This is one of the best tips for anyone who has even distant plans of getting married one day. Open a saving account for your wedding in advance so that you have no problems with your wedding budget when the time comes. If you put even $100 in your bank account every month during 5-10 years, you’ll have a tidy sum of money to start your wedding planning with. A saving account might help you avoid wedding loans, which is always a good thing. Don’t start life together with your loved one with a wedding loan and a bunch of debts.
A wedding is a really costly event, especially if you want to do everything properly and according to tradition. In the US, for example, an average wedding budget is about $30,000. Though every case is unique (sometimes parents pay for the wedding or the bride and groom both have nice jobs to pay wedding bills, etc), it still can be hard to gather such a load of money in just 6-18 months of wedding planning. So, a truly great option for people who aren’t Rockefeller's offspring is to open a saving account and start saving money long before the future wedding.
You have to be financially ready for the wedding. Otherwise, you might find your just-created family nose-deep in wedding debts. And such a situation is never good for relationships. Most engagements last about a year, and this period, obviously, is not enough to earn or save the money you’ll need for your wedding.
So, it’s wise to open a saving account for your wedding before you get engaged, before you start dating the One, possibly even before you start dating at all. Maybe it’s a good idea to begin saving money when you’re still a teenager – of course if you can afford it. Or sometimes parents start wedding saving accounts for their kids, though they usually set priorities for education saving accounts.
There was a useful tradition in Bulgaria, appeared out of necessity, for parents to take care of their kids’ well-being after their marriage. The parents tried to present their son with a house or apartment and daughter with a car at their wedding. So, most couples started to save money for their future kids right after the wedding, long before said kids are born. But this tradition is nice because a young family already got a place to live and a car, so they don’t have to stress over mortgage loans. Instead, they think about their relationship, career, and children. Although if your parents can’t provide you with the property or transportation, you might have problems getting married. And imagine if a family has 3-5 or more children! So, there are drawbacks as well.
In America, there is no such tradition and usually, couples deal with their financial challenges by themselves. It means that you will have to find a way to pay for your wedding. At the same time, most Americans get married later rather than sooner – when they’re close to 30-35 years old. So, if you open a saving account for your wedding at 20-25 years old, you’ll probably have enough time to save at least some money and have the wedding of your dream.
Even if you never decide to get married – some people live their whole life together without making their relationships official, others consider themselves not marriage material, or you might choose to have a simple inexpensive wedding – you’ll be able to spend the saved money on other needs. So, you lose nothing.