Your wedding is supposed to be the happiest day of your life. But will you feel so happy if you are plunged into debt? Will you be ecstatic when the bills pile up after you return from your honeymoon? Probably not, which is why you should endeavor to save as much money as possible before your wedding to avoid starting your marriage in debt. Here are a few tips to help you save money while you prepare for a wedding.
Make a Budget
Financial problems are one of the leading causes of divorce. If you take the time to begin living within your means and on a budget before you get married, you will save a lot of money and conflict going into your marriage. Create a budget that allows you to have every dollar allocated and specific amounts being saved monthly for the wedding. Don’t neglect your regular savings account though, because emergencies do happen.
Save Your Pocket Money
Everyday you probably come home with a few nickels and dimes in your pockets. You may have 0.58 cents left from your coffee purchase. Begin placing all of your extra change and $1 bills into a jar. You will be surprised how much money can accrue in a short period of time, just by saving your pennies. If you put merely 50 cents in a jar every day for a year you will have saved 182.50. If you can get your fiance on board, you will double that. That amount could pay for your photographer; or your rental chairs; or, if you are thrifty, even your whole venue.
Match What You Spend
There is an old saying, “a penny saved is a penny earned.” This can be very true for many people as money begins to multiply as you save it. A good habit to help you save money is to save what you spend. For every item you purchase that is a nonessential, think beer, cigarettes, designer clothes or fancy coffee, you must match that amount in savings. So if you spend $5 on a latte today, you need to put $5 in savings today. If you cannot afford the double amount, you cannot afford those extra luxuries.
Keep Things in Perspective
Many people fail to associate their spending with their earnings. For example, wanting a $50 dollar pair of shoes when you make $10 an hour means you must work 5 long hours to earn those shoes. Your time is valuable and it should not be exchanged cheaply. Remember what you are working towards and what things are quantifiably a need versus a want.
Make Short-term Goals
Deciding to save $10,000 for your wedding over the next year can be a mind boggling task. By giving yourself short term goals, it can make the larger savings goals much more attainable. If you want to save on a weekly basis, remember you should be setting aside close to $200 a week in wedding savings. If that seems way over budget for you, maybe you have overestimated what you can afford for your wedding. Keep things realistic and remember the wedding is just one day, whereas your marriage should last a lifetime. Don’t start it out in too much stress and debt.