{"id":34870,"date":"2021-06-22T09:01:05","date_gmt":"2021-06-22T17:01:05","guid":{"rendered":"https:\/\/www.hayden-homes.com\/?p=34870"},"modified":"2023-06-13T15:37:20","modified_gmt":"2023-06-13T23:37:20","slug":"blog-how-to-save-for-a-house-and-a-wedding-at-the-same-time","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/blog-how-to-save-for-a-house-and-a-wedding-at-the-same-time\/","title":{"rendered":"How to Save for a House and a Wedding at the Same Time"},"content":{"rendered":"

\"How<\/a>Getting married and buying a house are two huge financial milestones that often occur around the same time. These milestones often compete with each other but it doesn\u2019t have to come down to \u2018down payment or dream wedding.\u2019 With a good financial plan, you can turn your dreams of a wedding and a new home into a reality. Here\u2019s how.<\/p>\n

Set your priorities<\/h2>\n

Your first task is figuring where you stand together. Have an honest conversation with your partner to discuss what your greatest priorities are and how they relate to the way you allocate your money. It\u2019s okay if your priorities don\u2019t match; what\u2019s important is discussing what compromises you\u2019re willing to make to achieve both goals. It can be difficult to save for a big wedding and a home at the same time so you may need to adjust your expectations.<\/p>\n

Create a budget<\/h2>\n

Settled on your priorities? Great! Now it\u2019s time to create a realistic budget for both the house and wedding. Review your combined incomes and expenses to determine how much extra income you have (if you haven\u2019t already, having a regular monthly budget is helpful). Take a hard look at your discretionary spending and see where you can cut back.
\nOnce you know how much you can save each month, you need to figure out how much you need to save for each event.
\nSaving for a house: <\/strong>determine how much home you can afford. Check out home prices in your areas and consider getting prequalified from a lender. Prequalification is a basic review of your creditworthiness to give you an estimated amount of how much you can be qualified to borrow. It\u2019s not binding but it\u2019s a good starting point. In addition to getting prequalified, it’s smart to review your actual budget to determine how much you\u2019re comfortable borrowing.
\nWe have some additional resources on how to budget for a new home<\/a> and saving for a down payment<\/a>.
\nSaving for a wedding: <\/strong>determine who will be contributing to the wedding. Most couples pay for the wedding themselves but sometimes their families may cover some of the costs. The next step is discussing the type of wedding you want. Do you want a big, elaborate party, an intimate elopement, or something in between? How many guests do you plan on having? The number of guests will have a big impact on your total wedding budget.
\nYou can get a little creative to save some additional money on your wedding:<\/p>\n