5 Ways to Save for a Wedding
See how you can start saving for a wedding to make your big day a reality
With the average cost of an American wedding hovering around $30,000, you're going to need a plan to pay for your big day. You can make it as simple or as grand as you want. Either way, learn how to save for your wedding once you decide to get hitched.
1. Be honest about the kind of wedding you want.
Is it a small civil service at the courthouse, a backyard bash in the country, or a destination escape to the Caribbean? Taking this initial inventory will help you get an idea of how much you have to save for a wedding - and if you need to adjust your plans to afford the cost.
2. Figure out who is paying for the wedding.
This is another big factor in saving for a wedding. If you're a young couple footing the bill yourself, the amount you'll spend and, therefore, need to save may be more. If you'll get assistance from your parents, you may be able to share more expenses, and this can affect your savings plan. If you have the means and vision for a lavish celebration, you'll need to save substantially more for your wedding.
3. Set a budget.
Break down the costs associated with your plans in order to determine just how much you'll need to put in that savings account. Be sure you include the costs of renting a venue, catering, a band or DJ, photographer, wedding attire, favors and other special elements. Are you going to take a honeymoon as well? Make sure to work that expense into your budget.
Consider asking friends or family members who recently got married in the area to help you estimate costs and find feasible ways to save. You can also use this savings goal calculator to help you map out your plan.
4. Open a savings account.
Using your budget and current savings as a guide, decide whether to start contributing more to a savings account you already have, or open a savings account dedicated to the wedding.
5. Set up automatic transfers to a separate savings account.
Using automatic transfers can make saving even easier. You can set your checking account to move a set amount of money into savings every month. This way, you won't forget about your savings goal or spend the money elsewhere.
Start saving for your wedding with Citizens Bank
If you're approaching your nuptials, get your savings plan in gear with a savings account and helpful savings programs from Citizens Bank. If you've got questions about your options, reach out to a Citizens Bank customer care representative at 1-877-360-2472.