Congratulations on your upcoming celebrations. This is truly a magical time to spend with your girlfriends, family and, of course, the love of your life. I want you to be your happiest, prettiest and most confident self during this entire amazing experience. Even if at times you feel overwhelmed with all of the decisions that have to be made- from what flowers to choose, which flatware to use, OMG - the dress!...
All of these decisions add to the cost of the wedding. The average wedding, according to a survey by The Knot, is $35,000. If you’re looking to have it in a place like Manhattan, you’re looking at something closer to $80,000. And if Meghan Markle’s upcoming wedding is your inspiration, then the price tag will be wayyyyy more.
Most financial gurus will tell you to create a strict budget for your wedding. Of course, you want to make sure that you don’t add unbearable financial stress to your marriage. After all, money is the #1 reason why couples may end up in divorce.
But, I know that this is your BIG day. The day you may have dreamed of your whole life or ever since you fell madly in love.
So I say, have your cake and eat it too. Because every woman deserves to feel like a princess on her special day.
Here are some quick tips on how to save for your wedding.
Research wedding costs before you create your budget. Often times, couples will set an arbitrary budget for the wedding without doing any research to see if the budget is realistic. For instance, you may think that you can hire a makeup artist for $150. But, their average wedding rate may be $1,000 in your area. Once you hear the price, you will feel defeated. As this happens over and over, tension between the two of you will increase as you continue to spend “over your budget”. But, if you knew that most MUAs cost $1,000 in your area, you wouldn’t be shocked. In fact, it would be in your budget. Therefor, sit down with your beloved and write out what your dream wedding would include. Then, research and total the cost.
Ask, how can we afford this? It’s likely that your dream wedding will cost a pretty penny. Before you start chopping your budget to something that’s more realistic, brainstorm ways that you two can make the dream a reality. Is there a way you can make more money at work? If you have a side hustle, is there a way you can ramp up your sales? This is why I’m a huge fan of having a business- whether it’s full-time or part-time- because you have more control over your earning power and can create space for your dream big day to come true.
Set milestone goals. Maybe you want to save $50,000 or $100,000 for your wedding. That’s a lot to tackle all at once. Break up the total into monthly milestone goals.
Open a separate savings account. Keeping a separate account will help reduce your temptation to dip into it for other purposes. Also, it’ll be motivating as you watch it grow. One of the highest earning savings account is Radius Bank’s High-Yield savings account. For balances over $2,500, there is a 1.3% APY. *
Sales and Saving. Soooo, I know that a sale on a pair of shoes is tempting. Not the shoes for the wedding. Just a pair of shoes that you just have to have. If you read my post earlier this month, you know that as long as the sale fits within your indulgence allowance then it’s fine to buy the pair. But, the money you saved on the purchase should be transferred to your wedding savings account. For instance, if it’s a $100 pair of shoes that is on sale for $40, then the $60 you saved needs to go into your wedding savings account.
Go on a spending detox. What?! You just said I could have my cake and eat it too. Why should I go on a detox? Here’s the thing, love. Being financially fit is just like being physically fit. If you get your workouts in and eat healthy 90% of the time, you can have your cupcake and mimosas. Same thing goes with your finances. Especially if you’re saving up for a (hopefully!) once in a lifetime moment. I want you to have your dream day and in order to do that, you have to be mindful of your spending choices. Go through your monthly expenditures, and ask yourself do I really need this? Is there anything you can cut out during this savings period? Are there retailer newsletters you can unsubscribe from so you aren’t tempted to buy more clothes? Maybe you and your beloved can eat in more. Besides saving some money, it’s a great way to bond!
Don’t be afraid to ask for discount. Ask and ye shall receive. Or as my friend says, closed mouths don’t get fed. When you’re purchasing items for the wedding, ask if there are any current specials or discounts. Lots of retailers and businesses offer AAA membership discounts, discounts for students, or other specials that they may not advertise. The worst they can say is no!
And now I'd love to hear from you! What does your dream wedding look like? Let me know in the comments below.
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This post was in partnership with Radius Bank.
*Annual Percentage Yield (APY) is accurate as of 12/19/17. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01—$9.99, 0.05% APY applies to the entire balance on balances of $10.00—$2,499.99, and 1.30% APY applies to the entire balance on balances of $2,500 or more. Rates may change after account is opened. Fees may reduce earnings