Save now, enjoy later.
It costs more than $35,000 to tie the knot – and that’s just the average spend. Getting hitched has become a multi million dollar industry that is incredibly profitable for bakers, venues and dressmakers – and very pricey for the bride and groom. If you want to have the perfect wedding at the perfect price then it makes sense to save for it. That way you won’t need to borrow money with all the confusing choice of different types of personal loans and start you married life with a large debt.
Start as early as you can
Some people start saving up for their wedding before there has even been a proposal. Some are so sure it’s a life goal that they’re putting cash aside when they’re single. You might not want to go quite that far but it does make sense to begin the process of saving for the wedding as early as possible. Have a frank discussion with your other half about whether it might be something you both want (not on the first date obviously..) and then start putting the cash aside.
Have a long lead up to the wedding
If you haven’t put aside money for your wedding and you’ve just got engaged then there is nothing wrong with waiting a while to tie the knot. A long engagement is often viewed as romantic and provides plenty of time to start getting money in the bank so that you can enjoy a debt-free big day. It’s better to wait a while longer and avoid borrowing money, especially if you haven’t got a great credit score and would need the sort of loans for people with bad credit that can have high interest rates.
Create a wedding savings account
Open a joint account for you and your partner that is specifically for the purpose of saving for your wedding. Try to find one with a decent interest rate – it may even be worth opting for an account that locks your cash in for a period of time so you earn more interest on it. Keep your wedding money separate from all the rest so that it doesn’t get accidentally spent.
Automate your savings
Instead of manually transferring money into a wedding savings account, set up automatic payments that go out as soon as you get paid. That way you won’t be tempted to miss a month or to spend what you’re saving on something else.
Set your wedding as a serious savings goal
The cost of a wedding means that it’s something to take as seriously as saving for the deposit for a home. Prioritise wedding savings if it’s important to you. Use a personal finance app to help remind you what you’re saving for, how far you have to go and what you’ve already achieved.
Price up your wedding now
The best way to understand just how much weddings really cost – and to motivate you in your saving – is to price up the cost of your ideal wedding right now. Most of us have no idea how much the castle of our dreams or a six tier cake covered entirely in sugar diamonds will really cost. You might be shocked at the total you need to save but at least you’ll be aware of what it will take to make that dream wedding a reality.