A wedding is one of the most important celebrations in life, but it can also be one of the most expensive. More than a few brides have faced that stressful question, "how do I pay for my wedding?" And although a large wedding budget doesn't necessarily guarantee success, saving money is an essential part of planning a wedding of any kind. Here are some simple ways to save for that special day:
- Open a separate online savings account specifically for your wedding savings fund. This will help keep you from mixing up funds for the wedding with other personal funds, and it might help eliminate the temptation of using "wedding money" for other purposes. The sooner you set up this online savings account, the sooner you will get serious about starting to save for your wedding. Accounts from online banks like Ally Bank usually offer more competitive interest rates than traditional banks according to Bankrate.com.
- Figure out the type of wedding you want to have. This helps you establish a budget, which should be realistic and match your current financial situation. Once you have set a budget, make it a habit to make automatic deposits in your online savings account on a regular basis. Evaluate all your purchases closely. That extra pair of shoes that you really don't need could be extra dollars in your wedding fund. Select a common and regular expense that you can part with, at least until you save enough for the wedding. This could be that expensive cup of coffee, magazine subscription, a dinner out or your monthly cable bill. The point is to focus on the future and how wonderful your big day will be and make a few sacrifices to get there.
- Think like first time home buyers do. First-time home buyers often realize they have to start cutting costs in order to save money for a down payment months, and even years, before making that purchase. If you can follow the same practice when saving for the wedding, you'll be that much more prepared when it comes time to save for other purchases in your new life together.
- Go green to save green. Certain earth-friendly tactics actually save you money, and you can put the resulting savings into your wedding savings account online. Reducing waste, buying only what you need, taking your lunch to work, biking or car-pooling and saving on gas—all these basic tactics that made sense even before we called them "green" help the environment while helping you save for your dream wedding.
No matter what your savings goals are, Ally Bank has a way to help you reach them. Take a look at what we have to offer, including our Online Savings Account, Money Market Account and our full line of certificates of deposit (CDs). Learn more at Ally.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.