Congratulations! You’re engaged! As one of the most exciting and stressful times of your life, you’re probably wondering how to save money for your wedding in the most effective way without eating noodles every night.
Although this is such a thrilling and blissful time, planning the vision you’ve always hoped for, it can also cause moments of stress where you’ll be faced with big financial decisions.
10 Tips for How To Save Money for Your Wedding
From choosing a wedding venue that sets the stage for your fairy tale to the perfect wedding dress that makes you feel confident and glamorous, planning your wedding can be costly. However, you can have everything you want (and more) with careful planning and knowing exactly how to save money for your wedding in the time frame that you’ve chosen.
1. Get a Side Hustle
You’re working extra hard at your day job, possibly even putting in some overtime, but getting a second gig may help you maintain your current lifestyle and still save for your upcoming wedding. A second job, rather a side hustle, enables you to tap into one of your passions or skills, to make extra cash for this monumental time in your life. Freelancing, waiting tables, driving for Uber, and mystery shopping are just a few ideas. If you’re both on board and support each other for the greater cause, there really should be no reason why you can’t save money by taking up a temporary job. Who knows, you might just decide to keep it going after the wedding.
2. Save One Paycheck
Knowing how to save money for your wedding may require cutting down on your living costs by using one paycheck for everyday expenses and keeping the other one in a safe place for wedding costs. This plan only works if you and your fiancé both have full-time jobs.
3. Open a Savings Account
With all the money you’re putting to the side to pay for your wedding, you might as well open a share savings account that offers decent APY savings rates so you can earn dividends on your balance. This is an easy, and automatic, way to ensure your money is not only safe but steadily growing to provide a little extra cash flow. Depending on the earning potential, you could be “making” money for the wedding of your dreams without putting much thought into it.
Learn more about our Share Savings Account and how it can benefit your goal.
4. Keep Online Shopping Under Wraps
Figuring out how to save money for your wedding also requires you to think outside of the box. As exciting and satisfying as the immediacy of one-click shopping, it’s really important to cut down on your online splurges. You know how it goes - online shopping can go from searching for one specific item to purchasing extras that you really don’t need. Try to eliminate online purchases until closer to your wedding day to avoid overspending.
5. Invent a Bonus Jar
This is an effective way of adding a few extra dollars to your savings account. It’s simple - the bonus jar is displayed in plain sight where you can’t help but remember to add your change for the day or ‘deposit’ a couple of dollars on a daily basis. By the end of the experiment, you’ll have bonus cash that you wouldn’t have otherwise saved. This tip for how to save for your wedding is easy, effortless and capable of producing an impressive chunk of change that will come in handy later.
6. Ask for Discounts
There’s nothing wrong with asking for a discount, especially when you’re eligible for it. Whether you’re a veteran, active duty member, teacher, first-responder, or you fall into any other category where price reductions apply, you’re in a position to ask for a discount, possibly saving you money that can be spent on your wedding.
7. Minimize Interest on Credit Cards
One of the best ways of knowing how to save money for your wedding is by cutting costs on things you don’t need to pay for, such as credit card interest. Rather than swiping the plastic, try creating envelopes of cash to be used for everyday expenses, such as food, utilities, etc. If you’re able to minimize your credit card purchases, you can reduce the interest associated with debt. Plus, this method helps with budgeting skills that will come in handy long after your wedding is over.
Read: Easy And Practical Tips For Saving Money In 2019
8. Consider the Stock Exchange
Although this tip may not be for everyone, it sure is an effective way of saving money for your wedding if you know what you’re doing. Sure, the stock exchange is forever fluctuating, but if you play your cards right, you could also make a return on investment by simply choosing the correct company in which to invest.
9. Sell an Extra Car
If you and your fiancé are in possession of two cars, you may want to consider selling one of them if it still enables you to get around without inconvenience. This is a great option when brainstorming how to save money for your wedding as long as it’s doable for your lifestyle. You could save more than $5,000 in expenses such as gas, insurance, and regular maintenance alone.
10. Reduce Coffee Purchases
In a recent survey, the average 25 to 34 year old reported spending $2,008 per year at coffee shops. In even just six months’ time, it could be a huge piece of the puzzle on how to save money for your wedding. If you have a household of two, you could save double the amount by making your own coffee at home. It’s a small sacrifice that could save you big.
When figuring out how to save money for your wedding, you must set realistic financial goals. When you don’t, you risk not only falling back into old spending habits, but you may find yourself not enjoying a process that should be fun and memorable. The experience goes by so quick, so what better way to continue the fairy tale than by doing it debt-free with your best friend?
What will it take to reach your financial goal and pay for your wedding? Find out with our Savings Goals Calculator.