Love and marriage … and saving

What excitement! The date is set. It’s now time for you two love birds to plan for the party of your lives.

Best laid plans

But, even with the best will in the world, tensions run high as the list of things to organise grows by the day. There’s the dress, the shoes, the flowers, the photographer, the grooms attire, the hen, the stag, the venue, the food, the band, the guest list; who’s in, who’s out. The list goes on and on. And of course, it all needs to be paid for. Agh! Talk about pre wedding jitters.

A commitment to save

So how do you avoid being overwhelmed by it all? It’s quite simple really. Before saying I do, commit to a solid savings plan. Once you’ve a plan, everything will fall into place and you can focus on what’s really important; a party to remember with your family and friends.

Okay. So here’s the plan.

  • Set the budget: The average cost of a wedding comes in at around €22,0001, including the Honeymoon. So make a list of all the things you want to spend money on. Be realistic in terms of what you can afford. Define your specific budget and stick with it. No really. You have to stick with it. Being in control of the budget is one sure fire way of limiting any money stress around such an occasion. Use our online calculator to get started.
  • Grab an app: To help, download a wedding budget app to work out how much you’re going to have to save monthly and over how long. If you’re lucky enough to have a little saved already between you, agree to deposit an equal amount into your dedicated savings account to get you off to a healthy start. That will act as a great incentive to build on it even more.
  • Open a GoalSaver Account: Open your GoalSaver Account and set up a regular direct debit to deposit your agreed monthly savings amount. If you’re budget is approximately €21,000 for a wedding in 18 months’ time, then you’ll each need to commit to depositing €600 per month. With unrestricted access, dip in and out when things need to be paid for.
  • Lock eyes over excel: While it might not be the most exciting way to spend an evening, you do need to set aside at least one night a week where you review your budget with your partner so you both know the deal on the spends and how much more needs to be saved. Grab a take away and a bottle of wine and make a date.

Some savings hacks for better or worse

  • Be smart: When making a wedding savings plan, make sure you factor in all the things that give you joy and exclude the unnecessary stuff that you think people expect. It’s the smaller inexpensive touches that can make a wedding so memorable for all.
  • Ask a pal: Talk to your married friends for hints and tips on things they’d do or not do if they were doing it all over again. You can’t pay for that kind advice.
  • Off peak: Book mid-week or off peak and put the savings towards your honeymoon instead. You’d be surprised how many of your pals would welcome one less summer wedding to attend or an excuse to make a long weekend out of a Thursday wedding date.
  • Break with tradition: Opt for a small, simple ceremony and dinner in a glamourous spot with family and friends. Follow that with a fun and laid back party in a pub a few weeks later for all and sundry.
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1 Source: Weddings Online. Annual Wedding Survey, January 2016.

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