- 5 years ago
So since a lot of brides ask for ideas on how to save more for the wedding, I thought I’d post an idea I had this morning. It’s inspired by Dave Ramsey’s snowball method. There might be something similar floating around, but I personally hadn’t seen a method like this before so I wanted to see what y’all think.
For those that don’t know, the snowball method is an approach to paying off debt. Here’s a really simplistic version of it: Let’s say you have three loans. You pay off the smallest first, then the second largest, then the largest last. The theory is you get a psychological boost watching those debts get crossed off and it encourages you to save more and pay them off faster. The problem with this method is it doesn’t take into account interest rates and the like. So instead of debt reduction, let’s apply the snowball method to saving for a wedding:
Make a list of all your wedding expenses from smallest to largest. Say your largest expense is food which costs 10k and your smallest expense is your hair and makeup which costs 80 bucks. Now take a look at your savings for the wedding. Ignore emergency fund and money earmarked for other expenses, just what you’ve saved for your wedding. Look at that as “paying off” your wedding expenses, even if they haven’t been booked yet, then write the word SAVED in big red letters next to each expense you’ve paid off. This “crosses off” each expense. Start with your smallest expenses first and work your way up to your biggest expenses, just like the snowball method. Example, if you saved 1000 for the wedding, you can “cross off” your hair and makeup, your minister, your bridal party gifts, your invitations etc, depending on how much you’ve budgeted for each of those expenses. It’s fun to write the big red “SAVED” next to each one and watch them all get knocked off!
Of course, if an emergency happens and you have to scale back in the smaller expenses, that’s fine and for that reason you shouldn’t book as soon as you’ve “crossed off” something on your list. It’s mostly just for the psychological benefit of “oh I could spend 100 bucks on this purse, or I could put that money in savings and “cross off” the chair covers!
I think it’d be really fun to get an excited boost whenever you’ve “crossed off” another item. I’ve done somthing similar to this with a vacation and it really helps encourage me to save in general, even if I don’t end up actually booking or buying some of the items on the list.