Post # 1
- Wedding: August 2018 - Banquet Hall/Conference Center
Assuming you and your fiance contributed a good chunk of the wedding yourself (let’s say $20,000? Doesn’t really matter), it probably took a few years to save that up, at least for a middle class couple.
My question is: What happens to your finances after the wedding? Did you also start saving for your newly married life (ex: house/apartment/moving costs, pet or baby, honeymoon, emergency funds, retirement, car, graduate school, etc.) side by side, or did you start over from scratch for your life after the wedding?
We are just wondering when we should start thinking of saving for a down payment on a house in relation to wedding. Note that we live in separate states and won’t live together until after we get married.
Post # 2
I would start saving asap because it could take years to save up for a down payment for a house. We had a savings before our wedding and had the same amount after our wedding lol, we didn’t want to dip too much into it to pay for the wedding. We didn’t spend a lot on ours though ($3k for wedding plus $3k for honeymoon). It’s definitely good to start saving right now because you never know what expenses you may run into.
Post # 3
Start saving now, re-calculate things after the wedding…
We were lucky in that some relatives gifted us money which went into bolstering our savings for the next big project
Post # 4
So emergency fund and retirement (even $20 a month) should come first, in my view. No matter what your living situation, or wedding plans, there has to be something in the bank (or matress, or whatever) where if you have an unexpected bill, car accident, medical issue, whatever, that can hel cover the cost. We have a little over a year’s worth of savings in our emergency fund (my SO has been saving a long time). It’s recommended that you have at least 3 – 6 months, but start with a month and build from there.
Once you have a month or $1000 or whatever your goal in your emergency fund and you’re putting something away for retirement, then comes downpayment savings, etc.
I know that it doesn’t work for everyone, but this is what we’re doing – if you can help it, definitely don’t start from scratch. If you have $20,000 for the wedding but would be wiped out after, maybe look to see where you can cut costs to at least have $500 or $1000 left over for a buffer, if possible.
Post # 5
We did things in an opposite direction I guess. We both had fully paid off cars and already purchased a house before we decided to get engaged and save for a wedding.
Post # 6
We didn’t save for anything in particular. We’ve jsut always saved as much as we could all the time. By the time we wanted a house and wanted to get married or anything else, we just have the cash and didn’t have to wait to save up. After we got married, we still do things the same way, live well below our means and save a bunch.
Post # 7
were saving side by side but I would never spend all have… we have £7000 spending £5000 on the wedding but will save another £4000 hopefully by the wedding so will still have about the same which will go towards the housing down payment
I never have less than £1000 for emergancys
Post # 8
If it’s taking you a few years to save an amount like $20,000 between two people, then I would definitely think about saving for a down payment immediately as that’s going to take quite a few years for you.
Post # 9
We already have a house, but do have 1 more car to pay off. So we are saving side by side. We have 3 buckets basically, RRSP/Retirement, Wedding, Car. The car doesnt get much because we have a great interest rate, but the rrsp contribution has stayed the same. So most extra goes to the wedding. We also keep a ‘buffer’ for emergencies in the bank account.
I know you guys aren’t engaged yet, but if you are talking about it and planning, you may as well start saving. Should anything happen, well hey, you still have a wad of cash.
Post # 10
We manage our finances a little different than you’re describing. Both DH and I are pretty good savers. In our perspectives, life is full of expensive things, so we might as well get used to saving large chunks of money all the time.
Given that, we didn’t really shift our spending to save for our wedding or future home. But what we did do was set our wedding budget based on our timeline for buying a future home and the deposit we’d want to have for it. So when we got engaged, we looked at our current savings, decided we’d want to buy a home about 2 years after the wedding for around X dollars. So, we’d want 20% of X + closing costs + 6 months of emergency funds within 2 years of our wedding. We worked backwards and set a wedding budget that made that attainable. It meant we had a fairly budget-friendly wedding compared to a lot of our peers, but it also means that we’re able to buy a place now where many of our friends are just starting to save.
Post # 11
We continued saving at the same rate after the wedding. We currently save 30% of our take home pay each month. I don’t see this savings rate changing, but what it is used for will change over time. (wedding, house, children’s college funds, etc)
Post # 12
We’re pretty good at saving money anyway so we had a goal amount that we required for the wedding from each of us. We completed that goal after half a year and just continued saving (what else were we gonna do with our money). We’re not the splurging types. I don’t think we’d have our type of wedding if we knew we were giving away all of our savings, I’m too much of a nervous person for that.
Post # 13
we’re saving for our wedding and a house deposit simulateously, once we’re married we’ll increase the savings towards the deposit and the moving costs (hopefully the wedding will just come in under budget so we can get a house that bit faster) . After we have a mortgage, we’ll still be saving a similar amount towards the loss in income for when I go on maternity leave/ part time and so we can have a better emergency fund as we don’t have much of one at the moment.
Post # 14
We’re saving for both at the same time. Two different savings accounts, with set amounts that go into each every pay. However, if we weren’t paying for a wedding, all of that saved money would have been directed towards a house deposit, but we are covering all costs in order to have the small wedding that we want. Post wedding, the house saving will increase.
Post # 15
It really depends on your particular goals. Have you two talked about your financial goals? There is no universally right way, just the way that helps you achieve your goals the best.
If getting married is the highest goal for you right now, then it makes sense to put all that money toward the wedding (except an emergency fund, obviously). However, if some other goal (maybe buying a house) is more important to you, then you should either split your savings or not start saving for a wedding until you’ve bought a house.
Getting real about your goals, how much money you’re able to save each month, and how long it’ll all take can also help you decide what you’re willing to scale back and/or delay in order to get other things with your money. For example, when you need $20k for a wedding and $50k for a downpayment and can only save $1k per month, does it seem worth waiting for nearly 6 years to get the money together? Maybe so, or maybe soberly looking at these nubmers makes you realize that you’d rather set your budget at $10k for the wedding and speed things up.