Weddings are inherently expensive, and since the mid 2000’s, there’s been a major increase in the number of couples who are paying for their own weddings. Some couples may be receiving help from families, but are paying many of their own expenses, and some are just outright taking control of the budget. The reasons for this are as varied as the couples for whom it works. Regardless of who is contributing to the wedding budget, you should know the best way to save up for your wedding over time.
If you’re newly engaged and planning a wedding at least one year away, you should start understanding and saving for your wedding immediately; not to mention thinking of ways to cut your wedding expenses to as little as possible. If either party’s family indicates their willingness to contribute, don’t count your chickens before they’ve hatched. Even if funds are ear-marked for your special day, that doesn’t take into account unexpected events and circumstances. One bride recently had her mother take ill overnight and naturally the medical care was paid for – but at a loss to the expected wedding contribution. The bride was happy that her mother was well enough to attend the wedding, but she had already booked vendors with the anticipation of the money being available to pay them. It was a really difficult time to scramble and find new vendors or work out financial deals with the vendors they had already booked.
Have a Budget Meeting with your fiancé and figure out exactly how much you can both reasonably set aside each paycheck before the wedding. There are many wedding budget calculators out there that will help you spend your money, but not a whole lot of them let you know how much you have to spend.
Once you’ve figured out how much you can set aside, stick to it! Saving money is hard, and you’ll be tempted daily to get another cup of coffee at a fancy coffee shop, or there’ll be shoes on sale you really need, or a tech gadget that will be just perfect. Resist! Holidays make this part especially hard, so if the wedding saving efforts cross over holidays you have to especially diligent to find ways to celebrate the holidays and give generously to your loved ones without dipping into your wedding fund. You can also eliminate things from your wedding list such as wedding favors and flowers or at least replace them with sparklers for weddings which are much less expensive so you can keep costs low and need to save less money for your wedding. Dollar for dollar, wedding sparklers offer the most fun and entertainment possible.
Another way to save money without feeling like it’s a burden is the 52-week Money Saving Challenge. This is perfect for couples who aren’t yet engaged but who want to work toward this goal individually or together. It’s really simple if you mark the week numbers on your calendar ahead of time, and you end up with a pretty decent chunk of change depending on the method you use. Here are three methods that have been found helpful by many people saving money for weddings or other big ticket items. Two methods have you saving up $1378 dollars in a couple different ways. The third has you saving $1505 in 52 weeks, and they are all relatively small amounts to deposit. Try out these methods and see how much you can save up for your wedding.
Overall, the best way to tackle your wedding budget is a combination of good saving practices and lowering your expenses. Whether you buy wedding sparklers instead of more expensive favors or you adhere to a multi-week savings challenge, saving for your wedding can be simple if you put a plan in place and give yourself plenty of time.