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Budgeting and Saving

How to Save Money for Your Wedding

7 smart ways to save up for your special day

Weddings can be expensive. Sometimes there's just no getting around it. Venues, menus, invitations, dresses, and tuxedos can add up to a hefty price tag. At Flagstar Bank, we provide savings and spending solutions to make planning easier like savings accounts, flexible term CDs, and money market accounts. Like any kind of savings, creating a budget and sticking to it is key. Anything you can save will help, and it’s never too early to get started.

 

Along with your ongoing savings efforts, here are seven ways to save up money for the perfect wedding.

 

1. Don’t use the “w” word.

When getting quotes from reception venues, bakeries, florists, and other vendors, tell the manager that you’re planning a party or an event, but leave out that you’re planning a wedding. If you play coy, the overall price is often 25 to 30 percent cheaper.

2. Have the reception in a restaurant.

When you have dinner at your favorite restaurant, the bill doesn’t come with a rental fee for the tables, chairs, napkins, and wine glasses. There is no surcharge for the candlelight and flowers on the table. It’s all covered in the price of the meal.


3. Take the wedding out of town.

Traveling abroad for your wedding may sound more expensive, but couples who have “destination weddings” typically spend less on their receptions than those who stay at home. They tend to have smaller receptions and guest lists. Additionally, couples planning destination weddings can often obtain special discounts with airlines and hotels.


4. Bring your own music.

If you can’t afford a band or dj, or simply want to spend the money on your honeymoon, make a playlist on your smartphone or computer and rock the house for free!


5. Time it right.

If you get married during the off-season—Nov. 1 to March 31—you’ll be able to get better rates for venues, photographers, officiants, bands, and the like. You’ll also pay less if you steer clear of hosting your wedding events on Saturday night.


6. Use nontraditional retailers.

Consider buying your wedding rings at Costco. Warehouse stores sell more than just pallets of canned tuna and paper towels; they are also a great source for rings, cakes, favors, and flowers. The key is to avoid stores that cater to weddings. Buying your wedding dress from an everyday retailer often means paying hundreds, rather than thousands.

 

7. Get help from friends.

With the big price tag that comes with today's weddings, it isn't uncommon to include wedding expenses -- the photographer, cake, and even the honeymoon -- on the registry and have friends and family pitch in.

 

Visit your local branch to learn more.

With weddings, it’s never too early to start planning and saving. This is an important moment for everyone involved, and you’ll want it to be an event to remember. Reach out to one of our Flagstar representatives for more wedding money saving tips and expertise to help you save. We’re always ready to help our customers plan for the most important moments in their lives because they’re just as important to us.

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Flagstar Performance Savings

1Annual Percentage Yield (APY) is accurate as of 2/10/2025. Tier 1 $0 – $9,999.99 features an annual percentage yield of 0.10%. Tier 2 $10,000.00 – $24,999.99 features an annual percentage yield of 0.10%. Tier 3 $25,000.00 – $49,999.99 features an annual percentage yield of 4.20%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 4.20%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 4.20%. Tier 6 $500,000.00+ features an annual percentage yield of 4.20%. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. Initial minimum opening deposit to earn the higher interest rate on the Flagstar Performance Savings account is $25,000 and must be “new money,” which is defined as money that is not currently on deposit in any Flagstar Bank account (except maturing CDs). Additionally, (i) account must be funded within 90 days of the approval date, and (ii) early account closure fee may be imposed for accounts closed within 180 days. A maintenance service charge of $15 will be imposed every statement cycle if the average daily collected balance in the account is less than $10,000. The maintenance service charge will be waived if you are the tax reported owner on this account and you are an owner on a Flagstar personal checking account. Fees may reduce earnings. Personal accounts only. Limited time offer. Area restrictions may apply. If you are a Private Bank client, please contact your Private Client Group to enroll.

2Annual Percentage Yield (APY). 4.25% APY is accurate as of 2/10/2025 and available as a 13-month term. 4.25% APY is accurate as of 2/10/2025 and available as a 7-month term. 4.25% APY is accurate as of 2/10/2025 and available as a 24-month term. Fees could reduce earnings. Withdrawals may result in imposition of applicable early withdrawal penalties. $500 minimum opening deposit required. Maximum deposit is $10 million. 'New Money' is defined as funds that are not currently deposited in any account at Flagstar Bank. Not available for public units or Business CDs. Certain restrictions, including area restrictions, may apply. Offer subject to change or cancellation at any time without notice. Must present offer at account opening. Limited-time offer. Important information will be provided to you in the disclosures you receive during the account opening process. Please contact your local branch for more information.