Photos on thumbnail courtesy of Ama by Aisha #amabyclaudia.
Do you have an upcoming wedding that you’re looking to save money for, while also searching for a new house? If so, you’re definitely not alone! Both are undoubtedly big purchases and ones that you’ll want to put plenty of thought into. As we’ve highlighted many times before on prior blog posts, planning your wedding day will require a number of decisions along the way, as you’ll select your dream team of vendors and craft each detail for your big day. Since there will likely be more than a few items on your to-do list, we always recommend utilizing a timeline to stay on schedule and creating a wedding budget early on to ensure there are no surprises as the big day draws near.
The other half of this scenario (saving for a house) likely doesn’t require much explaining. Purchasing your new house with your soon-to-be spouse is such a special experience and we’re sure you’ll carefully consider many different factors in doing so. Think of things like the surrounding entertainment possibilities, location to work, home style, etc.
Now…each of these events are significant in their own right, but if you’re planning on doing both of them relatively close together, what are the best ways for making this a seamless process? In this week’s blog post, we’ll answer that exact question. We will provide you with a handful of tips for not only saving money for a wedding, but also a house! Let’s dive right in!
Communicate. Communicate. Communicate.
Would you agree that communication is extremely important with any relationship? This can be said about relationships in so many different parts of life and will be the starting point for our blog post this week. Finances aren’t always the easiest of topics to talk about, but the more open you are about them, the better off you’ll be in the long run. Let’s start with the wedding side of things. We always recommend taking care of the wedding budget aspect of planning fairly early on. For one, this will allow you to communicate and decide on who’s paying for what. If you have family helping pay for parts of the wedding, this will get everything out in the open and ensure everyone is on the same page. Once everything has been discussed for the wedding, you’ll have an idea of what you and your partner will be responsible for. Keep in mind that it is always a good idea to leave a little flexibility in that number to account for any unforeseen expenses.
As for the house side of things, that will be a conversation between you and your partner. Just as you two would communicate about anything else, carefully discuss different factors in the homebuying process. Down payments, monthly mortgage payments, price difference between buying and renting, the list goes on. The point we’re trying to make here is that communication is needed throughout this entire experience.
Cut Out Unnecessary Expenses
While it’s sometimes difficult to imagine just how much you can save by cutting out small expenses here and there, the truth is these changes can definitely add up over time and are a great way to save some money. An easy way to evaluate your current spending habits is to simply look through your credit card statements or bank account transactions and see where there are saving opportunities. Here are a couple easy ones to look out for:
Subscriptions: In a world filled with streaming and various other subscription services, it’s very easy to sign up for something and forget about it. Many of us have likely been guilty of this! After all, most of them seem rather minimal, being around $10/mo, but they can definitely accumulate in a hurry. Nonetheless, as you look through your statements, be on the lookout for repeat monthly charges that could potentially be eliminated!
Restaurants, Fast Food, etc: Between work, personal commitments, family events and so on, there’s not always enough time in the day to cook meals throughout the week. As such, it’s very easy to go through the drive through and grab something quick or even have it delivered. These can add up quickly though in terms of money spent! Brainstorm with your partner on ways you can prepare meals ahead of time. This will not only save money, but also ensure a well-balanced and healthy diet too!
Set a Regular Budget (in Addition to Your Wedding Budget)
In one of the sections above, we highlighted why it’s so important to establish a wedding budget for your big day. Well…it wouldn’t be a bad idea to also have a weekly/monthly budget set for you and your partner too. This should be fairly easy to do, as you’ll simply want to list out your estimated income and expenses first. After that, make sure to set aside an amount for savings. Likewise, just as we referenced above, you’ll want to add a little buffer room for surprise expenses that could come up. Even if you don’t have anything pop up for this category in any given month, you can easily move that amount over to savings.
Start a Side Hustle
It goes without saying that today’s world allows for a bevy of avenues for making some extra money. Particularly when you’re trying to save money for both a house and a wedding, any added income can come in handy! With that in mind, if you’re looking to build up your savings quicker, consider adding a side hustle to your weekly routine. This would allow you to work on it whenever you have some free time and maybe even learn some new skills at the same time! A true win-win!
Don’t Let It Overwhelm You
There’s no denying that saving for both a house and a wedding can be a little stressful and daunting from the on-set. However, with a plan in-place from the start, it definitely isn’t impossible. Throughout this week’s blog post, we’ve discussed a few of the various ways in which you can build up your savings to make this a reality. Nonetheless though, the biggest piece of advice that we can provide is to avoid letting it become an overwhelming thing or a topic of disagreement between you and your partner. While you may have initially hoped to purchase a house and plan your wedding around the same time, it doesn’t hurt to stray a little from this timeline and push the home purchase back a year or two. After all, if that simply means you have more time to focus on wedding planning, that certainly isn’t a bad thing, right?
Have You Booked Your Wedding Venue?
Shortly after setting a wedding budget for your big day, one of the first tasks that you’ll find yourself completing is touring and booking a wedding venue. Considering venues can get booked up many months in-advance, it’s no surprise why you’ll want to prioritize this item early on. Having said that, given that this week’s blog post was all about saving both for a house and a wedding, there is always going to be the possibility of finding ways to save money throughout the wedding planning process. While this could entail a number of different things, one way includes finding a venue where some of the necessary vendors can be included with the venue’s packages. Not to mention, having both the ceremony and reception at the same venue is another way to potentially save too!
As a luxury wedding venue in Conroe, TX, we’re all about making the wedding planning experience as stress-free as possible. From the initial venue tour all the way through the big day itself, we’ll be there every step of the way. If you’re interested in learning more about our wedding venue, we encourage you to download a copy of our investment guide by filling out the form HERE. Happy wedding planning AND house hunting!