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Tips for saving for your wedding day

By in Business, Economy, Finance on June 14, 2016

Johannesburg: Tying the knot is an exciting step towards a new life together, but as the planning kicks off, the costs involved in making your big day special could be quite daunting. Between venue hire, cake, dress and photography, the cost of your wedding can quickly escalate and seem impossible without dipping into credit.

The average cost of a wedding in South-Africa currently runs between R70 000 and R80 000 for 80 to 100 people and can easily escalate to R200 000, according to professional wedding planners.

“The costs involved in planning a wedding can become quite stressful.  This can cause needless frustration and push couples towards taking out unnecessary debt. By having the right savings plan in place and following a few cost saving tips you can ensure that your big day is unforgettable and avoid having to pay it off during the start of your marriage.” says Lezanne Human, CEO of FNB Savings, Investments and Fiduciary.

Tips you can follow to save for your big day:

Outline all expenses involved

Outline your wedding’s must-have items. Ensure that you include everything from the Lobola, venue, wedding attire, food, cake, car, photographer or flowers. This will give you a clear picture of your total cost and influence how you prepare your savings plan.

Open a savings or investment account

Now that you know how much you will need to save, open a savings or investment account specifically for your big day. Banks offer a number of cash savings and investment accounts that are suitable for saving towards a special occasion. Interest rates are also currently high, so not only do the returns increase on the same capital invested but if those returns are re-invested along with the capital, the compound interest increases significantly.

Cut costs and go DIY

Make it fun and do it yourself. Make your own invites, buy or create venue decorations if it is feasible.  Get a family member or friend to bake the wedding cake, this can save you money. There are a large number of websites that can give you great DIY wedding ideas.

Picking your wedding date

Venue hire will usually be your biggest cost and it will be considerably higher if your date is a Friday or Saturday. Consider choosing a week day or Sunday wedding, this could save you up to 50 % of your venue hire.

Shop around

When deciding on which suppliers to use, don’t just pick the first supplier you find. Take the time to research, get quotes from multiple suppliers offering the same service and choose according to your budget. By just devoting some time to getting quotes from different suppliers you may potentially make a saving.

Once you’ve had your beautiful wedding, don’t forget to start saving for the next big milestone in your life, like a house, extending your family or even a holiday.