When it comes to avoiding debt, not even planning a 150-person wedding could get Leslie off track. That’s why after getting engaged, the Ally bank customer and her now-husband decided they wanted to pay for their big day without taking on debt or leaning on financial support from loved ones.
“It’s something we preferred not to ask for, so we knew we had to figure out a way to make it economical,” Leslie said.
With careful planning, Leslie and her husband pulled off not just their movie-theater themed wedding, but also their two-week safari honeymoon in Tanzania. And they did it all while remaining debt-free with the help of Ally Bank’s automated tools.
A cinephile couple
The couple, who met in college and have been together eight years, frequently enjoy going to see the newest blockbusters. So, when it came to planning for their wedding, it made perfect sense to book a theater venue and use a movie theme. The key was keeping it in budget.
Leslie's husband is still paying off his student loans, so keeping any new debt to a minimum was important for the couple. “The wedding did not feel like a reason we should accumulate debt,” Leslie said.
Read more: Keep money stress to a minimum with automations like buckets and boosters.
How Leslie got married debt-free
Throughout the year before her big day, Leslie created savings buckets within her Ally Bank Savings Account to go toward their wedding and other goals. Automatic transfers to these buckets brought her piece of mind that her funds were squared away.
She also pursued some tried-and-true ways to cut down on her overall wedding spending, leaning into the natural beauty of her venue and using DIY decor like personalized movie posters. She emphasized that there will inevitably be areas where overspending happens, so it’s necessary to find areas to dial back.
“Assume you’re spending about 1.5x what your actual budget is because I think that’s where things tend to end up.”
4 tips for wedding budgets
Leslie suggests brides start planning the money aspect of their weddings early and recommends these four steps.
1. Create a timeline
Creating a wedding budget is a great place to start, but also think about when you’ll need to make payments to vendors or venues to ensure you budget appropriately based on that timeline. Some payments are going to be required earlier than others, and having the money on-hand at the right time is crucial to staying debt-free.
2. Use tools to stay organized
With so many dates and details to keep in mind, it’s easy for vendor payments to quickly become disorganized. Leslie used her Ally Bank Savings Account buckets to track exactly where her money was going.
3. Set your budget, then budget more
To avoid breaking your budget, Leslie says to anticipate a little extra spending. “Assume you’re spending about 1.5x what your actual budget is because I think that’s where things tend to end up,” she said.
4. Communicate often with your partner
She also encouraged soon-to-be betrothed couples to stay on the same page about their financial approach. It’s okay if you each want to do things your own way, but have open communication and know this isn’t the time for trial and error.
Leslie’s future goals
Leslie and her husband will be staying in their rental for a couple years as they look for a home to buy. Leslie plans to continue to use tools like buckets to shift their savings toward this next big financial priority in the years to come.
With the success of their debt-free wedding planning, the couple is well-positioned to accomplish their future financial goals.
