How to Save for a Wedding Fast: Most people actually plan very well for their engagement long before the date is due but trust their several other couples who do not get engaged with their wedding savings. Research has shown that most couples actually start saving after they get married and not before they get married.
In Africa, It is estimated that over 45% of couples take a loan to fund their engagement and wedding bills, This leaves them on their knees in the aftermath.
To avoid this catastrophe from befalling you, the following are the steps you should take while preparing for your wedding or engagement.
How to Save for a Wedding Fast
Table of Contents
Plan Your wedding Type
The first step to saving for your wedding is to know the exact amount you will be spending on the wedding.
Experts note more couples, particularly older millennials, are paying for their weddings out of their own savings rather than asking family for help. Traditionally, one family pays for the wedding day and the other handles rehearsal dinner costs. These costs can vary widely, from the small fees couples pay for a courthouse wedding to more than $100,000 for a large event.
On average, weddings cost $5,000 in 2020, according to the Knot’s annual survey of thousands of couples. This is a significant decline from 2019 costs, and this average was likely affected by the coronavirus pandemic, which pushed many couples to downsize or cancel large weddings. The 2019 national average was $4,000.
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Define Your Wedding Budget
The first thing Mindy Rossignol, owner and lead planner at Private Weddings and Events in New Hampshire, does with a couple at the outset of the planning process is prioritize. She asks couples to rank categories on a scale of 1 to 5, with 1 being the lowest priority and 5 being the highest. These categories might include flowers, food and music.
From this point, couples can begin to build a budget. And according to Rossignol, it’s critical that couples do this step before booking venues or vendors for the wedding. This process involves isolating what’s truly important to the couple.
“I say, ‘OK look, you do not have enough money in this category for a band, so where do we want to pull from?’ Say we pull from flowers. You’re going to lose a few extra arrangements,” Rossignol says. “We work out the full budget before we start booking anything because that’s where a lot of people get into trouble. They’ll go book their dream venue and realize they spent 70% of their budget and don’t have enough money left over for everything else.”
For those couples who are receiving help from families, that money may not be enough to cover all expenses. Rossignol says it’s common to see couples receiving help from families while saving themselves for a particular high-priority item like a band instead of a DJ, which would be much less expensive.
Reduce Monthly Expenses
Whether the wedding is a few months or a year away, couples can cut back on other forms of spending leading up to the wedding.
This might mean reducing dinners out, vacations and other discretionary expenses. Making little sacrifices for a short period can mean more options when it comes time to choose between the seated, five-course meal and the buffet.
Some additional ideas for cutting expenses might include canceling cable and replacing it with a lower-cost alternative, shopping in thrift stores or sale racks and reviewing your credit card bill for unused or unwanted subscription renewals such as gym memberships or streaming services.
Increase Income With a Part-Time Job
Picking up a bit of extra work on the side or seeking a raise from an employer can help get couples where they need to be to afford their wedding.
These days, it’s easy to find gig work through companies like Uber or DoorDash, and couples can also consider weekend or night shifts in industries like restaurants and hospitality to supplement their income.
Be Willing to Make Big Sacrifices
If the wedding of your dreams is truly your top priority, it may be time to make a few big sacrifices.
Those might include taking on a larger mortgage or putting wedding expenses on a credit card, both of which Rossignol says may be the case for some couples. Others might forgo a honeymoon or temporarily reduce retirement savings, however unadvised by financial planners the latter option may be.
Together, couples must decide how far they’re willing to go.
“For many couples, budgeting and saving for a wedding, a new house, family planning, or any of those milestone moments can be one of the most exciting – and sometimes stressful – times in their lives,” Jeffra Trumpower, senior creative director of WeddingWire, said in a press release. “Despite that occasional stress when planning for these moments, the reality is that most couples don’t need to choose between the practicalities of life and celebration – it’s all about finding a unique financial balance.”
Top business skills to learn from poker
Poker is incredibly popular across the globe, with (according to World Poker Tour) more than 100 million online poker players. There are many millions more that play in land-based casinos, and the same number again that play it informally with friends and family.
Poker has been popular for centuries, as it is easy to learn, yet difficult to master. There are different variations of the game, and it has expanded to include tournaments, casual games, and high rollers tables, providing something for everyone. 888 Poker provides a vast range of options for players of all abilities and budgets.
Playing poker requires a number of skills, many of which can be beneficial in other areas of life, in particular business and entrepreneurship. Players must be self-aware, mentally strong, and resilient, entrepreneurs must be able to analyze incomplete information, read others, and take on new information quickly.
- Ability to learn quickly
When learning the game, players need to take on a great deal of information very quickly. They need to do some basic research on the rules, the different winning hands, and the probability of getting these hands. They also need to practice, practice, practice before heading out into the real world, and will often practice the game with friends, all striving to improve their own game.
In business, it is important to be able to take on new information and adapt to new situations. As in poker, to be successful in business individuals need to be adaptable and knowledgeable.
- Decision making
As well as being able to take on new (and changing) information, poker players need to be able to make decisions. Be it raising, calling, or folding, knowing what the appropriate action to take and when to take it is key to success at the table. In business, it is not dissimilar: knowing when to move forward, when to challenge, when to invest, and when to quit, are very important skills for any entrepreneur.
- Extrapolating from incomplete data
In poker, players will know what cards they hold and the communal cards but won’t know what their opponents are holding. They will be able to make deductions based on the information in front of them, and the behaviour of their opponents. Players won’t be able to have 100% of the information to be able to make their decisions and have to hope that their powers of deduction will lead to success.
In the world of business, if individuals waited until they had all the information it would be too late to take actions. They will need to get as much information as possible from different sources and make a decision balancing the level or risk. Resume provides a guide on crucial decision making for career development.
- Money management
When playing poker players shouldn’t gamble more than they can afford to lose; they should stick within their limits and play wisely to build up their pot of winnings. In business, it is similar. Entrepreneurs should ensure that their money is managed and invested appropriately. The higher the pay out, the higher the risk, and whilst sometimes in business it pays off to be risky, there needs to be a balance to ensure the business will survive. Fiscal mismanagement is one of the biggest reasons that new businesses fail.
- Mental acuity
When playing poker, players have to not only look at their cards and the communal cards, but identify how their opponents are playing, checking to see if they have any tells. It is vital to analyze the chances of winning, considering a number of different variables. Entrepreneurs have to analyze market conditions, their competitors, and be able to collect and interpret data accordingly.
Alongside mental acuity is mental strength: in poker, players can have periods where they win every hand, or lose every and, and it is important to know when to stop and when to change approach. In business, entrepreneurs need to know how to manage the ups and downs that inevitably come with being in business.
The top poker players are driven by a love of the game, not money. By being passionate about poker they learn the ins and outs of the game, learn about the psychology behind it, learn the tricks of the trade and invest in bettering themselves every step of the way. Money is a secondary consideration; apart from some of the top players in the world, there are easier and more dependable ways to make money.
Entrepreneurs should always be aware of the financial potential of their endeavours, but the success of the business will depend on the passion and dedication of its people. Yopreneur explains how entrepreneurs should be passionate and focus on doing what they love. Entrepreneurs should start out wanting to create something and enjoy the journey.
- Learning to fail
Even the most talented and experience poker players can fail. They can make a silly mistake that costs them the game, be trumped by a better player, or simply run out of luck. All players will lose some of the time; winning more than losing is a definite perk, but by no means guaranteed, especially when a player is starting out.
Estimates indicate that over 85% of start-ups fail, and it is important for entrepreneurs to remain resilient, pick themselves back up, and get back on the horse. They can learn from their mistakes and do better the next time.
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