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How to Save Money for a Wedding and a Home


How to Save Money for a Wedding and a Home

First comes love, then comes marriage… then comes paying for a wedding and saving for a home… all at the same time. Wait, is that not how the old playground song goes? For a lot of newly-engaged couples, this may be the reality. So, while you’re planning to say “I do,” here are five wedding planning “don’ts” that may save you a little money and help you realize your happily ever after in a new home a little sooner:

1. Don’t Rush Your Engagement

The first question many engaged couples receive is “When’s the wedding?” A good answer for engaged couples trying to save for a new home may be “What’s the rush?” An engagement period of a couple years will allow a couple to save a whole lot more than rushing down the aisle in six months. Take your time in planning your wedding so that you can save for a home while you’re preparing to say “I do.”

2. Don’t Embellish and Emboss Everything

Once you announce your engagement and sign up for that cutesy wedding website, you may begin to notice that your inbox will be flooded with 20% off everything emails. And by “everything,” we mean anything from personalized napkins to embossed RSVP cards to embellished bridal party gifts and more. Of course, getting married is exciting, but don’t be fooled into thinking you need all of that personalization to make your big day perfect. Instead, take what you may be tempted to spend on all of that “20% off” and put it toward your 20% down on a new home!

3. Don’t Get Married on a Saturday

Once you start browsing wedding venues, you may notice that it is a little more cost-efficient to choose any day of the week other than Saturday to say “I do.” Planning your wedding for a Friday evening or a Sunday may help you save a little nest egg for a new home.

4. Don’t Go Overboard on the Alcohol

Trust us here. Your wedding bar tab quickly can deplete all of your home-saving efforts in no time at all. If you’re footing the bill for your post-wedding party, don’t give your family and friends endless options when it comes to alcohol. Instead of supplying guests with top-shelf everything, select a few of your favorite brews and wines to keep costs down and spirits up during the reception!

5. Don’t Turn Away Help

OK, we’re not asking you to solicit funding for your wedding from family and friends, but if your cousin just so happens to be a professional baker, maybe she would love to give the gift of a wedding cake instead of selecting something from your registry. You can put the cash you would have spent on a cake toward your future home. And, trust us; you won’t miss that sterling silver cake plate you felt pressured to put on the registry anyway!

Wedding planning is fun, but the costs quickly can add up. If your post wedding plans include buying a home, keeping these five “don’ts” in mind as you’re planning to say “I do” may help you to realize your happily ever after home a little sooner.

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.