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Tuesday, October 13, 2009

Start saving for the big day! Some Pink Girl tips!

  1. A wedding can be a big investment and usually requires a lot of planning and saving. Maybe you or your parents or your in-laws have already put some money aside for the nuptials, and then again maybe not. Either way, there will always be something extra that comes up, so why not be prepared? Here's some advice on How To save for your wedding. But remember, it's up to you to truly save and make it happen.

    First, set a budget. What type of wedding will this be, what size, what location? What are you willing to pay for all your wedding plans and what is your absolute maximum cost? Understand that you must seriously stick to your budget, so make it reasonable and realistic.

  2. Step2

    Check your finances. How much money can you currently put toward your wedding? If you are pressed for cash, see if you can start with even as little as $50. Put this money aside to begin saving. 

    *I recommend opening a joint checking account with your spouse-to-be. It's a great way to slowly start joining your finances and it allows you both to keep track of the wedding budget together. (Make sure this account is strictly used for the WEDDING!)

  3. Step3

    Speak with your families about your wedding plans and budget. Let your parents know your expectations of them and ask if they intend to contribute financially. Include any gifted money in your budget.

  4. Step4

    Take your total budget and factor in your savings and family contributions. Now you know how much more money you need to save up (give or take). So START SAVING!

    Depending on how many months you have before the wedding, you can mathematically figure out how much you should save each month to reach your goal budget. However, you will be paying deposits and making purchases throughout the planning period, so try to start with a reasonable balance (even if it's only your parental input in the beginning). Also, keep track of each and every deposit and withdrawal to track your budget!

  5. Step5

    Treat your wedding account like credit card debt and never miss a payment (even though it's to yourself). Try to put money aside each week. Or maybe match your fiancee on a bi-weekly basis. "I'll deposit $50 if you match me $50." Little by little it will add up.

  6. Step6

    Make sure the account balance is increasing on a monthly basis. If you make a big wedding purchase one week, then try to increase your deposit that month. If you have a difficult month and can't save much for the wedding, try to double your savings the next month. Overall, just be aware of your balance.

  7. Step7

    Keep track of your timeline. Are you financially where you hope to be with eight months left to go? Six months? Four months? Two months until wedding? Make adjustments and make sure your budget stays on track.

  8. Step8

    By both you and your fiancee staying aware of your budget and your savings, you should be able to make all your wedding plans come true and also send yourselves on a fabulous honeymoon. 

    (And when you get back, you can add a joint savings account to your joint checking and start it with your gifted wedding money!)

    xoxo Your Something Pink Girls

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