Engaged couples often try to save for their dream wedding and a house at the same time. If you just proposed or said yes, you may find yourself in this situation. But you also checked the numbers, and the cost for the average wedding is $30.000. And if this wouldn’t be expensive enough, monthly mortgage payments exhaust half of your budget. Saving for both is an overwhelming endeavour.
The good news is that you can pay for both with a little bit of planning. Here is how to do it.
Know what your priorities are
Before you plan a wedding, sit down with your partner and set your priorities. Paying your mortgage should be one of them. So, do you value your wedding more than having a home to start your family? How much of your combined income do you use to pay the mortgage, and how much can you save for your wedding? What expenses can you sacrifice to make your goals a reality?
To decide how much you can spend on the wedding, you need to understand what your priorities are.
Set a realistic budget
Once you set priorities, you can work on your budget. You need to create a monthly budget if you haven’t done it until now, to understand how much you can save monthly after you pay for the mortgage, utilities, and healthcare.
To save for mortgage, you need to decide what items are essential for a comfortable living and sell the rest. By selling the assets you no longer need you can cover the mortgage for a couple of months. However, if you are late with your mortgage payments because you had to pay for the venue and you skipped a payment, consult a Philadelphia foreclosure lawyer. They can assist you in the process because losing your house before the wedding is the last thing you want.
Once you solve the mortgage foreclosure problem, you can start saving for future payments and wedding. Determine how much from the common income you can save and check what monthly expenses you can cut. Eating out is an expense that spends a big portion of your income, so you can start cooking at home. Stay organised and accountable. Make two bank accounts, one for savings and another for monthly expenses.
Try to avoid further debt
To achieve your goals, you need to avoid further debt. So, ensure you pay your mortgage, bills, and healthcare monthly. The temptation to redistribute money from mortgage to the wedding is high, but you must resist. Don’t get in debt to pay for your wedding. When you cannot afford one service, look for alternatives. You don’t need to hire a company to provide the candy bar, bake them at home. Don’t waste money on flowers, harvest them from the garden or use wildflowers. You can find wedding attire for both groom and bride at lower prices during discount periods and Black Friday. Start planning the wedding at least a year in advance when you have a mortgage on your house, to have plenty of time to explore alternatives and solutions.