How to save for a wedding is a very important question for teenagers. Saving for a wedding isn’t that different from saving for a new car, a big trip, or your own home. The first and most important rule of saving for anything is to spend a little less than you earn. This takes a lot of discipline.
Before we talk about how to save for your wedding, let’s be honest about a few things. Before you try to start a wedding account, you should ask yourself two very important questions:
Do either you or your future partner have a lot of credit card debt?
If the answer is yes, you should use all the money you have saved together to pay it off before you save for anything else. Debt can destroy your life.
Do you have a fund for emergencies?
What will happen if either you or your partner gets sick or loses your job? Do you have enough money to cover your bills for three to six months, which is how long you won’t be able to work? If you don’t have one, you might want to make one before you move on to the wedding. A lot of credit nightmares start when an unplanned event forces a person to use credit cards to pay for their life. The best wedding gift you can give each other is an emergency fund.
How to put money aside for a wedding
Can you save enough to pay for a wedding? Of course you do! A little self-control with your money will get you far.
Stop and think.
To save for a wedding, you have to stop, take a step back, and look at your monthly spending all at once. Look closely at the statements for both your checking account and your credit card. And look at your grocery store receipts to learn even more. The point is to look at both the big and small picture of how you spend your money so you can start saving money right away.
Decide which costs you can cut.
If you look closely at your bills, you’ll probably find a lot of things you don’t need, like subscriptions that keep renewing even though you don’t use them anymore or visits to places that didn’t seem expensive at the time but really add up. You’ll start to see patterns in how you spend money eventually, and those patterns will show you lots of ways to save money right away. You are now a financial analyst, so congrats! Look over your bank account carefully and get rid of anything that doesn’t make you happy.
Start a separate savings account for your wedding.
Once you’ve learned how to save, you’ll want to put your wedding savings in a separate account so you don’t accidentally spend it on a $1,000 tasting menu on the spur of the moment.
Plan your wedding in a smart way.
What is a lot easier than saving up for a super-luxurious, super-expensive wedding? We’re saving up for a wedding that will be a lot of fun and not too expensive. The average cost of a wedding in the United States is more than $33,000. I know, right? The good news is that there’s a whole part of the internet where people talk about how to save money on wedding costs. The Wedding Budget Tips page on this site has a lot of ways to save money, such as:
- Book a place in a month that isn’t as busy.
- Figure out how much, if anything, your families can help.
- Find a place that will let you bring your own drinks.
- How much money do you need to save for your wedding?
Here’s an innovative idea: why not pay cash for the whole wedding? Imagine how much better you’d feel the day after the wedding if you and your spouse didn’t have to work for the next few years to pay off the debt Uncle Rock racked up by drinking 12 Grey Gooses.
A cash wedding is easy to plan. Just figure out how much the wedding is likely to cost in total, add up how many months are left until the big day, and divide the cost by the number of months. Then, when the big day comes, you can party like there’s no tomorrow, knowing that you won’t have the dreaded debt hangover the next morning.
Wedding is a significant event in life and wedding planning is important so we don’t get broke or in debt after the wedding.