Planning a wedding is super exciting...until you realize how quickly the costs add up-- venue, vendors, stationery, bachelor and bachelorette parties, wedding favors, attire; the list goes on and on. There are many simple ways that you can add to your savings by pretty much doing nothing! Check out our top tips on how to save money for a wedding below.
1. Open a High-Yield Savings Account (HYSA)
A high-yield savings account is a savings account with an Annual Percentage Yield (determines how much you will make on your money) higher than a brick-and-mortar bank. Marcus by Goldman Sachs is an example of a HYSA which currently has an APY of 1.30%, whereas Chase bank has an APY of 0.02%. Meaning you'll earn more by having your money in an account like Marcus rather than a bank such as Chase.
If you open a HYSA through Marcus with an initial deposit of $5000 and deposit $200 into it weekly for 2 years, you will earn about $400 in interest, compared to $80 in a bank account with an APY of 0.02%. Every little bit helps!
2. Use a Credit Card with Rewards
Start using a credit card that offers rewards for every dollar you spend. Chase offers a variety of credit cards with different benefits. One of their credit cards, offers 1.5% cash back on every purchase along with a $200 cash back reward. For those looking to earn travel points, the Chase Sapphire Preferred gives you $750 toward travel and 2X the points on travel and dining! This is a great option for those of you looking to save for your honeymoon. Find a credit card that works for you and make money on purchases you were already planning on making!
*Only use a credit card if you have the money to pay it off. You don't want to put yourself in debt before the wedding!
Get cash back for your online purchases with Rakuten. When you shop through Rakuten, you get access to deals and cash back for every purchase you make. Each quarter, Rakuten will send you a check or a PayPal payment. Bonus: when you join, you get $10 cash back and when you refer friends, you'll get even more cash back!
Before you purchase anything online, head to Rakuten to see if the store you're shopping at qualifies for cash back. Some stores currently offering cash back are Macy's, minted, and Jared. Although it may seem like you're not getting much back, the money adds up quickly!
4. Sell Unwanted Items
Anyone else already clean their closets out a few times since this quarantine has started? If so, consider selling your unwanted items to make some extra cash! Post those shoes and shirts you still haven't worn or a piece of furniture that you no longer need on a website such as Facebook Marketplace or eBay. It'll feel good to get rid of the things that have been taking up space and make money while doing so!
All of the tips above can apply to everyday life, not just wedding planning, so take advantage of these simple ways to add some extra cash to your bank account! Next up in the Wedding Saving Series-- How to Create a Wedding Budget.