As you prepare to get married, you may want to give your groom a gift as a gesture of your love and adoration. The problem is that budgeting for wedding gifts from bride to groom isn’t always easy. After all, wedding ceremonies and receptions often come with significant price tags, and that may leave you with little extra money for a present. Fortunately, you can budget for your wedding gift to the groom to ensure you can give them something special. Here’s how to pull it off.
Speak with Your Soon-to-Be Spouse
Usually, brides and grooms decide in advance of their wedding if they want to participate in a gift exchange with each other. That way, everyone is on the same page about taking part in this optional tradition.
Ideally, you want to speak with your soon-to-be spouse not only about whether a gift exchange should occur but also if there needs to be a spending limit. Even if you aren’t using joint funds, having the conversation about how much gifts should cost keeps your future purchases in line with one another. That ensures that whatever is bought is equivocal in value, which can be important to some couples.
Create a Savings Plan
Once you know how much you each want to spend on bride and groom gift exchange presents, it’s time to create a savings plan. Determine how many weeks or months away your wedding is as a starting point. Next, figure out the latest date you want to have the gift in hand. After that, divide the amount you’d like to save by the number of paychecks you’ll receive between now and then.
By doing that simple calculation, you can determine how much money you need to set aside for the gift to the groom. Essentially, it gives you a clear target to work with, which makes the next part easier.
Now that you know how much you need to set aside from every paycheck, it’s time to look at your broader budget. Figure out if dedicating that much money to the gift every payday is doable based on your current expenses and other financial activities. If so, you can move forward confidently. If not, you may need to see if you can cut back in certain areas temporarily to make hitting your goal possible or if you need to speak with your soon-to-be spouse again to choose a more manageable limit.
Choose a Place for the Money
As you prepare to set cash aside for your gift to the groom, you need to figure out where you’ll put the money you’re saving. In many cases, you don’t want to leave it in an account that’s used by you both for regular expenses, as there’s a chance it’ll get accidentally spent. Plus, if you make the purchase using a connected debit card, your spouse may get a clue about their present when they check the statement or online records.
Instead, consider using a personal account that only you can access. Additionally, you may want to opt for a high-yield savings account. By going with a savings account, accidentally spending the money isn’t likely to happen. Selecting a high-yield one also means you’ll earn as much interest as possible along the way, which is a nice financial bonus.
Start Preparing for the Purchase
Another smart move is to start preparing for the gift purchase in advance. Identify some items that could serve as a fantastic present. Then, consider things like shipping times to determine precisely when you need to buy.
If you can potentially hit your savings target early, setting up deal alerts could also be worth doing. That lets you ensure you’re getting the best possible price. In some cases, it may even make a gift that’s more expensive than your spending limit aligns with your budget, so keep that in mind if a present you’d like to give is just slightly above the agreed-upon amount.
Do you have any other tips that can help budget for wedding gifts for the bride to the groom? Did you find a low-cost but highly memorable gift for your groom and want to tell others about it? Share your thoughts in the comments below.
Read More:
- 6 Great Bride-to-Be Gifts
- Looking for the Perfect Gifts for Groomsmen-Here Are 5!
- 5 Amazing Bridesmaid’s Gifts
