There are various costs involved in getting married. Some of which are unexpected. You’ll need to select a venue, a caterer, a florist, and possibly a band or DJ, not to mention wedding attire. That’s why it’s vital to know how to spend smarter to save money. So that all the expenses that make tying the knot special don’t bankrupt you (or your family) for years to come.
Here are 7 tips you need to know when saving for your dream wedding if you’re single and saving for the future or engaged and getting ready to start planning a wedding.
Location is Important
The location of your wedding influences the cost of your wedding. For example, destination weddings in India can be much less expensive than weddings in major cities such as Delhi or Mumbai. A destination wedding in places like Jodhpur or Kerala can save you bucks.
If you live in a metropolitan city and are saving for your dream wedding, you may decide to have it a little further away from home. Destination weddings can be even less costly to plan if you invite fewer guests and combine the wedding and honeymoon in the wedding location. They will be more expensive than traveling to a local wedding, which will reduce the number of attendees.
Keep Decorations Simple and Elegant
Whatever location you choose for your ceremony and reception, don’t be afraid to let the space speak for itself. To summarize, do not overdecorate. If you’re planning your wedding outside, take advantage of the location’s natural beauty. A stunning landscape view could serve as the ideal backdrop for all of your photographs. Indoor venues may have their distinct appearance or on-site decorations that will do half the work for you.
Besides, wedding centrepieces are usually large and elaborate, but if that’s not your style, go with something else! Large bouquets are expensive, but there are other affordable centrepiece ideas, including ones that still include plants and flowers as the focal point or you can simply DIY them.
Monitor Your Floral Budget
Wedding flowers are costly. You can save money on flowers by using seasonal, locally available flowers if you choose a colour scheme for your wedding. Although certain flowers such as orchids may appear stunning, you should avoid them when saving for your dream wedding.
Also, if you want to know more about how to spend smarter to save money, you can do the following:
- Use bright natives to create a striking effect with fewer flowers.
- Use flowers from your own garden (or the gardens of friends).
- Bring in plant pots from family and friends.
You and your future spouse may need to prioritize as you add up the costs when saving for your dream wedding. Make a list of all the things you want to spend money on, even if they seem unreasonable. Then go back through the list and separate the must-haves from the things you can do without ruining the big day.
If you’re having trouble striking the right balance with your budget, consider whether you can save money by doing some of the work yourself. For example, you can create your wedding invitation card for free online and mail it to your guests instead of purchasing it from a shop. Or, instead of guests being served at their tables, buffet-style self-serving can reduce the number of servers you need to use, thus saving you money.
Set up a Wedding Fund
One of the best ways is to open a wedding savings account when saving for your dream wedding. It will help you in covering your wedding expenses. Also, you will be committed to only spending what you have because of your savings account. Thus, you will be able to figure out how to spend smarter to save money and not incur any debt. You can also talk about this first long-term financial objective with your partner and work together on it as a couple.
You can use money-saving apps like Multipl to create a savings goal solely for wedding-related expenses such as wedding planning services, wedding outfits, honeymoon and so much more.
Create a Wedding Budget
When saving for your dream wedding, a budget can help you only if it is realistic and workable. It’s natural to go over budget or overestimate your budget while planning. However, if you consider the overall vision of your wedding, you’ll have a better idea of what you want and don’t want. For example, you can plan an intimate wedding if your budget is limited and you want to focus solely on what matters.
Another way to decide how to spend smarter to save money for your wedding is by listing all known expenses and making a good guess for other expenditures. It will help you conclude your estimated wedding budget.
Automate Your Wedding Savings
Automate your savings now that you know how much you need to save each month. Treat your wedding like any other expense instead of saving money for it after you pay all your bills. You can achieve this by auto-investing with Multipl. Multipl allows you to transfer a portion of your paycheck directly into your wedding savings goal on a monthly basis.
For example – To save ₹120,000 for your wedding in one year, you will need to save ₹10,000 a month. With Multipl, you can automatically save ₹10,000 towards your wedding savings account.
Automatic transfers allow your savings to grow. It also allows you to focus on wedding preparations by freeing up your energy.
Fulfil Your Wedding Savings Goal with Multipl
With Multipl, you can create various wedding goals such as wedding jewellery, wedding outfits and more. By saving for your wedding on Multipl, you can not only have your dream wedding, but you can also earn market returns on your savings as well as get amazing deals on top brands. Through consistent and mindful savings, the Multipl app helps in saving for your dream wedding. To know more about Multipl, download it from Google Play Store or AppStore now.