Spring brings new life, beautiful blooms — and the start of wedding season!
Warmer months are the most popular time of the year to get married, and the average wedding cost $35,329 in 2016. You don’t need to spend thousands of dollars to have your dream wedding, but you should be prepared no matter what your budget is. Before you start picking out colors and venues, here are our tips to help you create and stay on budget for your big day!
Create a Wedding Budget
The first thing you need to do is establish a wedding budget that both you and your partner are comfortable with. There are plenty of resources to help you plan what you want at your wedding, and how much those things will cost.
Break Your Savings Goal Down
Once you have a budget you should choose a date and create a timeline. This will help you know how long you have to save, and how much you will need to save each month to reach that goal. You can use a savings calculator to help understand what your monthly contribution would need to be to reach your goal. If the monthly contribution is too high for you to reasonably meet, you may need to adjust your timeline.
Decide Where to Keep Your Wedding Savings
Once you have your budget and monthly contributions set, open a joint account that has a high yield and allows you to have cash on hand for deposits and other wedding expenses. A free interest savings account offers a high rate and connects to your Palisades CU checking account to make saving easier. Choose from a basic checking account to a high-yield checking account, a high-interest checking account that can help you earn money to help with your wedding expenses, or a cashback or rewards checking account that will reward you for paying for wedding expenses from the account. You should also discuss spending from this account — will you both need to agree before spending anything or only above a certain amount?
Automate Your Wedding Savings
The best way to make sure you meet your goals for your wedding budget is to automate your savings. Setting up automatic transfers to your savings account on payday means you don’t have to think about it, and the money doesn’t accidentally get spent on something else. You can also enroll in online banking, which has budget tools, transaction search features, and easy transfers to help you stay on track!
Need Extra Help?
If you need extra help paying for your dream wedding, you may want to consider a personal loan. Our experienced lenders can help you determine whether a personal loan is a good option for financing your wedding. Contact us today. View loan rates in Rockland and Bergen County.
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