The big day is a huge milestone for any couple and involves a great deal of planning and organising for most. The venue, the reception, the dresses, rings, honeymoon… there are many costs and services to consider. Katie from www.orlajames.com says, “Sticking to an budget is an essential part of planning a wedding, saving every month can make life much so easier when it gets down to paying for everything.
So, how can you start saving for your wedding and how early should you begin? The simple answer to the latter question is as soon as possible. If there is a hint of a proposal on the horizon, why not start putting some money away for your big day now? Couples will ideally have regular savings in place anyway, which they can then use for a wedding day.
Time to save
However, if you have no savings in place, there is usually time to build up a wedding pot. Most proposals will usually precede the big day by about a year, which gives plenty of time to get organised. Get a budget in place to work out how much you earn and how much you spend each month. Then identify which costs are fixed, including those you must pay each month such as bills and those which are discretionary, such as recreational shopping and eating out.
Keeping a budget
Recalculate your budget to see if there is an amount you can save each month towards your wedding. Ideally, a couple will do this together. Analyse each cost and ask if it is essential, if it can be cancelled, or if it can be lessened. For example, you might want to find a cheaper utility tariff to save money each month, switch a phone tariff to avoid extra costs and downgrade your food shopping brands a notch to avoid racking up expensive food bills. Commit to avoid unnecessary shopping and try keeping a spending diary to see if you’re frittering potential savings away on items such as takeaway coffees, magazines, fines and late payment charges and other avoidable costs.
Needing to borrow?
Many couples will need to borrow for their big day. If this is the case for you, then it is important to establish the best route for you. Credit cards can be difficult to manage and tend to become more expensive over time as payments are skipped or not paid in full. Taking out a secured loan from a specialist such as Evolution Money will mean that you must commit to a budget and a fixed amount and then repay an agreed amount every month. This will give you certainty and also ensure that the loan is repaid at a target date rather than rolling on for years!
This is a post, brought to you in association with Evolution Money.