Your Money Should Be Working for You
Build wealth with a PrimeWay savings account.
It’s not enough to set money aside. If you want to build wealth and bring your dreams to life, you need to put your money to work. Earn money on what you save – and watch your savings grow.
Tip #2: Untether yourself
When picking a venue, look for a place (or negotiate with your selected venue) that allows outside vendors to handle food, music and photography. Places that host weddings often may have existing relationships with businesses who can charge more because they’re not competing with anyone else. If you can get this kind of flexibility, shop around for the best prices on catering, music and flowers. You’ll also be able to get exactly what you want from these services, such as a signature cocktail instead of a full bar. It is okay to negotiate for what you want!
Tip #3: Keep the “W” word to yourself
Every vendor has a “special” wedding price. Often, this means they charge more for any wedding-related service. You can save as much as 30 percent by keeping the occasion to yourself. For example, when shopping for a dress, buying a formal gown that’s not labeled as a “wedding dress” can translate to savings. Getting a custom-decorated sheet cake can save a few hundred dollars, too.
Tip #4: Put your guests to work
One of the biggest cost in most wedding-related items is the cost of labor. When you pay for flower arrangements, you’re paying about 10 percent for the flowers and 90 percent for the florist’s time. Instead of hiring professionals, consider putting your guests to work. Many wedding guests would love to contribute to your special day. They’ll be happy to participate in making your wedding beautiful, and you’ll be happy to save a few bucks!
The average American wedding cost is about $35,000. If you are getting married this year, here are five ways you can cut wedding costs.
Tip #5 Spread out the cost with a PrimeWay Savings account
A tremendous challenge for newlyweds is coming up with all that money because all the wedding bills can be due at the same time. For many couples this means using consumer debt to finance the whole cost of the wedding. The ensuing interest and financing charges can make your wedding even more expensive.
Instead, consider opening a Savings account at PrimeWay Federal Credit Union: Set up an automatic withdrawal from your checking account into an interest-bearing savings account.
When the wedding bills come in, you’ll have money set aside to cover the costs and you’ll be able to borrow less.