to an absolute minimum. Both are fine, as long as you can afford it!
2. Breakdown All Your Costs
Chances are you know what you want for your big day. It might be a gorgeous dress, stunning venue for 200 guests, a horse and carriage or those Jimmy Choo’s you’ve been eyeing up for years. List absolutely everything from the big ticket items like venues, the dress, the rings, the honeymoon and the catering, down to the last flower, favour and cupcake.
3. Work Out The Priorities
Next, take a long, hard look at your costs and your budget. Are you going to come in under, on or over budget if you go ahead with everything on the list. Consider which items are non-negotiable and which items could be left out, or found for a cheaper price.
4. Work Out A Savings Plan
Now that you’ve got your total costs, you can work out how much you need to save each month to meet these costs. Divide your budget by the number of months left until your wedding and see what figure you arrive at – is it achievable?
5. Open A Separate Wedding Bank Account
Having a completely separate account for all wedding expenses will help you ensure that you don’t mix up your regular savings and expenses with wedding ones. The last thing you want is to be unable to pay your gas bill because you accidently spent the money on your wedding cake deposit instead!
6. Shop During The Sales
If you’re a savvy shopper there are some great bargains to be had. Wait for the sales and grab the items you need when they’re on offer. This will help you free up your budget for other unexpected expenses, or you can simply pocket the cash.
7. Choose The Same Venue For The Ceremony And Reception
By holding your ceremony and reception in the same location, you’ll save on not only time but money too. Many venues offer a discount if you choose their location for both parts of your wedding, plus you don’t have expensive transport costs to worry about.
8. Go For An Alternative To Wedding Cake
Wedding cakes are beautiful but there are so many great and usually cheaper alternatives out there today. What about an ice cream van serving 99s, mini dessert and cupcake station, or a doughnut table instead?
9. Don’t Get Married On A Saturday
Saturday is the most expensive day of the week to tie the knot. Picking a Sunday or a weekday will often result in huge cost savings – and getting married outside of peak wedding season will help too.
10. Forget The Free Bar
Gone are the days where people expect a free bar at a wedding. Many packages will include a drink or two for each guest, then after that, make guest buy their own. It might keep them better behaved too!
What are your tips when it comes to saving for your wedding? Let us know in the comments.
If you’d like some help working towards your savings goals such as saving for your wedding, your first home or a major financial goal, speak to our financial advisor in Joondalup today about our personal budget software. Call us on 08 9300 2553 to find out more about how we can help you on the road to financial freedom.