Whatever your wedding budget, the most important rule to keep is to not begin your married life in debt. Starting to save early on, in any capacity, will always make a big difference to your finances.

First things first when saving for a wedding: work out how much you need to save, set a budget and stick to it whilst, of course, still having a fabulous day!

Once you have this figure the hard part really starts (I speak from personal experience as I am currently planning a wedding) and that is finding the cash! Do not be disheartened though, as there are many ways you can save money in your everyday life without making too many huge sacrifices.

1) Set up a wedding savings account or find a high interest saving account

Most couples are engaged for 18 months to 2 years, so that gives you plenty of time to save. A high interest saving account will make your money work harder for you.

If you and your fiancé can each put aside $5,000 cash per year, you'd be able to potentially save $20,000 over the two years (plus the interest).

There are lots of high-interest savings accounts on the market so make sure you choose one with a good rate and easy access so you can pay your suppliers without hassle.

2) Start a regular payment

Once you've chosen a high interest saving account, you can then set up a standing order to automatically take money from your current account each month just after pay day. For the more adventurous out there, you could even set up an offshore investment account and have access to some of the best funds in the world.

A simple way to keep track of expenditure is to write down everything you spend your money on for a week or keep all your receipts and in a bowl. This way you can see where you are spending and where you can cut back.

3) Wait before buying luxuries.

If you see a great pair of shoes or jeans, do not buy them straight away. Think about the purchase overnight or even a couple of days — chances are you will realise that you don't actually need them after all.

4) Quick money saving ideas you can start immediately:

If you have a coffee a few times a week, you could spend around $50 by the end of the month. 1 latte = $4, 3 lattes per week = $12per month = $48per year = $576!

Wedding magazines are very expensive so use the internet or borrow.

By making your own sandwiches, you'll save a fortune.

Lunch per day bought out = $5. Per week = $25.

Per month = $100Per year = $1,200!

5) Household bills

Get into the habit of recording how much you pay out each month on your household bills. Shop around for better deals on your mortgage, electricity and gas, as well as TV, phone and broadband. With a few simple changes, you could easily add some extra savings to your wedding account.

 

The writer is Senior Consultant at Acuma Wealth Management. Opinion expressed is the writer's own and do not reflect that of Gulf News.