So, you’re going to plan a budget wedding. YAY! You’re probably so excited to get started and maybe you’ve already been pinning ideas. But before you get too carried away, did you check out my post on the first 5 things to do when planning a budget wedding? Yes? Then hang on because now I’m sharing 5 ways to save for your budget wedding.
Image Courtesy of: Miranda Laine Photography
It’s not fun or sexy or enjoyable to figure out your wedding’s number but if you’re going to throw the biggest party of your life then yes, you’ve GOT to know your budget. How much money are you going to spend on this thing? Who’s contributing the money (you, our parents, a relative)? How much are they each pitching in? When and how will the funds be available to you? If you’re paying for some or all of this then how will you come up with the money? From your savings or are you kicking in part of each paycheck? You MUST figure this all out before you do anything else.
1. Know your number and your wedding date. Knowing how much you’ll ultimately be spending will allow you to make a plan on how to get to that number. Knowing your wedding date gives you the time frame which you’ll have to save that amount. For example, you’re getting married in one year and need to save $10,000. That would work out to saving $193 a week. And $193 a week is a much more manageable number than $10,000 all at once.
2. Start a savings account. If you don’t already have a savings account – get one. Look for a savings account with a high interest rate. Then start stashing some money into it whenever you can. Maybe you deposit every bonus from work there or the money from your overtime. While planning our wedding, I would have $200 direct deposited into my savings account every payday. And at $200 every two weeks – it really added up! Even saving a little money every chance you get will add up.
3. Get a job. If you can handle it, get a second job (like something part-time or freelance) and save every single paycheck for your wedding budget. Even a job where you work 15 hours a week for $10 will allow you to save $7,800 (before taxes)!
4. Start saving ASAP. The sooner you start saving for your wedding, the easier it is to reach your goal. For example, if you need $8,000 for your wedding and you know that you’re getting married in a year then you will know that you’ll need to save $154 a week if you start now. If you only start saving with 6 months left then that number will jump to saving $308 a week.
5. Match dollar for dollar. If your parents are interested in contributing toward your wedding budget, why not ask if they will match you dollar for dollar. If you save $4,000 then they’ll pitch in another $4,000 and you’ll have $8,000 for your wedding. You save $6,000? They contribute $6,000 for a grand total of $12,000.
I’m living proof that you can have a fantastic wedding on a teeny-tiny budget and I promise, these were the first 5 things I did when planning our $5,000 budget wedding. The most important thing of all is to know your budget and give yourself time to work it.
What’s the first thing you’re doing to plan the budget for your wedding?