HUNTSVILLE LIVING | APRIL 2023 | 25
The question was popped ; the engagement ring presented . What ’ s the next step on the road to the wedding ? Saving should definitely be on couples ’ minds .
A wedding is likely the most costly party couples will ever throw . According to The Knot ’ s 2019 Real Weddings Study , the average cost of a wedding in 2019 was $ 33,900 .
There are many different costs associated with weddings . Some are predictable , while others are unexpected .
Investopedia says the vast majority of couples budget too little for their weddings and also end up spending more than they had planned . Various strategies can make it easier to save for a wedding and avoid a post-wedding financial hangover .
Get informed
It ’ s impossible to budget for a wedding and ultimately save without knowledge of what services and items cost in the region where you live . A wedding in New York City will be expensive , while a wedding in Mississippi will cost a lot less , indicates SuperMoney ’ s guide to wedding costs .
Conduct some research and find out what photographers , florists , transportation providers , reception halls , and wedding wardrobe vendors charge for common services . This will paint a vivid picture of what a wedding may cost in your area .
Avoid overspending
An analysis of your spending habits will likely reveal areas where you can scale back so you can devote more funds to wedding savings . Do you need a takeout coffee in the morning or can you brew a pot at home ? Might you be able to scale back on streaming services ? Do you feel comfortable buying less expensive store brand groceries over name brands ? Small cost savings can quickly add up .
Add up gifts
Factor in deduction of expenses that other people will commit to covering for wedding expenses , but only if you have concrete confirmation . A parent may host the rehearsal dinner . One ’ s relative may offer to pass down an antique wedding gown to wear . But rather than simply removing these gifts from your savings calculations , keep them as a safety net to put toward unforseen expenses .
Saving for a wedding can be challenging . But various strategies can help couples plan their dream weddings without breaking the bank .
Flesh out the budget
Once you have gathered estimates , you can then figure out a financial goal . This also is when you can determine where to rein in spending and where you might want to splurge .
If having a video memory of the wedding is not a top priority , you can skip videography services . If you have a special flower that you like , you may want to budget more for that bloom even if it isn ’ t in season .
Set up a dedicated savings account
One of the easiest ways to save for big-ticket items like a wedding , home purchase or other financial goals is to use an automatic savings account that may be available through your bank or employer .
An automatic savings plan will pull a set amount from a personal checking account into a savings account through auto-draft .
The bride and groom can link individual checking accounts to one savings account to contribute jointly .
HUNTSVILLE LIVING | APRIL 2023 | 25