Here are Bargain Bunny, we are all for shopping around and saving money where possible, but sometimes big purchases and expenses come along which you can’t just shop around for or try to find a coupon for.
Whether you are saving for a wedding, dream holiday, new home or car, or any other non regular purchase which is more than you would usually be spending, it can seem a little overwhelming working out how much everything is going to cost and how long it is going to take you to save up.
The first thing you need to do is shop around, and get some quotes and prices on whatever it is you are looking to be buying or spending money on. Make sure you are comparing like for like – for example comparing a wedding venue which includes catering for 50 people is not the same as comparing one which includes catering for 75 people. Also comparing a trip with direct flights and no additional costs is not the same as one with layovers which needs additional hotel nights.
It is best to speak to other brides, or look at bridal magazines and websites as there is quite often stories of things that have either been scrimped on and the bride and groom regret it, or they spend money on and see it as a waste of money. Use other people’s experiences to help you work out what you want to spend money on. One of the most overlooked wedding expenses is wedding insurance. You might struggle to take out a new policy at the moment as things are up in the air since the pandemic, but once they are back on sale, they are definitely an important purchase.
Once you have accurate estimates or quotes for everything, enter all the figures into a savings timeline calculator. This will help you work out how long it will take to save up the amount you have in mind. It even takes into consideration any interest you might be earning on your savings (good luck with that at the moment).
You can also use such a tool to see how much quicker you can get to your target if you adjust your monthly contribution, so it helps to give you to see if saving that little bit extra every month is worth stretching yourself or not.