Saving for your wedding

My Money February 06, 2017
 

Every wedding is an incredible blend of tradition, love and countless details that all come together to make it a magical event.

But it doesn’t just happen.

Behind the bouquets of flowers, the warm summer glow, the perfectly timed rhythm of the ceremony, cake, music and everything that makes the occasion so special, are months, or even years, of planning.

At the foundation of a successful plan is a good savings plan. With a few simple steps and some useful tools, you’ll have what you need to start saving and planning for your wedding.

Saving for a wedding
To successfully begin saving for the big day, you need to first put the proper infrastructure in place. This means opening a savings account that’s entirely dedicated to your wedding.

The logic behind this is simple. Having a separate savings account allows you to easily track, monitor and manage the funds for your wedding. This provides the groundwork to a successful savings plan that allows to clearly see what you have and where you need to go.

The next step is to create a budget. This is the point when you decide how big you want your wedding to be, who will attend, possible caterers, venue options and so forth. A budget is much more than a series of numbers, it’s a blueprint for the wedding day. So be detailed, realistic and thorough.

Create a savings plan
Once you have an overall budget, you’ll be ready to make a savings plan.

Using a handy tool like a Savings Goal Calculator, you can enter the amount you have saved, your ultimate financial goal, along with the timeframe and expected rate of return. The calculator will help you understand how much you will need to save each month in order to reach your goal.

Tips to stay on budget
Once you have a savings plan in place, you and your partner will be ready to embark on the process of meeting your monthly savings goal. This can be an exciting challenge that involves cutting costs here and there, and creating a game plan for how to tighten your belt while still living comfortably.

An easy way to see where you can save is by doing a Home Budget Analysis, which can show you where your money is going, and where you can save.

Remember, saving doesn’t have to be challenging. Small changes can make a big financial difference. For instance, you can save money on groceries, negotiate a better cable rate and trim entertainment costs by attending free events where you live.

For more savings tips and to get started saving for your magical day, visit usbank.com.