(Closed) Saving up

posted 3 years ago in 20 Something
Post # 2
Member
14987 posts
Honey Beekeeper
  • Wedding: June 2011

Not 20 something anymore, but ever since I started working a “real” job at 20 I’ve just always been a saver.  I don’t save for anything in particular, but just like saving as much as I can.  By 25, I had over 6 figures in savings and investments, so by the time wedding and house came around, I didn’t have to think about trying to save for it and just had the cash I needed already.  My parents did end up paying about 50% of the wedding, but that was just a sweet bonus that left us more cash in our savings.  I’ve always saved at least 50% of my income into retirement and savings.

Post # 3
Member
140 posts
Blushing bee
  • Wedding: August 2017

my Fiance and I met with our financial planner soon after getting enagegd and we reworked our budget and did some major cutting to our variable spending in order to pay for our wedding.

Right now we are saving an extra 1,600 dollars a month on top of our regular savings, that we were literally spending on just going out! we still have some fun money but we definitely tightened our belts.

its doable if you have the right people to guide you. I love/hate our advisor. 

Its good practice for when we need a downpayment on our home too!

you just have to decide what you guys want.

we didnt want to go into debt for this, but we want a beautiful wedding.

Post # 5
Member
8620 posts
Bumble Beekeeper

akshali2000 :  another no-longer a 20 something and I did what pinkshoes did (although my savings rate wasn’t quite that impressive back then!). Save up as much as possible so that when you want a big expense (house, new car, wedding, 2 month trip around the world) you can just do it! Question every spending choice and ask yourself if it is really worth it – if the answer is yes then spend the money, but if it’s not find a free or cheaper alternative. And remember little amounts add up – 6 figure savings are not created in a day. 

Post # 7
Member
721 posts
Busy bee
  • Wedding: August 2013

akshali2000 :  I would start saving now as much as you can. Even if you end up not needing it, excess is good! 

My situation was different, I was in my early 20s, but Darling Husband and I already lived together and had combined finances. We only decided on/announced our official date 9 months ahead of time and only wanted an intimate wedding. The whole thing was under $6K so it didn’t require any special savings plan, we had the $.

Post # 9
Member
1115 posts
Bumble bee
  • Wedding: September 2017 - Mississauga Convention Centre

We both live at home so we are saving 40% for wedding and 40% for our house.

Post # 10
Member
205 posts
Helper bee

We’ve been paying as we go with our extra monthly income. I already had a bit of a savings that I’m using for the larger vendor payments we are making now, since our wedding is next weekend. I can save that amount back up within a matter of 2-3 months.

Post # 11
Member
3481 posts
Sugar bee
  • Wedding: June 2016

 I just want to add that weddings can cost as little or as much as you want them to. To me, saving is about paying off loans and getting a house. A party seemed like a silly thing to save for (I can live in a house forever, but a wedding is only a day) so our wedding cost $1500 and our honeymoon $4500. You don’t have to do the average American $25k wedding if you don’t want to. Celebrate your love however you want.

Post # 12
Member
505 posts
Busy bee
  • Wedding: April 2017

I’ve been putting money into savings ever since I started working.  In the last few years, I’ve been making more (raises every year) but I still try to live the same life.  Therefore, I already had enough put away to pay for my dream wedding. 

 

HOWEVER, I decided that I didn’t want to touch that money unless absolutely necessary.  Fiance’ and I opened a new savings account after we got engaged and both vowed to put money in.  I’m putting in a certain percentage of my check plus all the overtime that I’ve been working.  We are paying for like 90% of our wedding. 

Post # 13
Member
552 posts
Busy bee

My fiance have been using the Qapital app to save up for our wedding. It’s amazing.

Post # 15
Member
505 posts
Busy bee
  • Wedding: April 2017

akshali2000 :  I suggest looking into a savings account that pays great interest such as Ally Online Banking.  1.00% APR interest.

I also suggest, if your credit is good, to get 1+ credit cards that pay cashback or miles for your spending.  For example, Capital One Venture pays 1.5% to 2.0% cashback.  For a $20,000 wedding, that’s $300-$400 FREE money that you were going to spend anyways.  Put the spend on your credit card and then use the money you were saving to pay off your credit card bill.  (Don’t ever allow it to go to the point where you have to pay interest.)

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