Weddings are one of the most expensive events a person can plan for. Studies show a couple is likely to spend somewhere close to $29,000 for their event. This is a serious sum, and it can make most people feel dizzy thinking about it. If you and your significant other recently decided to tie the knot, then you might not be sure how to go about saving for this once-in-a-lifetime occasion in your life. Luckily, there are plenty of ways you can budget and save for your wedding.
Setting money aside for something big like your wedding will require a number of different tactics. Look over these ideas and start squirreling away your cash so you can have the wedding of your dreams.
Save your change. It might not seem like it can add up to a significant amount, but you will be surprised to learn just how much you can put aside in a short amount of time. This is especially true if you work in an industry where you tend to see a lot of cash or change in a given night. Put your small change aside in a safe place, then go to a bank or coin-cashing machine and see how much you’ve been able to accrue. It won’t cover big expenses, but it will definitely help.
A slightly faster way to save in this vein is by setting aside all of your five-dollar bills. Whenever you have a five-dollar bill on you, make a conscious effort not to spend it. Put all the bills together and forget about them. After a certain amount of time, look at how much you’ve been able to save simply by refraining from spending a specific denomination. Again, this isn’t going to help you pay for the entire wedding, but it will definitely boost your budget in a very useful way.
Pay Down Your Debts
It might sound counterintuitive at first, but a good way to start saving more money for your wedding is by increasing how much you’re spending on paying off your monthly debts. Bump up your payments on your credit cards, and if possible, see if you can pay them off entirely. Clearing away your debt in whatever way possible can prove fruitful because it gives you a higher spending limit for your wedding and provides you with a longer period of time to pay those expenses off. Plus, it helps improve your credit score, and that’s always useful.
When you have so much debt that the idea of paying it off seems laughable, then you might want to try to focus on reducing your debt by a certain amount. Even lowering your annual debt by about $1,000 can be enough to stop wasting your money on payments that only cover accrued interest. Getting out of debt now helps you pay for your wedding and, more importantly, frees you up for future investments like homeownership and purchasing a new vehicle.
Stop Wasting Money
A tip that gets repeated a lot on the internet in regard to saving is to stop eating out so much. Whether you’re buying a cup of coffee on the way to work, a salad for lunch, or a burger on your drive home, this money adds up. By eliminating extraneous food and drink purchases from your budget, you can watch your savings start to build.
In order for you to throw a wedding like you envision, you’ll need to have enough money in your budget. Saving the right amount will take time, but there are plenty of simple and effective ways to set aside funds and put together the perfect day you deserve.