While it has been customary for the bride’s family to pay for the wedding for centuries, modern times call for modern traditions. These days, not as many families are paying for their daughters’ weddings. Sometimes it’s simply because they can’t afford to. Other times, a same-sex wedding is taking place and the family disagrees with it. No matter the reason, more couples are choosing to pay for their own weddings, meaning they need new ways to save a large sum of money. If you’ll be paying for your ceremony and reception, use these tips to help you save money for your wedding.
Discuss the Wedding First
Before you come up with a target number for your savings account, discuss the type of wedding you’d like to have. A small wedding means you will have the money to get married sooner, but if you prefer a large one, set a date far enough away that you know you will have ample time to save enough money. Consider several factors as you discuss the wedding.
- Ceremony and reception venues
- Flowers and other decorations
- Hair and makeup
- Wedding favors
- Number of guests
Take Money Directly Out of Your Paycheck
Now that you have an idea of the type of wedding you’d like to have, it’s time to start saving money. If your job provides direct deposit and allows you to set it up for multiple accounts, automatically have a certain amount of each paycheck go into a wedding savings account. Consider a certain percentage or a specific dollar amount.
Round Up Your Purchases
Some banks allow you to round up your purchases and then transfer the difference into your savings account. For example, if your purchase costs $27.42, your bank will round it to $28.00 and put the remaining 58 cents in your savings account. It may seem like a small amount, but when you make multiple purchases, the number adds up quickly. If your bank doesn’t provide this option, several apps do, or you can do it manually by transferring the money to your savings on your own.
Save Actual Cash
If you are like many people, you probably don’t use cash often anymore. However, if you do, saving loose change is a good way to put back money for your wedding. All those nickels and even the pennies will add up. You may also consider saving a specific denomination for cash, such as putting back every $5 bill you come across.
Cut Back on Your Bills
Maybe your cable bill is expensive. Perhaps you spend money on subscription services you don’t actually use much anymore. Look for monthly expenses that you pay without fail, but don’t actually use often. Consider cutting cable in favor of purchasing Netflix, Hulu and other stations you watch regularly as monthly subscriptions. You could save more than $100 per month this way. If you are someone who spends lots of money on lunch or coffee each week, think about packing lunches or saving your coffee splurge for once per week. Put the money you save into your wedding account.
Whether shopping for food, going to the movies or purchasing clothes, coupons and discount codes are available for practically everything these days. Take advantage of them. Don’t forget about the sales ads when you’re grocery shopping, either. By comparison shopping, the few cents or few dollars you save on certain items can add up quickly and be put into your wedding fund.
Whether you’re saving for a small wedding or a large one, don’t forget to include a honeymoon. Even if you only go out of town for a couple of days, you and your partner will love having time just to enjoy each other’s presence and wind down after spending so much time saving money and planning your wedding.