Creating A Wedding Savings Account

How to Save for Your Wedding by Creating a Wedding Savings Account!Planning a wedding can be overwhelming for you and your bank account. By establishing a wedding savings account, you can relieve some of the stress from planning your big day. You don’t want to start off marriage in debt so taking out a loan for your wedding or racking up credit cards is not what we recommend. We have some helpful tips to getting you and your soon-to-be spouse on the right track with your wedding funds!1. Establish Your ValuesHaving your dream wedding may be a big stretch when realizing the costs of all the little details while still having every day life bills to pay. Before determining your budget, it is important to sit down with your partner to look at your monthly budget and decide what is most important to you in terms of your finances. Decide where you’re willing to cut costs and how much each of you will contribute.2. Determine Your BudgetWith keeping your values in mind, now its time to put a number on it. Whether you decide to have a very small inexpensive wedding or a very large glitzy wedding, determining your budget is extremely important for you and your partner to agree on.3. Establish a Realistic TimelineMost people will pick their wedding date before considering the funds. This may cause unneeded stress in the planning process if struggling to come up with the funds by the desired date is a problem. Once you have determined your budget and how much money you can set aside each month, you need to figure out how long it will take to reach your goal. If you have already locked in your date, you need to figure out how much time you have to prepare. When making this plan, it is important to be realistic. If you realize the date you have already locked in doesn’t give you enough time to save your desired budget, you should then consider decreasing your budget or delaying the wedding.4. Set Up Automatic PaymentsBy setting up a Wedding Savings Account, this allows you to easily keep track of your money. Most banks offer a Goal Savings Account that an accountant can help you set up automatic payments. So every pay day, the amount you and your partner agreed on will automatically be deposited in to your savings account.5. Consider the UnexpectedWe can’t deny that life happens and unexpected costs may come up in the savings process. But don’t be discouraged if things come up, just try to get creative with how you continue to proceed towards your goal. You can always decrease your budget and reconsider what is less important that you could do away with, or even try selling things you don’t use very much anymore.Taking this next step is a life changing experience but you don’t want to start it in debt. These steps may also help prepare you to save for other pricey endeavors you and your partner decide on. Happy savings!