Saying 'I do' to saving for your wedding
12/12/2018 | Zurich Life
Before the beef or salmon hits the table, start planning and saving for your wedding day if you want a stress-free celebration.
It's one of the most important and joyful days of your life. A celebration with your nearest and dearest, which means it can also be one of the more expensive days you’ll share as a couple.
So, how can you avoid being overwhelmed by it all? It’s quite simple really. Once you have said ‘I do’ (or even before, if you know it’s coming), commit to a solid savings plan.
After you’ve laid out your plan you can focus on what’s truly important; a special day to remember with your family and friends.
How much will it cost?
Saving means money
For better or worse, the money has to come from somewhere. It can be hard to see where you can make savings to fund your big day. While it may not be the most exciting way to spend an evening, spend an hour or two each week with your spouse-to-be reviewing your budget. Share a takeaway and a bottle of wine. Make a date of it.
First things first, record your cash flow. Each week make a note of everything you spend. Try and find some outgoings that you can reclassify as unnecessary expenses - that coffee and bagel every morning (€5 x 5 days a week x 4 weeks a month = €100 per month). Reducing a few of these will get you well on the way to hitting your target.
It’s also a great opportunity to get a handle on your finances in general. Using our budget calculator, you’ll quickly realise that saving for your wedding can be done with no debt, no stress and still having something nice on a Saturday night.
The bigger non-essential purchases are also worth looking at. That city break to London can be postponed, Madrid isn’t going anywhere, and do you really need that new 60-inch TV? These small sacrifices all add up and some of them could potentially make their way to your wedding present list. The point is to focus on the future and how wonderful your big day will be.
You don’t have to DO the saving
Reducing your spending can be hard. Saving on the other hand is something that can be done relatively easily. Sure, the first few months will be a pain. Your goal may seem like a tall order. Once you start saving two things will happen.
Firstly, after a month or so you won’t even miss the direct debit going out of your bank account. It will be as if you never had the money in the first place.
Instead of saving from what’s left over at the end of the month, set aside your savings first. Automate it. It’s all about peace of mind. If you’ve already put aside your set amount, then you don’t have to stress for a whole month trying to save for it. It’s that old adage of ‘cutting your cloth according to your means’.
Set up a direct debit and pay into your savings account at the start of the month, then forget about it.
As the savings plan becomes part of your routine, the psychology of saving changes from trying not to spend, to spending what you have more wisely. No hassle or stress and less temptation to spend on things that ultimately will give you far less joy than your perfect wedding day.
More than 60 percent of couples rely on savings to pay for their wedding, so using a savings plan will be a massive help in reaching your goal (weddingsonline.ie survey).
Secondly, because you are saving regularly you will begin to see progress toward your goal. The key word here is ‘regularly’.
Another massive benefit to this approach is the creation a new habit, the habit of saving money.
Ideally, this should become a long-term habit. Once the wedding is paid for the savings will continue automatically towards your first house, the upgrade to the family home, renovating your current home and all the other life events that are waiting in your future.
Saving can be fun
Share your successes together. By using a savings plan you can check your progress online or through an app. Seeing how much you’ve managed to save over several months will really help motivate you.
When you hit the halfway point, celebrate. Treat yourselves to a dinner out or a night away. This is a great saving opportunity to learn how to save as a couple. You’ll both be more prepared when it comes time to save for bigger purchases in your new life together.
Before the beef or salmon hits the table, set up a savings plan to make your wedding day a stress-free celebration. It doesn’t have to be a slog, it just takes a little bit of planning.
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