During the preparation of a wedding, emotions run high and love is in the air, but a couple could be left with an insurmountable pile of bills if they do not pay attention. If you listen to all your wishes and those of your partner, weddings can be very expensive. Since you do not want to start your new life covered in debt, it is crucial ensure that you have the right strategy to finance your beautiful day. Here are 4 steps to follow to have sufficient cash on your special day.
Choose the ‘Right’ Date
It is prudent to start saving early, but how early? This is a pertinent question. You have to keep the finances in mind when you set the wedding date. If you want to get married in a month, you cannot save up enough cash for a grand wedding unless you make good money. It helps if your wedding date is a few months or a year away. That way, you have enough time to take account of your financial standing and work towards saving the amount you need.
Start Saving Early
From the moment the date is selected, you should start saving. The sooner you start, the more money you are going to have come your wedding day. Figure out how much money you already have in your bank and how much more you need. You can start planning once you have a rough figure in hand. Starting early also means you don’t have to cut down your current spending by too much.
Open a ‘Wedding’ Account
Visit your bank and open a ‘wedding’ account. Make sure you select the account type on which you earn the highest interest. Keep adding a certain amount to it every month. With the interest, you will have a substantial sum saved by the time your special day comes. Make sure you don’t withdraw any money from your wedding account, even if you need it desperately. This is one sacrifice you have to make.
Make a Budget
Get together with your would-be spouse and work out the things you need for your big day. Think carefully as any last minute changes can be expensive and break your budget. Decide on the menu, location, church, car, clothes and all the other things you can think off. Then, find out the current rates and prices for everything. Make a comprehensive budget so that you can alter it accordingly. The budget will give you a fair idea of how much money you need in the bank come the wedding day.
Follow these four steps and you will have sufficient cash to spend on your special day.
Allan has been blogging on frugality and money savings strategies for over 3 years now. His favourite topics include savings account review, investment planning and frugal tips.
