From glittering decorations to warm holiday parties, December is a month of celebration. It’s also one of the most popular times of year for getting engaged. So, congratulations, if you are among those who said or heard “Yes!” this holiday season.
With the big question out of the way, there are a few more decisions to make. Among these may be whether you want to start saving for a down payment while planning for your wedding. For many couples, the desire to live happily ever after, literally, goes hand in hand with the walk down the aisle. Here are some tips for how to make it happen if this is your goal as well.
1. Take Advantage of Apps
In this case, we don’t mean the canapés. There are many great budgeting tools to help you stay on track for both your big day and buying your dream home. WeddingWire, for instance, contains a budgeting feature to easily track your spending, while tools like PocketGuard link all of your accounts, bills, and saving goals, including a down payment, so you can see how much you have left to spend. Such apps can help you make better decisions as you plan for both big events.
2. Let Wedding Spending Chip In
Many credit cards offer loyalty programs that award points or miles for each dollar spent. Some rewards programs let cardholders redeem points for gift cards at home goods stores or cash bonuses. Given the expenses you will incur as you plan your wedding, consider earning rewards that you can apply toward your down payment and the furnishing of your new home. Sites like CardRates review and rate your options regarding the right card for your goals.
3. Cash in on Gifts
Depending on your goals, you may want to take advantage of wedding registry sites like HoneyFund and NewlyWish. Both sites let users share their preference for receiving a gift of cash along with an explanation of how it will help them achieve a specific goal. This way, guests can be a part of your big move as well as your big day by contributing specifically to your down payment.
There is a lot to think about when you are working toward two high-ticket goals at the same time, but it is possible to plan for a wedding and a new home concurrently. Just remember to breathe, spend purposefully, and enjoy the time you spend together planning for your new life and the home that will shelter it!