After the thrill of the proposal is over, and all the congratulations are accepted, every couple should face this question, “how are they going to pay for their wedding?” No matter how simple their wedding is, the truth is, paying for a wedding can be very difficult.
Your wedding is probably the priciest party you’ll ever throw in your life. It’s easy to say you’ll stick to a budget, or have tons of fabulous DIY details, but at the end of the day, your venue and catering bill could amount to way more than you imagined. It’s important to understand how your budget will be broken down. Saving up for the wedding isn’t an insurmountable task—we promise. Here’s how to save up and pay for your wedding by spending smartly and cutting back a little along the way.
Use this simple math equation.
If you have a big budget goal that seems daunting, divide it into smaller chunks that are easier to digest. The simple math trick that makes it all work? Take the sum of your desired budget and divide it by the number of months you have to save up. Getting married in a year with a budget of $20,000? Divide $20,000 by 12 (which equals about $1,700 per month). If that amount seems like too much per month, add more time or try cutting back on a few of your big-ticket monthly expenses to help you save. “That’s literally how simple planning [financially] for a wedding can be,” says David Bach, founder and chairman of FinishRich Media and author of Smart Couples Finish Rich, about this relatively simple math. Where should this money go? Into a newly created “wedding account,” of course.