Post # 1
I’m currently single with no BF and am 27 years old. I was wondering if it would be wise or weird to open up a savings account specifically for a “wedding budget” now? I figure if I save now, then when I do get engaged in the future I’ll already have the cash money waiting to be used, instead of stressing about how I’m going to pay for a wedding.
Post # 2
That seems a bit bizarre. How about just have a general savings account?
Post # 3
Sure, why not? If you choose to not get married, or future Fiance insists on paying himself, or any other million possibilities, you can use the money for something else.
Saving money is never a bad thing, no matter what label you decide to put on it in this moment. Labels can be changed!
Post # 4
If a big wedding is something you want someday I don’t see why it’s weird to start saving up. It’s always good to save. If you decide you don’t want a wedding or want to use the money for something else down the road it’s not like you are tied to using it for a wedding.
Post # 5
Why put a label on it? You can start a savings account now for future fun, and use it however you want to when the time comes!
Post # 6
While I encourage the saving idea, I think mentally labelling the funds as wedding money is questionable. Wouldn’t that color any future relationship? And what if you wanted to use the funds for yourself, say for further education, or travel, or something to enrich yourself? I think a general savings account is the way to go. You can always use the funds for a wedding if you and your future Fiance choose to!
Post # 7
i cant answer the poll because we used a bit of everything above to pay for it.
Regarding the savings account.. i would just have a general savings account. If you already have one then up the contribution to it by however much you would wanna put into the wedding account.
Post # 8
Not at all! I use Qapital to save for my future wedding. I started a year ago and it saves $15/day that I don’t ever miss. We aren’t yet engaged but I know it’ll nice having it when we need It!
Post # 9
Saving money is a good idea but I don’t know if its necessary to have a specific maybe, someday wedding fund. Invest your money and plan for retirement. Just make sure you put some of your money into something liquid where you can retrieve the money at anytime without penalty so if you do want to put it towards a wedding you can.
ETA: Savings accounts don’t accrue much interest.
Check out the book The Total Money Makeover by Dave Ramsey. It’s an easy read with smart and basic info on budgeting, saving and investing money.
Post # 10
Thanks for everyone’s feedback 🙂
I believe it’d be better to have a saving’s account just to “save” for a house, trips etc.
AND a savings account that’s separate ONLY for a wedding
Post # 11
The problem i see with that is that even if you have the cash for a wedding of a certain cost, it might not be a good idea to use those savings at that cost given the rest of ones financial position. Kids are freaking expensive, for example,and I know people who really wish they could have some of the money they spent on their wedding back.
But you know yourself and whether you’ll still look at it holistically.
We were prepared to pay for our wedding by ourselves in cash, but family has offered to pay for parts of it. We didn’t adjust our budget with their influx, we are just paying a smaller amount.
Post # 12
that’s weird, and to answer your poll, my dad paid for my wedding.
Post # 13
I find it strange. I’d wait until I was in a semi serious realtionship at the very least
Post # 15
It’s a bit unconventional but by no means do I think it’s a bad idea. Saving is also a good idea. And you can always use themoney for something else if you really need it anyways, so it’s not like it matters that much. Good luck!