Marriage is a special time, which is part of many people’s plans. However, it is an expense that often goes beyond the couple’s budget. It is not uncommon to find celebrations that, even small ones, cost a lot. Knowing how to raise money to marry is therefore essential.
The good part is that the process is not as complicated as it sounds. With organization, it’s easy to start a life for two away from debt or financial problems. For the avoidance of doubt, check out 5 tips and definitely understand how to raise money to get married!
5 Ways to Save Money for Wedding
1. Settle any outstanding debts
Debts are like a financial drain. You often pay for something you have used or lived in, such as travel, personal items, or miscellaneous bills. And for those planning to get married, this is not a favorable situation.
To get away from this problem, start by mapping all outstanding debts. If one of you or both of you are in SPC or Serasa, it’s time to renegotiate the values with the lenders.
But before making any decisions, keep an eye on interest. Overdraft, for example, became the most expensive credit option in June 2018. With a rate of over 310% per year, it can turn into a snowball. The consequence could not be otherwise: it is increasingly difficult to get rid of the deficit.
But this need not be an unsolved problem. If you get organized and set aside every month to pay off your debts, you will no doubt be able, after this stage, to start saving money for the wedding of your dreams.
And of course, even for those who don’t have a dirty name or have no debt, the planning is not over: you always have to worry about the invoices that will keep coming!
2. Begin a couple of financial planning
Once you get rid of the most expensive debts, it’s time to start thinking about the organization. Setting a budget is indispensable for both to achieve the goal.
In this sense, one of the first definitions is to list what the costs will be. How big will the party be? What is the desired wedding style? What is the average price of the services to be hired? Do you intend to go out on a honeymoon?
For those who do not have a house yet, it is necessary to consider other costs, such as the purchase of furniture and appliances, the security of rent or even the entry into the home. After all, this is added, you can know how much you will need to put together.
Next, think about how long until marriage. If the date has already been set, you will race against time. But if the period is not yet set, you need to decide how long it will take before you can save enough.
Consider, for example, who will marry in 2 years or 24 months. If the total amount required is $ 50,000, each month should add at least $ 2,100. Later on, you will know how to lower this requirement.
3. Prepare to cut some superfluous spending
If the goal is to succeed and know how to raise money to get married, some sacrifices will have to be made. In this sense, it is indispensable to think of means of saving to realize the big dream.
After you put all the expenses and earnings on paper, think about what can be cut. Reducing the number of times you go out on the weekend is a good example of cost containment. It is also worth decreasing unnecessary expenses such as settlement purchases or car swapping just then.
Cutting certain costs is the best way to get money left over so that it can finally start accumulating to pay off all the values of marriage.
4. Get out of savings for a more profitable investment.
When talking about saving money for a wedding, many people associate the task by opening a savings account. However, this is not the best investment option. With the Selic Rate down, this alternative is not as attractive. In 2018, the real yield was only 0.84%. In practice, it means that the amount yields virtually nothing.
Instead, it is much better to take advantage of the opportunity brought about by compound interest. By making good investments, your money starts to yield at pre or post-fixed rates. Treasury Direct, the CBD and even mutual funds are just a few options to have the same level of security and a much better yield.
With monthly contributions, the result becomes even more optimized – after all, the higher the accumulated value, the greater the impact of compound interest and the greater the gains. In practice, this makes it easier to reach the desired total.
The tip is to choose a short or medium-term alternative, with a good level of protection and with interesting profitability. By setting the ransom according to the marriage period, you get the most out of your income and accumulate more resources.
5. Avoid using a credit card and check
The first tip on how to raise money to marry has to do with debt, right? In addition to eliminating them early on, you should avoid making new ones throughout the process. If not, all your effort is in vain.
To avoid temptation, avoid using credit cards, checks, and other such types. Payment on installment looks like a great way out at the time of purchase, but soon becomes a problem in the future.
Even the ideal is to pay as much as possible of the marriage insight. As well as improving margin, it’s a way to keep your life from starting with invoices that seem too expensive.
The trick is that both must maintain discipline and consistency. With good economy behaviors, it’s easy to avoid using these features.
Knowing how to raise money to get married is the best way to realize the dream of marriage. Without debt after the celebration, you will have the chance to enjoy the new phase of life in an ideal way.