Having a remarkable wedding celebration is what most people want. It is great to dream of this, as most married couples did before the knot was finally tied.
But despite all these, the cost of a wedding is always what many get bothered about.
There are ways to overcome this, and the best way to go about it is to save for your wedding.
There are several things you must not be ignorant of when saving for your wedding. Most people who have tried saving for their wedding ignoring these things failed to achieve their aim in the long run.
It’s good you are here! This post discusses the essential tips that can help you save seamlessly for your wedding.
Eight Important Tips to help you Save for Your Wedding
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Determine your Overall Wedding Budget
The first tip that will help you save effortlessly for your wedding is to get an estimate of what the budget of the wedding is going to be or look like.
A wedding ceremony involves getting so many things in place, including the venue, decorations, bride and groom dresses, food, drinks, women’s and mensweddingrings, and many more.
All of these are what to be put in place when determining your budget, and they are what constitute your budget.
When determining the budget, you need to be honest and realistic. Set a budget that you can work on and achieve. It is something you need, and you must try to do that.
Importantly, you need to be familiar with the prices of everything within your budget. Know how much the venue, decorations, and all would cost you before putting it down on your budget list.
Also, remember that prices of goods and services are rising daily. So if your wedding were taking place six months or a year later, you would want to increase the prices noted on your budget list by a few percent.
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Determine the time it will take you to Save
Now that you know how much you will need, you will still have to decide how many months or years it will take you to save for the budget.
If you earn a relatively high amount, it might be much easier to reach your budget than if your earnings are low.
Although, it still depends on your budget, and this is still one factor to consider when determining your budget.
Most couples save for their wedding within six months to two years. However, if you want to save for up to three years, then it’s okay.
You need to start early enough, and you need to agree on this with your spouse.
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Work out how much you will be saving per month
This is where the real deal is because it helps you fulfill what you have on your budget list. From your monthly income and other earnings, you will have to decide how much to save each month.
Here, you must be fair enough to consider the budget and what you earn. You will have to discipline yourself enough to save the required amount.
However, you must not be so strict on yourself that you will not have any finance to rely on for a living.
When you’ve decided on the amount that will be saved per month and within your targeted time frame, go back to check your budget list to see if the amount that will be raised correlates with what you have on your budget.
If it doesn’t, there are two ways to go about it, and it’s either you reduce your budget, or you increase your saving time frame.
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Take some investment or saving scheme
Since you’ve decided on the amount to be saved each month, the next tip is to start saving. Try opening a new bank account and make sure withdrawals are not made from this account.
The account figure should consistently be increasing and not reducing. Alternatively, you can take some quick investment schemes or strategies for this period.
Be sure which investment scheme you will take, and you might want to involve a financial analyst here.
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Be focused and consistent
You would have gotten a great start with the points above. But above all, you have to be consistent about the saving plans calculated.
Pick a particular date to deposit the amount in your wedding bank account. To be more focused, make the deposit as soon as you receive your monthly salary.
Every other type of earning made should also be sent to this account. Remember, the goal is to meet up with the budget or even save beyond.
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Cut down on other unnecessary expenses
An excellent way to also help you save more is to cut down on any other unnecessary spending. Just think about it.
Do you shop for clothes and shoes every month? Or you prefer to buy an already prepared meal rather than raw food.
You could hold on to these expenses for a bit, and it is cheaper to prepare meals at home than to visit restaurants.
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Get a part-time job or gig
To help improve your earnings, this will be a great time to get a side hustle to your income. It’s now even easier to start with one or two side hustles.
You could consider being part of Uber, and you will do this mainly on weekends, and you can decide to run any online business or service.
Affiliate marketing, drop shipping, Youtube or TikTok video creation, Amazon KDP, online stores for physical products, and many more are some side hustles you could start.
So when you start making money with this, you should also save more too.
How Much Does a Wedding Cost?
The cost of a wedding depends on many factors, including the type of wedding you want. The price of a small and a big wedding is incomparable, so it depends on how much you wish to spend.
Moreover, location also influences the cost of a wedding. If you live or will be doing your wedding in a small town, the price of a wedding would be relatively cheaper than if you live in a big city.
On average, wedding costs were estimated at $38,700, according to wedding wire in 2019.