How Easy is Saving for a Wedding?
A wedding is a once in a lifetime event…ideally…so people want to have the best wedding they can, but it costs money. Weddings aren't inexpensive. Not only are there the major expenses like tuxedos, cake and wedding dress, but also many little expenses from the reception centerpieces to the tip for the DJ or band.
Most people can't just afford to buy everything for a wedding so that means you have to save for the big day. Saving for a wedding is no different than saving for any other major purchase.
Make A Plan
You need to start out by calculating exactly how much you plan on spending for the wedding and how long you plan to save. Since there are always unexpected expenses associated with weddings, take your estimate and add 10 percent as a buffer.
Once you know how much you want, decide on how long it's going to take to save for it. Most weddings take six months to a year to plan, but there is no hard and fast rule. If you want to spend $30,000 on the wedding and you think it will take two years to save for it, set your wedding date for two years ahead. It's your wedding and you make the decisions.
With your plan in place, it's time to compare savings accounts. Don't use your checking account to save for a wedding because there is a chance you'll dip into the money for bills, whether accidentally or on purpose.
When you compare savings accounts, you're also looking for the best interest rate. If you are going to be saving money for a year or more, a savings account can add some nice interest to your increasing account balance.
Implement The Plan
With your savings account in place and a plan for saving money, it's time to actually implement it. Have the money taken directly out of your paycheck and placed in the account, so you never see it.
Create a ledger of expenses and revenue for the account because you will be making purchases here and there throughout the year or two that you are saving. It's important to keep track of the money going in and out of the account so that you don't start getting nervous if the balance starts to get a little low.
You should also continue to compare savings accounts throughout the saving period to take advantage of higher interest rates. Some accounts require a higher starting balance, so keep an eye on your balance to take advantage of it.
Your wedding is the kind of occasion that you dream about your entire life and when it finally happens, you want it to be perfect. By taking the time to prepare and plan, saving for your wedding can be a piece of cake. The key is to stick to the plan and never deviate.