Your wedding is probably the priciest party you?ll ever throw in your life. It?s easy to say you?ll stick to a budget, or have tons of fabulous DIY (Do it yourself) details, but at the end of the day, your venue and catering bill could amount to way more than you imagined. It?s important to understand how your budget will be broken down. Saving up for the wedding isn?t an insurmountable task?we promise. Here?s how to save up and pay for your wedding by spending smartly and cutting back a little along the way.
Use this simple math equation.
If you have a big budget goal that seems daunting, divide it into smaller chunks that are easier to digest. The simple math trick that makes it all work? Take the sum of your desired budget and divide it by the number of months you have to save up. Getting married in a year with a budget of 30,000,000 million? Divide 30,000,000 by 12 (which equals to about 2.5 million per month). If that amount seems like too much per month, add more time or try cutting back on a few of your big-ticket monthly expenses to help you save.
Where should this money go? Into a newly created ?wedding account,? of course. Throughout your life, having a savings account dedicated to something more exciting than a retirement plan, like travel, a wedding or another big event, is a good idea and will help make saving more fun. Obviously, the amount of time you?ll need to save up for a wedding depends on your current income and expenses. For example, if you can only save 1 million a month, but your dream wedding looks like it will cost somewhere in the 50,000,000 million range, you?ll be saving for over five years.
Therefore, when you?re thinking of your budget, work within realistic parameters and don?t set unattainable goals. For some couples, more drastic sacrifices will be required, while other to-be-weds will be splitting the cost with relatives and friends to help lighten the load. Think about what?s best for you and your partner and what makes the sense. Be practical about your limits. The amount of time it takes you to save will depend entirely on your own circumstances.
Cut back on monthly expenses.
Do you belong to a gym, club or subscription service that takes a monthly sum out of your account? Cutting back on these types of expenses can have some of the quickest effects on your account balance. Turning off your DSTV subscription could save you good amount a month, and ending a gym membership could all also better your savings. You?re not going to give up your mobile phone (airtime), but you might be able to change the data plans. Even 50,000 off a monthly bill can save you 600,000 shillings over the course of a year. You can also consider cutting out nonessential monthly costs. We?re not talking about your health plan, that?s non-negotiable.