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Why I'm Saving for my Wedding BEFORE I Have a Ring

August 4, 2014


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Some people think it's crazy to plan for a wedding before you're engaged, but not me! Here's why I'm saving for my wedding before I have a ring!The following is a guest post from my blogger friend, Downstairs and in Debt. I hope you enjoy it!

With the growing popularity of shows like Say Yes to the Dress and Four Weddings I’ve noticed a growing trend of a BIG wedding budget. While $5,000 dresses and $3,000 cakes are a little too rich for my blood, I will admit that I want my wedding day to be beautiful and not break the bank. I am currently NOT engaged, but I live with my boyfriend and our cat in the suburbs. If/when we get married, I want to have a jump on the wedding budget before I’m half way to the altar.

Here is the trouble with not saving before you get engaged: let’s just say on July 1st (or the 4th if you’re an American) you’re standing watching the fireworks with your wonderful partner and they proceed to propose as the fireworks are going off and BAM you’re engaged. According to a recent survey, the average Canadian wedding is going to run you about $20,000-$30,000, which is a little on the high side for what I’m planning. This is for a wedding size of about 150-200 people. I think most ladies like to get married about 1-2 years after they become engaged; I know I couldn’t come up with that money in one year unexpectedly when still trying to pay off debt! I do not want to go further into debt because of my wedding. This is supposed to be a celebration, not a burden. Also some caterers/venues offer discounts if you can pay upfront and in cash!

Currently I work part-time at a large diamond retail chain. I see it all the time, guys come in wanting to buy a diamond for their lovely lady and then get slapped across the face by rising prices of gold and diamonds. I would love to choose my diamond but I don’t think “Well little Johnny, when Mommy and Daddy got engaged, Mommy picked out a ring on eBay and Daddy handed her his Mastercard” has the same pizzazz to it as my previous scenario. Engagement rings and wedding bands have to be budgeted for too! Boys, if marriage is for you, start saving BEFORE you meet that perfect girl.

While I don’t think I can have the entire wedding paid for before I get engaged, getting a head start on it seems like a good idea to me. I have decided to take my income from my part-time job and put that into my wedding savings. I both get paid into and save at a bank with this job that is separate from my full-time job/bills bank. I plan on following a budgeting plan similar to this one when the time does come. I look forward to not being AS stressed out about making sure the caterer is paid!

What do you think about saving for your wedding before getting engaged?

Downstairs and in Debt is a 20-something reformed shopaholic living in the Canadian Maritimes. She started her journey blogging from her parents’ basement.

Some people think it's crazy to plan for a wedding before you're engaged, but not me! Here's why I'm saving for my wedding before I have a ring!

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30 responses to “Why I'm Saving for my Wedding BEFORE I Have a Ring

  1. I did that years ago while I was in university. I thought it was a great idea then, and it sounds like a great idea now. In my case, the relationship didn’t work out (thank goodness!!) so I choose to spend all my “wedding” savings on travel! I when for two months to Latin America, and to Las Vegas.

  2. Weddings today have been incredibly expensive. I was fortunate that my father paid for the bulk of my wedding. We are setting aside a small amount of money to help pay for at least a portion of our girls’ weddings. My husband thinks it’s only fair (I do too!) since it made a huge difference to us. It’s smart to save in advance if you can.

  3. Sounds like a good idea to me. And, I agree with you, $3,000 for a cake sounds absurd! Our cake was included in the price of renting our reception venue, which made it pretty reasonable. I hope you’ll keep us posted on your engagement and savings plan!

  4. Good plan! No issue with saving for the future as long as you can repurpose those savings towards something else in case it doesn’t pan out. For example, I have a boyfriend of 4 years and while we’re not ready to get married, I’ve earmarked some of my money to invest towards preparing to pay off his debt (if we do get married). It’s all money invested in an index fund, so all the money I make from the investment/continue to contribute can be used for something else if he and I don’t end up together. I wouldn’t give it to him now or invest it in his name.

  5. I had this conversation with my boyfriend last month as well. Getting engaged happens so quickly and I too don’t want a wedding to bring me further into the red. Saving early, when you know it’s going to happen, is smart. Can’t wait to heart when it happens.

  6. I definitely think it’s sensible to think ahead like this especially if you think you are settling down with someone. Weddings are usually very expensive. As you say, if you can pay cash, you can barter and get better deals on certain wedding expenditure. How does your boyfriend feel about you saving for your wedding when you’re not yet engaged? Hopefully he’s on the same page as you. 🙂

    1. Hi Hayley! I sure hope he is on the same page! BF is a “pay cash for everything” type of guy thankfully and doesn’t have the school or consumer debt that I do. He currently has a ring savings account though I do not know how much is in there or when he is buying one, or who knows, if it’ll even be for me. He does know I have a savings account for “my” wedding :).

  7. I agree with this method as well. My boyfriend and I also live together with our cats, and while we were lucky enough to get a ring from my grandma (she passed hers down), we will have to fund the wedding ourselves, on top of having student loans to pay for. I don’t want to go into debt at all for a wedding, and I’m hoping to pay less than $5,000. Saving now will make everything a lot easier, though I’m also not opposed to a longer engagement.

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