Marriage life might be a dream for most couples but getting yourself prepared for it would also be a challenging task. As we all know that getting married would cost you a huge amount of money ranging from the event organizer, wedding rings, wedding dress, etc. Hence, saving your money beforehand could be an essential preparation you need to execute now to make sure that your wedding goes as smooth as possible. Here are some saving plan tips that the couples need to know before getting married.
1. Tighten the current spendings
Whether or not you are doing this alone or together with your mate, tighten up your spendings plan could save you a lot! You should sit down and list out everything you regularly paying for. Then, reduce those unnecessary spendings by prioritizing the list to make sure that you actually spend on something useful.
2. Create shared savings account
Accelerate your saving by creating a shared savings account might be a great idea because you can encourage your mate to do the same but don’t forget that you are doing a savings account for future marriage goal. Therefore, cutting out all chances to withdraw the money out beforehand would be needed in order to maintain your saving discipline.
3. Get the loan for the savings
This might sound ridiculous but it might work well if you want to circulate your cashflow. All you have to do is borrow the money from low interest lender like co-operative and deposit that money at higher interest rate bank or mutual funds. The interest received will somehow deduct the amount of loan you borrowed or you can simply use that interest to reinvest in other lucrative channels.
For those who are getting married or having a wedding plan, don’t forget to apply the above tips in your financial planning and let us know the feedback!
