How to Start Saving for your Wedding Fund

Saving for your future wedding doesn’t have to start only when your partner pops the question.

There’s nothing wrong with jumpstarting your wedding fund as soon as the “marriage talks” begin.

I know it seems like you’re putting the cart before the horse but building your wedding fund early will help ease out the financial pressure and stress once you get officially engaged.

Knowing that you have a wedding fund to save up for will also help you and your significant other manage your finances wisely. It doesn’t even have to take a big chunk out of your monthly paychecks because a few changes in your everyday financial habits will contribute a lot to your fund without you even noticing it.

Okay, so here’s my advice:

Have the “money-talk” with your partner.

You will enter this new chapter with your other half so his/her opinions and concerns are just equally important as yours.

This is also the best time to discuss your financial standing – how much you are both earning individually? Is there any debt that your partner haven’t mentioned yet? Or probably some liquid assets that could help pay for the wedding?

There’s nothing wrong with discussing these things with your partner. After all, you are entering this new chapter together. Just be honest with each other and talk about financial matters mindfully and without judgment.

Having that “money-talk” early in the relations could possibly uncover any differences that might make you reconsider your relationship. Just sayin’ …

Set a goal.

Do you want a big ceremony? A destination wedding? An intimate affair? Talking about your dream wedding is a good way to gauge how much your future wedding would roughly cost without the actual figures.

Minimize the expenses that easily add up.

Cutting down on your daily Starbucks run, weekly treatments at the salon, lunch out during breaks or beer nights every Friday won’t be that bad. Identify all the small expenses that eventually add up and try not to spend much on it. Trust me, these little sacrifices will reward your wedding fund big time without you even noticing. Trust me, you’ll thank yourself for eating packed lunch later.

Skip the holidays and big presents temporarily.

Think about the biggest gift that you can give each other – a dream wedding and a beautiful (debt-free) marriage. Make an agreement to forgo fancy gifts for now and just save the money your wedding fun. Remember, gifts don’t always have to be material things and most importantly, need not to be expensive.

Don’t spend too much on date nights.

If you think I’m gonna tell you to forget about date nights, well I won’t. These things are essential in cultivating a relationship.

But a date night doesn’t have to be a movie date or a romantic dinner at a fancy restaurant. There are a lot of cheaper ways to spend quality time and experience new things together. Here are a few ideas:

Look for ways to generate more money.

Whether it’s freelance work or a side business, turning your hobbies and passions into cash can be a big help for your wedding fund.

Keep in mind that the success of your marriage doesn’t depend on how much money you spent on your wedding day. So make sure that you spend more time and effort nourishing your relationship instead of your wedding fund.

Don’t overspend on the wedding

As tempting as it might be (after all, it’s your Big Day, right?), you really don’t need to blow a boatload of cash on the wedding itself. One thing that you might want to bring up during the “money talk” mentioned at the top of this post is ways to save money on the wedding — money that would benefit both of you more in the form of a down payment on a nice house, or even just set aside in a nest egg for later.

The more work you and your significant other (and close friends, for that matter) are willing to put into preparations for the wedding, the less money you will have to spend. See Priceless Weddings for several money-saving tips and tricks.

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