As a relationship coach, I have found that the most common question young couples ask me is: “How much money should I have in savings before getting married?” It can be hard to answer this question because there are so many different opinions on how much people need and what they should be saving for.
However, it’s possible to get an idea of whether you’re doing enough with just a few simple calculations. In this blog post, we will discuss some guidelines for deciding how much money you need saved before marriage.
The first thing we have to agree on is whether you’re saving for the marriage or for the wedding. Once you’ve decided on that, you can work out how much money you need to have in savings.
Here are some guidelines for saving before marriage:
These are the 6 things we considered in our budget when we were getting married.
- Engagement Expenses
- Dowry Expenses
- Wedding expense
- Living Expense Once we get married
- Emergency Funds
- Offsetting Debt
Minimum of $200 Saved For The Engagement
When saving for the engagement, it is important to think about your partner’s ring. It can be helpful to set a limit on what you’re willing or able to spend before getting married, and this way neither of you will need to worry about overspending while shopping together.
If the two of you are going in half on everything, then a man should save at least $200 from your income towards that goal. If one person wants something fancier than the other, they might want to talk with their partner first so that they don’t go overboard!
The average price range for an engagement ring today starts at around $100 and goes up through tens of thousands depending on where you live and which jeweler you desire.
So that’s a minimum of $200. Let’s add the wedding budget.
Minimum Of $1200 Saved Towards The Wedding
Depending on the type of wedding you’re having and the budget you set, saving for your wedding can take anywhere from $1200 to tens of thousands.
If you decide not to save towards a wedding at all, saving more than the minimum is recommended as this will help cover any unexpected expenses that may arise when it comes time for planning.
To answer this question, consider the following:
- Wedding event (venue, flowers, etc)
- Officiating Fee
If you add $1200 to the engagement band’s cost, you are looking at a grand total of $1400.
Once we’ve established these minimums, we’ll now look into saving for the future together. It’s important to talk about your goals and decide what amount seems like enough when saving for retirement or buying a home (this will depend on each couple).
If one partner has strong feelings about this then they should be listened to – their opinion is just as valuable as it was during the planning process! Having different opinions doesn’t mean there’s a problem, you just have to work around it.
Minimum Of $1000 In Savings Towards Marriage
After you’ve budgeted for the wedding, your next big thing will be figuring out how to plan for your life together. One of the things you’ll need to talk about is saving up for your expenses as a newlywed couple. Some of the expenses that can be saved up for before marriage might include rent, buying a house, food, and utilities.
Another thing you should consider is debt. Depending on how much debt either partner has accumulated over the years (especially student loans), saving up enough money before getting married might be difficult. In short, about three months’ worth of income should be saved up before taking the next step into matrimony.”
Have An Emergency Fund Set Up With At Least Three Months Worth Of Living Expenses Saved
We all know that life is unpredictable. One of the best things you can do as a couple is to have an emergency fund set up with at least three months’ worth of living expenses saved and a plan in place should anything happen to your income.”
We don’t have an actual figure here because it’s contingent on the amount each partner can spare and the amount of debt either partner has accumulated over the years (especially student loans).
It’s a good idea to discuss with your partner and find a healthy balance. Ideally, you should have this discussion at least 12 months before the wedding day.
Assuming you and your partner earn approximately $500 each, you can decide to set aside 10% of that income as an emergency fund.
With this estimate, you will need to save at least $2450 before getting married. How much money you should have in savings before getting married depends on your current expenses, how much you make, and where you live.
Save For Future
Once we’ve established these minimums, we’ll now look into saving for the future together. It’s important to talk about your goals and decide what amount seems like enough when saving for retirement or buying a home (this will depend on each couple). If one partner has strong feelings about this then they should be listened to – their opinion is just as valuable as it was during the planning process! Having different opinions doesn’t mean there’s a problem, you just have to work around it.
To make our example easy, let’s say that two people are looking at setting aside approximately 100 dollars a month for saving. That’s $1200 total which is enough to save until the next birthday.
Conclusion: You Need Approximately $2450 Saved uPf Before Your Wedding Day
Those of us who have been married for a while know that marriage is hard work. It takes dedication and commitment to make it last, but those are the very things your relationship needs in order to be successful. We know you may not want to hear this, but if you’re planning on getting married soon or already are, we highly encourage both spouses-to-be to take advantage of premarital counseling before tying the knot.
Consider joining our monthly private sessions at Nairobi Chapel Syokimau where couples can learn how their brains work best together as well as what they need from each other to maintain a healthy long-term relationship. You will never regret investing time now into saving yourself from heartache later!