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Why You Should Start Saving for Your Wedding Now ó Even If Youíre Single (383 hits)

Saving for something big is easy ó but only when you have something big to save for.

Putting away a few extra dollars a week towards your summer vacation is exciting. You can count down to the date you leave, and you know youíll see it all come to fruition.

Saving for things out of sight is a different story ó why save now for something you canít see?

Hereís why: Iím at the height of wedding-planning madness. Which, as it turns out, is synonymous with draining your bank account.

Since January, Iíve been actively saving to afford wedding expenses, making sure to leave enough extra money in my savings account for unexpected costs ó like the unexpected tuition fees that drained my emergency savings during my last semester of college.

Has it worked? Yes. Could it have been easier? Oh, yeah.

Hereís my advice to you: Start saving for your wedding now, even if marriage isnít on the horizon for a while or youíre not in a relationship. Youíll be glad you did later on.

Why Itís Hard to Start Saving for a Future Wedding

Having to explain to someone why youíre on a tight budget while saving for your future wedding can be awkward, but it doesnít have to be.

Create a separate savings account for your future wedding ó but call it something else. If youíre embarrassed youíre saving for what seems like a fictional wedding, donít tell anyone!

Move $200 a month into your wedding savings account. If you use more than one savings account to manage your cash, youíll be more aware of where your money goes, which will help you stay disciplined.

Youíll save with purpose, rather than staring at a whole bunch of unused money ó and thinking about how else to use it.

Why You Should Start Saving for Your Wedding Now

If you save now, you have a better chance of getting exactly what you want ó and being able to afford it. Iím having a beautiful wedding, but Iím being disciplined when it comes to spending because I didnít save as much as I should have.

While Iím being practical, starting to save earlier would have relieved some additional stress now.

Saving helps you create a practical wedding budget. If you can manage your money now, youíll be in a good place later on.

Plus, your tastes could change, and you might decide to have a low-budget wedding ó which means you could be in great shape to buy a house or take a killer honeymoon.

Youíll be able to begin your marriage in a comfortable financial situation, rather than starting out with a lot of money stress.

The more money you put away, the more interest youíll earn. Itís not always a lot, but you might as well take advantage of it.

How to Start Saving

Saving money is easier said than done, I know. Expenses come up, and suddenly putting away $100 a month seems impossible.

So, start small. Here are a few tips:
Make good decisions when eating out. Not ordering a drink could save you $2-$3 (or more). What seems like nothing in the moment could make a difference after just one month of dining out.
Use additional income to pay your monthly bills, instead of using your checking account. I teach piano lessons, and that $30 a week goes toward my phone bill. That way, I donít spend what feels like ďextraĒ money on something that isnít necessary.
Evaluate your paycheck and determine what youíre comfortable saving every week and month. Make a habit of moving some of your paycheck into your savings account every pay period.
Sign up for cash-back deals or rewards with your bank. Youíd be surprised by how many opportunities your bank gives you to save, from opening new accounts to using ďspare changeĒ programs.

If you plan to eventually get married ó whether youíve met the other person yet, or not! ó start saving now.

Your Turn: Would you create a savings account to save for your wedding, even if itís not on the calendar yet? How did you save for your wedding?

Rachel Drummond is a University of South Florida alumna with a degree in Mass Communications. Sheís currently trying to think of ways to make her cat Insta-famous.




Rachel Drummond
https://www.thepennyhoarder.com/?aff_id=2&aff_sub2=start-a-wedding-savings-account-now
Posted By: Elynor Moss
Tuesday, July 17th 2018 at 1:26PM
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