Saving For A Wedding - Easy Tips To Stretch Your Budget

Easy Tips For Saving For A Wedding

Whether your wedding budget is Ł2,000 or Ł15,000, saving for a wedding is critical to having the things you want for your big day.

More importantly, none of us want to end up in debt, so starting to save now, or as soon as you can, will make a big difference to your finances.

Don't get in debt I’m a big fan of encouraging couples not to take out loans or get in debt. The premise of this site is about setting a budget for your wedding and sticking to it (whilst still having a fabulous day) – so you can start off married life without the additional debt. First of all though, you need to work out how much need to save.

Once you have a figure in mind, the hard part starts – finding the cash and saving for your wedding. Help is at hand though, as there are many ways you can save money in your everyday life, without making too many huge sacrifices.

Set up a wedding savings account

Find a high interest saving account
First things first though, if you're saving for a wedding, you’ll need a high interest saving account. Most couples are engaged for 18 months to 2 years, so that gives you plenty of time to save lots of cash. A high interest saving account or ISA will make your money work harder for you.

An ISA is a tax free saving account and you don’t have to pay any tax on the interest you earn. An ISA has a tax free allowance of up to Ł7,200 for each person, but only Ł3,600 of that could be used for a cash ISA, the rest would have to be stocks and shares. If you and your fiancé can each put aside your Ł3,600 cash allowance you'd be able to save Ł7,200 each year tax free. Now that’s a nice start.

There are lots of ISAs and high interest savings accounts on the market so make sure you choose one with a good rate and easy access so you can pay your suppliers without hassle.

Start a regular payment
Once you’ve chosen a high interest saving account or ISA, make sure you set up a standing order to automatically take money from your current account each month just after pay day. You can set this up easily online if you have online banking, alternatively, call or pop into your branch. If the money comes out just after you’ve been paid, you’ll hardly miss it and it’ll soon mount up, particularly if both of you are putting in some cash each month.

Ways you can save extra cash

Simple ways to save extra cash
If you’re saving for a wedding, there are really simple ways to increase the amount you can save each month. A simple way to do this is write down everything you spend your money on for a week. You’ll soon see where you’re splashing your cash and where you could cut back.

Another great trick is to wait a couple of days before buying things you don’t need as part of your shopping basics. For example, if you see a lovely pair of must-have boots or jeans, don’t buy them straight away. Leave them overnight or even a couple of days. This will give you time to think about it.

If you still really want them or think you need them, buy them after these days have passed. More often than not, you’ll find you'll probably find you don't buy them – I find this really works for me and it makes saving for a wedding easy!

Some quick money saving ideas you can start today:

Forego your morning coffee and save! Your coffee in the morning – if you have a coffee a few times a week, you could easily rack up around Ł20 by the end of the month! Simply forego your usual and opt for a cup of tea at work instead.
1 latte = Ł1.80
3 lattes per week = Ł5.40
Per month = Ł21.60
Per year = Ł259.20

Wedding magazines – these are really expensive and if you’ve got a bad habit, you could easily spend Ł10 a month on these. Use the internet instead or borrow a friend’s magazine!

Bring your lunch to work – the sandwich, bag of crisps and a drink from your local supermarket is around Ł3.50 (at the cheapest). If you make your own sandwiches instead, you’ll save a fortune.
Lunch per day = Ł3.50
Lunch per week = Ł17.50
Per month = Ł70
Per year = Ł840
If you add your fiancé into the equation, that’s Ł1,680 per year between you – just from making your own lunch!

Consider your household bills too
Start to make note of how much you pay out each month on your household bills as well. Some are obviously not negotiable, but many of them are.

For example, look around for better deals on your mortgage, electricity and gas, as well as TV, phone and broadband. With a few simple changes, you could easily add some extra savings to your new "saving for a wedding" account. Start by looking for alternative providers to make sure you get the best deal.

So, start to look at where your money goes. What do you spend your hard earned cash on? Look at your every day spending as well as your household bills. I can guarantee that you’ll easily be able to find some extra cash to save and ensure that you’re well on your way to the wedding of your dreams.

Finally, be thrifty and frugal when saving for a wedding, but most of all, have fun.

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