According to The Knot, the average wedding now costs $27,800. This number is likely even higher for those getting married in more expensive urban areas. Many couples (and their parents) put themselves into debt paying for the perfect wedding, but wouldn’t you rather start this new stage of your lives with as little debt as possible?
Money Rate and many other personal finance sites have tips on how to save money when planning your wedding. These include everything from having your wedding during the off-season or hiring a DJ instead of a band. Early planning can come in handy as well. If you have a son or daughter in high school or college, chances are you’ll someday find yourself contributing to their wedding expenses. This is the perfect opportunity to get a head start by putting away money in an Ally Bank product like a High Yield CD, so that money is set aside collecting interest at a competitive rate. You can also ladder your CDs for maximum earning potential to help take some of the sting out of those wedding costs.
If a CD won’t work for your wedding timetable, you could also get a high interest savings account like an Ally Bank Online Savings Account. Budgeting and planning for such a big step while also maximizing the earning potential of your money can make for a great foundation in preparing you and your future spouse’s financial life together.
How did you pay for your wedding? If marriage is still in your future, how do you plan on paying for it?