A wedding is one of the biggest highlights of any couple’s life together. And as we near the wedding season, we want to share our 5-step wedding saving guide to help you save enough for the special day and prevent you from having to take on any new debt.
Times have changed. Couples are getting married later in life, and parents of the bride and groom aren’t always in a position to help pay for the wedding. A wedding is incredibly special and you should of course have your dream wedding, but if you cannot afford it wait longer and save more. The last thing you want is to start your life with your new bride/groom with a mountain of debt.
Instead, follow this simple 5-step saving plan:
Step 1: Work out how much each of you can save monthly.
Consult both your monthly budgets and work out how much you will be able to put away for the wedding every month. Remember, your wedding savings shouldn’t replace any of your other important saving goals.
Multiply the amount you are able to save monthly by the months left until the wedding.
Step 2: Set up an account and start saving immediately.
There is no time to lose, set up a savings account and start saving ASAP. Remember, there will be deposits to pay, so make sure your funds are immediately accessible.
Step 3: Work out how much the wedding will cost.
You know what kind of wedding you want. Do your homework and draw up a budget for everything.
Tip: Make researching wedding saving tips part of your homework. There are so many clever ways in which you can knock-off a few hundred rand from every expense, so make sure you benefit from these.
Step 4: Make up the difference.
You’ve worked out how much you will be able to save every month, and you’ve multiplied the amount by the months left until the wedding. You’ve also worked out how much the wedding is actually going to cost. What is the difference? Try the following to make it up:
a) Ask family members for contributions.
b) Cut back on the wedding budget…what can you live without?
c) Cut back on your luxuries, and save even more every month.
Step 5: Save any extra income that comes your way
If you have a year or more to save, chances are there might be a tax refund, a potential salary increase, or a bonus on the cards. Don’t use it, save it! If its not your year and non of the above comes your way, don’t worry there are other ways to earn a little extra:
a) Talk to your boss to take on extra shifts/responsibility.
b) Take on freelance or after-hour work.
c) Sell things you don’t use anymore.
If you are already over your head in the debt pool, a wedding is the last thing you’ll be able to afford. Talk to one of our debt-counselling specialist and find out how you could tackle your debt first.