Two of the biggest financial milestones in a young adult’s life often come at the same time: getting married and buying a new home. Weddings have an unfortunately true reputation for being outrageously expensive, and saving up for a down payment at the same time doubles that financial burden. The following tips will help you navigate saving for both a wedding and new house simultaneously.

3 Key Tips To Navigate Saving for a Wedding and New Home 

1. Adjust Expectations

In the majority of cases, an over the top wedding and hefty new home down payment isn’t financially feasible. Talk to your partner and decide what matters most to you both. If you’d rather have a larger amount of money to put toward a new home, make this your savings goal and plan a smaller wedding. If you’d rather have an extravagant wedding, concentrate your efforts there and postpone buying a new home or consider a smaller down payment.

2. Keep Funds Separate

Create a division between your wedding savings and house savings. If you are using a single savings account for both, you may be tempted to use funds intended for your house on the wedding and vice versa. Two accounts will allow you to accurately monitor deposits and withdrawals and keep you on budget to reach your savings goals. Do your research on what type of savings accounts to use for your wedding and down payment. Traditional savings accounts through a bank typically only offer nominal interest rates. Choose higher yield accounts with limited access to make the most of your savings.

3. Stay on Track

Create a budget for your wedding and stick to it. Actual costs are always higher, so give a little wiggle room when creating your wedding day budget. Ideally, you’ll want to pay for your wedding in cash without creating more debt. Running up credit cards with high interest rates to pay for a DJ and flowers will only put you in a financial hole that is difficult to climb out of. Any type of personal loan to pay for a wedding will carry a higher interest rate than a home loan. Your best bet is to look for ways to cut down on wedding costs if you can’t afford to pay for a wedding out of pocket. Potential money savings idea for your wedding can include:

• Trim the guest list.
• Choose a less expensive venue.
• Be flexible with your date. Venues typically charge less for an off-season date that doesn’t fall on a Saturday.
• Shop sample gowns or choose an off-the-rack wedding dress.
• Check with the florist about in-season blooms and potentially using any extra inventory flowers.

Staying organized and committed to a savings plan for both a wedding and new home will make it possible to get married and move into a new home soon after.

Sources: Brides.com, RIS Media