Party Guide
Savings strategies for weddings
The question was popped;
the engagement ring presented.
What’s the next
step on the road to the wedding?
Saving should defi -
nitely be on couples’ minds.
A wedding is likely the
most costly party couples will
ever throw. According to The
Knot’s 2019 Real Weddings
Study, the average cost of a
wedding in 2019 was $33,900.
There are many different
costs associated with weddings.
Some are predictable,
while others are unexpected.
Investopedia says the vast
majority of couples budget too
little for their weddings and
also end up spending more
than they had planned. Various
strategies can make it easier
to save for a wedding and
avoid a post-wedding fi nancial
hangover.
Get informed
It’s impossible to budget for
a wedding and ultimately save
without knowledge of what
services and items cost in the
region where you live. A wedding
COURIER L 18 IFE, AUGUST 20-26, 2021
in New York City will be
expensive, while a wedding in
Mississippi will cost a lot less,
indicates SuperMoney’s guide
to wedding costs.
Conduct some research
and fi nd out what photographers,
fl orists, transportation
providers, reception
halls, and wedding wardrobe
vendors charge for common
services. This will paint a
vivid picture of what a wedding
may cost in your area.
Flesh out the budget
Once you have gathered
estimates, you can then fi gure
out a fi nancial goal. This
also is when you can determine
where to rein in spending
and where you might
want to splurge. If having a
video memory of the wedding
is not a top priority, you can
skip videography services.
If you have a special fl ower
that you like, you may want
to budget more for that bloom
even if it isn’t in season.
Set up a dedicated
savings account
One of the easiest ways to
save for big-ticket items like
a wedding, home purchase or
other fi nancial goals is to use
an automatic savings account
that may be available through
your bank or employer. An automatic
savings plan will pull
a set amount from a personal
checking account into a savings
account through autodraft.
The bride and groom
can link individual checking
accounts to one savings account
to contribute jointly.
Avoid overspending
An analysis of your spending
habits will likely reveal
areas where you can scale
back so you can devote more
funds to wedding savings. Do
you need a takeout coffee in
the morning or can you brew
a pot at home? Might you be
able to scale back on streaming
services? Do you feel comfortable
buying less expensive
store brand groceries over
name brands? Small cost savings
can quickly add up.
Add up gifts
Factor in deduction of expenses
that other people will
commit to covering for wedding
expenses, but only if you
have concrete confi rmation.
A parent may host the rehearsal
dinner. One’s relative
may offer to pass down an antique
wedding gown to wear.
But rather than simply removing
these gifts from your
savings calculations, keep
them as a safety net to put toward
unforseen expenses.
Saving for a wedding can
be challenging. But various
strategies can help couples
plan their dream weddings
without breaking the bank.
– Metro Creative Connection
Various strategies can make it easier to save for a wedding and avoid a
post-wedding fi nancial hangover. Metro Creative Connection
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