There's something about weddings that can trigger irrational spending in people. Maybe it's tradition, or maybe because couples view it as an expenditure that they'll only have to pay for once in their life (although the debt lives on). Here's the reality: people spend an average of $26,984 on their weddings, according to a survey by theknot.com.
So if you know you want the fairytale wedding and the whole nine yards, and you're willing to front a large amount of cash for it, start saving for it now even if you're nowhere close to getting married. You don't have to be in a relationship to start saving for what may very well be one of the biggest expenses in your life.
This saving tip was inspired by Ramit of iwillteachyoutoberich.com, who advises to start saving earlier for your dream wedding so that when the time comes, you'll have a nice fund to cushion your costs. Ramit calculated how much a person needed to put forward every month to save up for a $28,000 wedding assuming that you're getting married when you're 27, the average age of marriage. If you're 20, you'll need to save $333 a month, and if you're 25, you'll have to save a lot more each month — $1,167. However, if you're 27, you'll have to pay $28,000 in one go.
Engaged or not, perhaps it's time to add another type of fund — the wedding budget. Did you start saving for your wedding only after you got engaged?