How To Save $5000 in One Year

May 9, 2018

We all know money woes are the cause of stress between couples. There are few things that can make couples argue more than money. It is something that causes strife and a lot of tension. When two people who have been handling money on their own their whole lives suddenly combine accounts (or even just decide to work through their money in separate accounts, but both be involved in the decisions), there is room for tension. Maybe you are used to spending your spare cash on an afternoon coffee break at Starbucks when your new spouse wants to put that money towards a down payment on a new car. It can get tricky, for sure. But there is no need to let money become a stress factor in your wedding planning. With a little extra planning, you guys can come up with the money you need without dipping into your savings and come out thriving. Have you ever heard of a yearly savings plan? Yep, sounds boring, but trust us, it is so worth it. You can really do this for anything you need a significant amount of money for in your life. Do you always have a hard time buying gifts at Christmastime because of how much you need to dip into savings? Yeah, it’s tough. But it does not have to be. With a savings plan, you can have that money lined up and ready to go for the time of year you need it. Whether Christmas present purchases or wedding planning budget, we know you can do it! Today we want to show you a savings plan to get you to $5,000 in one year! Yep, just 52 weeks and you can have that saved. That is more than enough to throw a beautiful wedding and you will not even have to touch your savings accounts! Not to mention, you will stay out of debt in the wedding planning process. That is truly priceless! A year is not an incredibly long time to be planning your wedding. Most couples are engaged anywhere from 8 months to 1.5 years. So if you are like the typical couple, you will either be able to save a little under the $5000 or maybe even more! When planning your wedding, be sure to give yourself enough time to save and come up with this money. You do not want to get frustrated and not reach your goals due to not having enough time. It is totally possible if you set yourself up for success. The first way to set yourself up is to discuss this with your partner. Let them know that you think this is the best way to come up with the money for your wedding without either of you dipping into your savings accounts or going into debt. Ask them what they think. If they have a different opinion. Find out if they are on board with this or not. This cannot work unless your soon to be spouse is also on board. The support between the both of you is crucial. That way, when it is time to separate $100, you will not fight about it, and actually encourage each other to do it. Saving money can be tough, but if you are on the same page, it can be done successfully and joyfully as well! The second way to make sure you do this effectively is to figure out how you will save the money. Will it be deposited into a new savings account, or will you use an envelope system? Or maybe do you have another way of doing it? However you decide to do it, find the method that works for you and stick with it. If you go with the envelope system and realize you are tempted to sneak some cash for your coffee runs, move all the money into a savings account. Make sure you do not touch this money at all! You will be glad you didn’t! The last way to set yourself up for success is to figure out HOW you are going to do this. Are you guys combining accounts already and going to separate the money jointly for this? Or are you keeping your accounts separate and then each save half the weekly amount? Or maybe one of you will work and save for this while the other works and saves for your marriage later on. There are so many ways to get this done. Figure out how you want to get it done and commit to it! Print out the pinnable and printable image we have created to help you reach these goals and hang it up in a place where you can see it. If you do your budgeting online, hang it up near your computer. If you are old school and will be holding the cash in an envelope, place it near that envelope in a place where you can see it to help you remember to do it. Come up with a system to do it where you see the weeks go down. Maybe use a red pen to scratch off the amount of you have saved up so far. Or whenever you deposit in the envelope or account. This is a great way to stay motivated and help you finish off strong. The worst way to end this project is to end it early. Finishing strong is key and you will be SO grateful you did it when you realize you paid for your whole wedding with your own money that you saved aside from your usual savings. Is it hard? Yeah, a bit. Is it worth it? TOTALLY! You will find the pinnable and printable image below. Print it out and place it somewhere you will see it. If you use Pinterest, pin it to keep it for future reference. Share it on Facebook or with other friends and help them save for a big event in their lives! Commitment is the first step to success and you will be so glad you did it!