4 Quick Tips On How To Save For A Wedding

01

Saving

Saving such a big chunk of change seems overwhelming, but with some will power, flexibility, and creativity, you can do it. The first step is to come up with your savings goal, which means you and your fiancé should sit down and discuss your wedding budget and how much you are comfortable spending. Once you know how much you want to save, you can find the best strategies to get there.

One thing you might do is set up a savings account specifically for your wedding. Depending on how far off the big day is, you’ll have different options. For example, if your wedding is a couple years out, you could save via a higher interest certificate of deposit (CD). A CD is a great place to put money that you know you won’t need for a period of time. You cannot withdraw money early without a penalty, so this would be for the expenses that won’t come due until the wedding itself.

Online savings accounts typically pay higher interest levels than physical banks, and they allow you to deposit and withdraw when you’d like. Some banks even have goal-oriented savings accounts specifically for one-time expenses like weddings. Once you have your savings account set up, you can start finding ways to contribute to it.

If you have a monthly goal of how much to add to your wedding savings account, you can hit it by reducing monthly expenses. Maybe you cut back on eating out or going to concerts so you can splurge on the five-course reception dinner or the band of your dreams. Remember that a little sacrifice now means a big payoff later.

Besides reducing your expenses, you can also add to your monthly income. Take on a temporary side hustle or make driving for a meal delivery app a date night activity, where you deliver together and save all your earnings for a killer honeymoon.

02

Asking for Money

Talking finances is always awkward, and asking your family for help with covering your wedding day costs is no exception. But knowing what to expect in terms of financial contributions should happen before you splurge on that custom designer dress, so the conversation needs to happen. And the sooner after you’re engaged, the better.

With about half of wedding costs being covered by the couples’ families, it’s common to have family involved with the financing. Start by planning a time when you’re either physically with the person or on a video call. It goes without saying, but come into the conversation with a positive and respectful attitude. If you have a ballpark—and realistic—budget in mind, even better.

To kick off the conversation, share your excitement with your parents or family—tell them about the venue you’d like to book, the date, and how many guests you hope to invite. It’s possible that at this point they’ll ask about the budget and volunteer information about how they’d like to contribute. If they don’t, be direct and ask them if they’re able to help with some of the costs. Talk specifics, whether that’s a percentage of the total, a set amount, or certain wedding items they’ll cover. The more detailed information you have about what to expect, the better you’ll be able to budget.

03

Registry Apps and Sites

If you’d rather cash than a toaster as a wedding gift, there are tactful ways to ask. Apps and websites have popped up to help couples fund purchases like a honeymoon, a down payment on a house, or the wedding itself. Two big ones are Zola and Honeyfund. Zola is an online registry that covers a traditional gift registry, cash, and honeymoon contributions, all in a single spot. Honeyfund is a more detailed honeymoon registry, where guests can buy you a massage, an excursion, or upgrade your plane seats.

Keep registry information off of your invitations and instead spread the word on your preference via friends and family or your wedding website, if you have one. Be specific about what their money will go toward—whether it’s for your dream honeymoon to Tahiti or to hire your favorite band so you can have a raging reception party. Some people may feel uncomfortable giving cash, so consider setting up a small traditional registry, too.

04

Credit Cards

So long as you can pay off your balance and don’t get saddled with insane fees, credit cards can provide a cash or bonus boost. Depending on what you’re looking for, credit cards can give you loads of airline miles to cover honeymoon plane tickets, a one-time cash bonus to pay for an extra hour of photography, or a percentage back on all your purchases (and you know there will be a lot of them!) that you can use for, well, even more purchases. Just be careful to not go crazy and put more than you can pay back onto a card.