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Budgeting and Saving

How to Save Money for Your Wedding

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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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