How to Save Money for Marriage
Getting engaged or planning to be married someday can be a great motivation to save money and get your finances into shape. Whether you just want to save money for the wedding or honeymoon or save up to put a down payment on a house, it’s always helpful to have some extra savings when starting a marriage. More importantly, developing good saving habits can help you out in your relationship and in the years to come.
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Instructions
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Make a list of all your expenses. Most people don’t know how much they spend every month, or think that they spend less than they really do. Once you have the numbers in front of you, it’s easier to see what you have to work with.
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Pay down debt, especially credit card debt or other high-interest loans. This can not only free up cash for later on, it can also improve your credit rating if you want to get a loan to buy a house or a family-sized car someday.
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Cut back on small expenses like eating out or going out for coffee, cable television, cell phones or new clothes you don’t really need. Remember that even small expenses can really add up over time.
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Cut back on large expenses, if necessary, by finding a cheaper place to live or giving up a leased car in favor of a used one, or by switching insurance companies or adjusting your deductibles.
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Save money on utilities by using energy efficient lighting, readjusting your thermostat to heat or cool a little less and washing your clothes in cold water. Consider carpooling, getting a bus pass or biking and combining errands to save gas.
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Sell stuff you don’t need through a garage sale or online auction. Since you may be moving soon (or having your spouse move in with you), cleaning out can serve a dual purpose of saving money and saving space.
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Pick an account for your savings that offers the highest interest rate and lowest fees. While the stock market and other investments can be great for long-term investments, if you’re getting married in a year or less, pick a federally insured, guaranteed return high-interest savings account or CD at a local or internet bank.
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Put the money you’re saving in the account right away, and don’t spend it. You might even want to set up an automatic transfer at your bank to make sure the money goes into savings.
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Put any money you receive for bonuses at work or gifts for the wedding directly into the savings account.
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Tips & Warnings
If you don’t usually pay much attention to your finances, now is a great time to get organized. Make sure to talk with your fiancé(e) about how you will manage your money together, both for the wedding and in your life together.
