Mortgage or Marriage? How to Save for a House & Wedding

Weddings and buying a new home are two of the biggest expenses a person can experience in their life. While planning for these milestones, it can feel like you have to choose between the two or put one on the back burner, especially if you are on a tight budget. But who says you can’t have your cake and eat it too? With a little bit of forethought and careful planning, you can save for both a wedding and a mortgage.

Prioritize your goals

Think about what’s most important to you and your partner. Perhaps it’s having a dream wedding with all the bells and whistles, or maybe it’s getting into your dream home as soon as possible. Whatever it is, once you’ve prioritized your goals, allocate your savings accordingly.

Make a budget

The first step in saving for any goal is to create a budget. List down your income and expenses, including debts, savings, and daily expenses. Then determine how much you need to save monthly to reach your savings goals. You can adjust your savings amounts as you go along, but having a plan will help you avoid overspending and enable you to track your progress.

Cut back on expenses

If you want to reach your savings goal, you need to be willing to cut back on some expenses. You can start by reducing your daily expenses, like eating out less often, using public transportation, or cutting subscriptions or memberships you don’t use. Budgeting apps can help you keep a tab on your expenses and identify areas where you can save. Remember: the money you are saving is for your future, so sacrificing a little bit now will pay off in the long run.

Automate your savings

It can be tempting to spend your money when it’s readily available in your checking account. Reduce this temptation by creating separate savings accounts for your wedding and down payment and automating your contributions. Setting up automatic transfers from your checking to your savings accounts moves the money without you having to think about it, making it easier to save consistently each month.

Consider alternative sources of income

Think outside the box when it comes to earning a little extra cash. Sell items you no longer need on Facebook Marketplace or eBay. Offer up your services as a tutor or pet-sitter in your community. Look into participating in online surveys or focus groups that pay for your opinion. Every little bit adds up and can help you reach your savings goals faster.

Discuss Your Plans with Your Partner

Lastly, discuss your plans with your partner. This is not only important for transparency, but it also ensures that both of you are on the same page and are working towards the same goal. Discuss your future plans, your financial goals, and any concerns you may have. Work together to find the best solutions for your finances.

Saving for a mortgage and a marriage can be daunting, but it’s definitely doable. Whether you are planning for a long engagement or want to tie the knot soon, with a little bit of effort and commitment, you and your partner can walk down the aisle and into your dream home.

SummerHill Homes builds new construction homes that distinctively stand apart from other homes. When you’re ready to buy, we’re here to help. Learn more about our current communities throughout the Bay Area.

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