Hitting the Wedding Goal

Renee wants to know the best way for her and her fiancé to save for their wedding. They're not on the same page with spending, though. Dave knows exactly what they need.

QUESTION: Renee in Los Angeles wants to know the best way for her and her fiancé to save for their wedding. They want to pay cash for it and have agreed to save money by cutting down on unnecessary expenses and putting savings into the pot at the end of the month. They’re not on the same page with spending, though. Dave knows exactly what they need.

ANSWER: You need to set a goal. You need to set a dollar goal to save every month, and until you hit that, don’t even talk about his impulses because you want a wedding.

Here’s the deal: Guys don’t get weddings. We don’t get them. We would go down the ladder and elope out the back window and put all the money in our pocket. It’s only after we look back and have daughters and granddaughters that we start to grasp it just a little bit. But even then, we don’t get it completely. That’s where the natural tension is.

If you are getting married in eight months and need $10,000 by then, you need to save $1,200 a month. Until you save $1,200 a month, you’re on beans and rice and not eating out. This is the primary goal and you are focused, on a plan, and you’re going to hit that goal.

That’s how I would lean into it because what you’ve got is this vague sense that we are supposed to be saving money and his vague sense is a lot more lightweight than yours. Yours is hardcore as it should be. Do the math and lay it out. That is how you will accomplish the goal, and you sacrifice whatever is necessary to accomplish that goal.