Thanks for all the kind words on my emergency fund progress! A few of you asked what my plans are after my emergency fund is at $10,000. I’m so excited for this next saving goal because it is…
MY WEDDING FUND!!!!
Before I go on, I’d like to say a few things. I am NOT engaged and have no clue when that may happen, if it is going to happen at all. J and I have talked about it some, and both agree that we are happy with our relationship and are in no rush to get hitched. But if things continue to go well, marriage is in our future; we’re not just hanging out for kicks. He’s also made it very clear if he were ever to propose, he wants it to be a complete surprise (which sounds like fun to me!). I have zero expectations and trust that he will know when the timing is right.
With that said, I still plan to save for my wedding. I’ve talked about this before, but it’s very important to me that I pay for my wedding–or at least 90% of it. Originally I said I wanted to save $5,000. But I came up with an estimate/budget based on what I would like, (J–if you are reading this, please don’t freak out), and it turns out I may need to save slightly more to have some wiggle room. So my saving goal is now $8,000 but my wedding budget goal is still $5,000. I read somewhere that people spend at least 20% more than what they originally budget (maybe it was 35%?), so hopefully $3,000 will handle that overage.
Now you may be thinking $5,000 is ridiculously cheap for a wedding budget, and it really is, especially since I envision a pretty lovely affair. If I happen to save more, then I could go a tiny bit more extravagant, but right now I am confident that with the help and creativity of some talented friends and family, a $5,000 wedding is entirely possible. I am not interested in my family, J’s family, or myself to go into debt over a wedding. This should be the happiest day of my life, and I am pretty sure paying it off for months or years to come would only sour such a special day. (Also, this budget is intended for just the wedding, not engagement festivities, bachelor/bachlorette weekends, rehearsal dinner or a honeymoon. How those will be paid for is still TBD but not a concern.)
If I happen to get engaged tomorrow with a measly $26 in my wedding fund, that is completely fine. I’d still have half a year to save for such an event. And if it’s three years before I am engaged, then I’ll have plenty of time to save $8,000 and then some. I should have a fully-funded emergency fund in November 2010, should reach my $5,000 goal by July 2011, and my saving goal of $8,000 by November 2011. I’m not trying to plan away my life… but whether it’s a terrible emergency or a terrific excited, I’d like to be prepared. And that’s why I save. :)
Any questions? Do any other non-engaged girls have a wedding fund? What is your wedding budget goal?
(photo credit: Style me Pretty is one of my favorite wedding inspiration websites! If you are looking for lovely ideas, check it out.)