How Can I Save for a Wedding?
Getting engaged is a wonderful life moment, however, the fun may need to stop so that you can start thinking about planning your wedding. Some people might have had ideas for their big day ever since they were children, while others may only just be considering their options. Either way, a wedding can cost money, sometimes even tens of thousands. You may want to spend time with your partner considering what the budget will be for your wedding day, and then make your decisions based on this figure.
One of the first things you might want to consider is to set up an actual pool of savings. When you use Wealthify to invest, you may be able to help your money grow over time. This could be good for someone who plans to get married in a few years.
Starting to save in an ISA or similar account could also be a good habit that you want to form and take into married life, as it could help to reduce financial stress. In the meantime, you may be able to use your budget, and your savings account, to accrue interest that could help to cover some of the costs associated with your wedding.
Saving for the wedding might also need to involve some level of compromise with your partner, especially when money is quite limited. As an example, you might want favours for guests which are fairly pricey, whereas your partner would prefer to go as cheap as possible. So that neither of you feels resentful, it might be a good idea to find an option that is somewhere in between the two. Yes, it may mean you need to not fixate on specific items, especially if they are expensive, but it might help you to enter marriage without a sea of debt ahead of you. Compromising could also help you to avoid making impulsive decisions or purchases, especially if both people need to have agreed on an item, or a budget for clothing before the go-ahead can be given.
Many people might include the cost of going on a honeymoon within their wedding budget. This could mean you have to wait significantly longer to actually become spouses. Rather than including it, you could opt to ask guests to give a small financial contribution in lieu of a gift. Opinions can be divided on whether this is poor etiquette. However, it may be better for you to state what you would like, rather than for guests to spend money on items that you may never use or genuinely appreciate. You could then use that money, as well as other savings you have left, to plan your honeymoon. This might mean that you cannot begin planning or booking until sometime after your wedding day, but it may be a more financially sound idea for you both.
Getting married can be something that you and your partner are looking forward to, but there may also be a significant amount of planning involved. By thinking about the best ways you can save money, and make the wedding more affordable, you may be able to relax and enjoy this time a lot more.
Images by Jun Tan Weddings
