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Five Steps to Saving for Your Dream Wedding

The average American wedding cost almost $34,000 in 2019. Regardless of where you live, a wedding is typically a huge investment financially in order to make it a wedding of your dreams. But if you are not sure where the money for your dream wedding is going to come from, here are five tips to help you saving right away.

Budget

The first step to knowing how to save and pay for your dream wedding are to know your current household budget and know the budget for your overall wedding. If you are not someone who knows or maintains a personal household budget, the time is now to start one. There are numerous online resources or simply handwriting or typing up one in a spreadsheet works too. The most important thing is to add up all income from your job paystub or other sources coming in and then all cashflow going back out in the way of bills, savings and spending. Analyze what is left after all spending is deducted from income and that is what you can put into a savings account each month. Then also sit down with your partner and any other parties who may be helping finance the wedding and come up with a realistic budget for your entire wedding.

Spending

If you are realizing you have little to no savings each month, then you must find ways to cut back on your spending. There are many strategies for minimizing your spending each month. They can range from planning meals around in-season and food on sale to cutting back on unneeded purchases to eliminating a vehicle and utilizing public transportation. There are many ways to do this and any step you take to reduce spending will add up over time. Consider utilizing a service like Mint or Personal Capital or MoneyPatrol to help you see where your money goes each month and make plans for your money all in one easy spot to access.

Income

If you still are struggling to create savings, then consider boosting your income for a time to help fund your dream wedding. This might look like taking on second or even third jobs on weekends or other non-working times to help you more quickly be able to save money. Researching work from home positions or positions where you can set your own hours and be your own boss can be helpful. However, make sure you fully research and know the time commitment in positions so you really know how much extra income you can expect.

Decluttering

If you have a lot of household goods, then finding ways to sell them for the most money can be helpful to boosting savings. Find the best way to sell like items. So, while a garage sale might seem easy, it likely will not net you much money despite how many hours you might put into organizing and planning a garage sale. Instead sell on online markets or find niche markets for selling used clothing, electronics or other items that can be worthwhile to sell privately.

Planning

As you are planning your wedding consider where you can find discounts or less expensive ways to access services or items you need. Some examples include having your wedding during more of an off-season or non-weekend evening. Perhaps you know someone who has a beautiful outdoor setting on their property for a wedding. For services like videographer, see if you know or can network an up and coming young person who might be willing to charge far less but have a portfolio or recommendation from you for future work. Another hard but often very effective cost-savings measure is simply to keep your wedding small. 

Planning a wedding is a big undertaking with a lot of financial resources necessary to create a wedding vision. However, there are plenty of ways to make sure you can make your dream wedding come true. Have a healthy budget for the wedding, reduce savings while increasing income, sell items for more income and plan your wedding in a way that offsets some of your highest costs.

2020-06-13T00:27:50+00:00