Whatever your budget, a wedding is usually an expensive affair. Unfortunately most of us don’t have the amount needed at our disposal. Instead of borrowing the money and starting your married life in debt, some careful planning and money management should make it the happiest day of your life.

Here are some tips on how to save and make the most of what you put away:

Draw up a budget

Decide the style of wedding you want — the number of guests, whether it’s a lunch or dinner dance and the venue. Research your options and establish an amount for each category — clothing, food and beverages, photography, décor and honeymoon. Add the totals together and including an extra 10 percent as a 'contingency' budget for unforeseen expenses; this is the amount you’ll need for your big day.

Open a wedding account

Opening a joint account with your spouse-to-be is a good introduction to combining your finances. Besides allowing both of you to keep track of expenses and deposits, a joint account can be used for deposits from family and is a good way to ensure that all the money you save is spent on your goal.

Choose a financial service provider that best suits your needs in terms of flexibility, security and simplicity. Compare interest rates — the higher the interest rate, the more you will earn on your savings — investment periods, fees and access to funds (accounts with higher interest rates usually offer fewer withdrawals). Be careful and avoid accounts that don't allow any withdrawals in the first year as you will need to pay deposits before the wedding.

A good idea is for both of you to set up a standing debit order from your current accounts directly to the wedding fund, to be deducted the same day as you receive your salaries. This will ensure that you won’t forget to make the payment and will prevent you from spending the money on something else.

Splitting bills

If your parents have kindly offered to help pay for the wedding, it’s important to establish who will be paying for what. Have them know what to expect by telling them about your wedding plans. Once each family has offered what they can afford, come to a conclusion on the total amount. Keep people in the loop about what they’re paying for by showing them photos of the things you’ve chosen and letting them know when to expect the bills.

Don’t overdo it

Just because you’re saving for your wedding, it doesn’t mean you should be putting your life on hold. Living on bread and water for a year while you save every last cent isn’t going to make the planning very enjoyable. Keep a small portion of your income aside and use it to treat yourselves, as a couple, every month. Whether the cash goes to eating out or a movie, don’t lose sight of the reason why you’re doing all this saving — to celebrate your life together.

Fast money saving tips for brides and grooms:

1. Venue

   Consider using a friend’s garden or a local religious centre with a reception hall. A home wedding can save money, but hiring in all the necessary equipment can be costly.

2. Invitations

   Have a friend design and make them for you. Rather than including a RSVP card, save on postage costs and the environment by asking guests to reply via e-mail.

3. The outfit

   Consider renting or buying a second-hand wedding dress and do your own hair and make-up. Have a colour theme but invite bridesmaids to source their own dresses.

4. Flowers

   Use flowers that are in season and use lots of greenery in the bouquets.

5. Décor

   Choose a venue that needs little adornment, such as a garden or decorated facility. Be creative and decorate the venue yourself using tulle and fairy lights. Use single-stem flowers in a vase or floating on water rather than a full arrangement on the tables. Hire potted plants instead of cut flowers.

6. Thank you gift

   Burn a CD with your favourite songs for guests to take home.

7. Transport

   Instead of renting a fancy car, find out whether any of your family members have something you could borrow and ask them to play chauffeur – they’ll feel honoured to be included.

8. Food

   Consider having a cocktail function or buffet rather than a sit-down dinner. Use the wedding cake as the dessert.

9. The bar

   Choose a venue where you can bring in your own alcohol. Instead of offering hard liquor and mixed drinks, allow the guests to choose from wine, beer, wine coolers, soft drinks and a signature drink for the occasion.

10. Photography

    Opt for a basic package from a professional and ask family and friends with cameras to take the rest.

For further information about Capitec Bank, click here!

RSS

Digg

de.li.cious

facebook

MORE PERSONAL FINANCE

Seven ways to get rich Wanna be rich? Karin Muller of Sanlam shares seven tips that will make your dream come true...

Best bank accounts in SA New research indicates that one bank clearly has the most highly rated banking products in SA...

SA's cheapest bank Which bank has the lowest bank charges? Research by ThinkMoney indicates a clear-cut winner.