Weddings are one of the most memorable days of your life. When life goes on, doesn’t it feel good to look back on a spectacular round of celebrations with a picture-perfect wedding album? Unfortunately, when expenses pile up at the speed of lightning, saving for your dream wedding can be difficult. On the other hand, it’s also not a good idea to deny someone their dream wedding.
But, saving for your dream wedding isn’t that difficult. With efficient financial management, you can always start saving regardless of the size of your paycheck. Therefore, we bring you 5 financial tips to help you achieve your goals without breaking the bank.
Set up a budget
The first step to saving for your dream wedding is understanding your current household budget and the overall wedding budget. If you don’t already have or keep a personal household budget, now it’s the time to start. There are numerous online resources, or you can handwrite or type one up in a spreadsheet. The most vital point is to total all income coming in from your job or other sources and all expenditures going off through bills, savings, and spending.
After deducting all the expenses, analyze what is left and put that into a savings account each month. You may also sit down with your partner or any other parties who can help you create a realistic budget for your entire wedding. It’s necessary to have a budget to take control of your finances. So, prepare a budget and stick to it.
Practice mindful spending
If you discover that you have little to no savings each month, you must find ways to be more mindful of your spending. This can vary from cutting back on unnecessary purchases or giving up on certain luxuries like eating out every week. Balancing your short-term spending with long-term savings is vital to saving for your dream wedding.
Explore other ways to earn some extra bucks
If you’re still having trouble saving, consider having a side-hustle to help add towards your wedding fund. Making a little extra money will help in saving for your dream wedding. It could mean taking on some part-time or freelance work on weekends or other non-working days to help you save money faster. Work-from-home opportunities or positions where you can set your own hours and be your own boss may be helpful. However, make sure you do thorough research and understand the time commitment in positions to get a clear idea of how much extra income you can expect.
Avoid spending on non-essentials
What are the wedding essentials that guests talk about for days after the wedding is over? Usually, it includes food, decorations and ambiance, and entertainment. Above all, the bride and groom’s attire is one of the most talked-about and admired aspects of a wedding. But, in saving for your dream wedding, you can cut out non-essential elements such as fancy wedding cards, stationery, and table décor. So, why spend money on elements that don’t stand out and add glamour to your wedding?
Smart saving with Multipl
Multipl is a personal finance app that helps you plan your lifestyle, save for high-value future expenses and financial goals, and spend wisely. Through consistent and mindful savings, Multipl helps save for your dream wedding. With this savings app, you can set various wedding goals like wedding outfits, jewelry, home, honeymoon, and other wedding services. On each goal completion, you can get up to up to 20% more savings through market returns + brand benefits on travel, jewelry, and many lifestyle categories.
At Multipl, we believe that small luxuries in life can be made affordable with a well-planned budget and a strategy tailored to your specific needs. So, if you’ve been saving for your dream wedding but haven’t been able to do so, it’s time to download our app and see what a well-planned saving platform can do for you! Visit now : Download App
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