I just got engaged. My fiancee and I are both horrible with money and have little to save after we pay our bills. What should we do to save for a wedding?
January 15, 2014
It astounds me that the average cost of a wedding is $25,000. That is a lot of money. Imagine what you could do with $25,000 as you start your life together. Your wedding day is a very special day and you want to remember it for the rest of your life - but do you want to be paying for it for the rest of your life? It is still possible to have a beautiful and memorable wedding day without running up enormous debts. I would suggest setting a budget before you start planning your wedding so you only spend what you can afford. Think about how many people you want to invite; think about where you want the reception and how much you want to spend on food and beverages. When you have a budget to start planning, you know exactly how much you can afford when ordering everything. Then figure out how much extra you have every month to save towards wedding costs and set up a savings or money market account that you put money into automatically every month (you want a money market or savings account so that the money is liquid and accessible to you as you are making down payments on the wedding but also earning some interest on the money). Again, it's not how much money you make, but how much you spend. Finally, remember: In the end, people may remember what a great party you threw, but what they'll really treasure is being there to see the happy looks on the bride's and groom's faces.