I asked my girlfriend to be my wife and she said…YES! Now comes the stress and agony of preparing for the wedding! I just came back from a friend’s wedding this past weekend and it was a lot of fun. They told me that they spent about $23,000 for the entire wedding and reception for about 230 people, equating to $100/head. This is I think pretty reasonable. They were able to get a massive discount for having the wedding in the middle of a holiday weekend, which I might have to consider for my wedding.
I was smart by saving early for the engagement ring but I forgot to consider saving for the wedding ceremony and reception. So, I’m in a big hole to start things off. We haven’t set the wedding date yet, but I figure we’ll give it about 8 months or so from today, giving us about spring time of 2011 time frame. My goal right now is to be able to have $10,000 available to spend on the wedding. Our wedding budget is still unknown because my folks and her folks will talk things over and come to an agreement on how to finance for the wedding. I don’t expect them to pay for everything, so having some money available will be nice and will relieve some burdens off of the parents. On top of that, I also want to have about $5,000 available for the honeymoon. Since my fiance will be in school during the spring time, we might have to postpone the honeymoon until the summer, which will give me more time to try to save up as much money as possible. So, essentially, I would need to save $15,000 in about 1 year. It’ll be hard, but I think I can do it.
How To Save For Wedding
My plan is to open up a brand new online savings account, probably Discover Bank or Everbank, due to their high-yield return, and dump all of my savings into that account. My other savings account will just sit there and collect interest in the mean time. Currently, I have been saving about $800-$1300 every month so all of that will go into my new savings account. If things are tight, I will probably need to re-evaluate my budget spreadsheet so I can save a little more every month. At this rate, by the time spring rolls around, I will have $10,000 saved up. For $5,000 needed for the honeymoon, I will probably need to rely heavily on my tax returns. I will also continue to save for couple more months at $800-$1300 so I think I will be OK in that category as well.
That’s what I’m thinking at the top of my head at the moment and plans will most likely change. But what’s for sure is that I need a good financial plan and need to stick to it no matter what. Any suggestions or ideas would be much appreciated.