Saving tips to fund your dream wedding

21/05/2019

Saving tips to fund your dream wedding

Have you ever imagined the day you marry the love of your life, sthandwa sakho? For many, this wedding day dream is filled with the most beautiful traditional or white wedding dress, pretty flowers, décor and of course, something shiny on the finger. Those dreams and the financial costs of a wedding become a challenge, especially if you didn’t have a money saving plan. Before you settle on a much smaller wedding than you dreamt, consider these savings tips.

  1. Choose an off-peak wedding season date

Did you know that you can save a lot of money by choosing a date that’s less likely to be chosen by many people? In general, the peak wedding season is from September to April because of the lovely sunny weather. This is the most expensive time to set a wedding date.

What we are left with is to consider the concept of supply and demand. Off-peak season is the perfect time for a wedding because the demand is not high, the cost is lower, leaving you with a reduced bill for a wedding venue, catering and even the clothing. Wedding suppliers are more available and need the business during this time, this becomes a cost saver for you.

    2. Create a budget

South African weddings are characterised by so many important cultural ceremonies that give so much meaning to weddings. These can also be costly if not planned for. So in creating a budget, ask yourself what is more important: strooi dresses, food, decor, photography, or venue?

Once you’ve figured that out, you then divide your total budget between the different vendors that can supply each detail of your wedding according to your priority list. At the top of your list will be the most important and probably the most costly, going all the way down to lowest priority.

 Whether you’re planning a traditional or white wedding, it really helps if you are lucky enough to have the financial support of families. If that’s you, sit down with everyone involved so that you know how much money you’re working with.

    3. Research and plan ahead

Once you have a budget and your priority list is finalised, the real work begins: finding suppliers. Take time to do your research and compare costs with the different suppliers. A good idea would be to start with the big vendors like venue, catering and decor.

For your high priority list, pick the vendor that has a proven track record, as well as an excellent reputation and great experience. And for the low-priority ones, you can get a vendor that can do the job and charges the least. This is where you could also save some money.

    4. Save as early as possible

There are different ways to save money. Your first step is to do some research to find the best bank to save money. Identify the best savings account and/or other savings options for you.

African Bank's Tax-Free savings account offers both. Invest from as little as R100 and have the option of withdrawing some or all of your money in the anniversary month (a year after you have made your deposit). Your original interest rate never drops, but you can benefit if the interest rate increases. In addition, you can build your savings by making as many deposits as you like, up to a maximum of R33 000 per year.

    5. DIY (If you can)

If you want to cut even more costs, then it’s time to put your creativity to work. DIY helps to give your wedding a more personalised feel, which highlights the personality of the bride and groom and can also include some cultural elements that can mean a lot to families. Some of the wedding items you can make yourself include wedding invitations, wedding favours and programmes, table name cards, etc.

The cost of funding a dream wedding can mean that you compromise on some things if you’re not financially prepared. But if you want to make your dream wedding a reality, start saving as soon as you get engaged.

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Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.