Paying for my Wedding...

You've probably heard that the American savings rate for 2005 was negative 0.5 percent, the lowest since the Great Depression. The annual savings rate has been negative only twice -- in 1932 and 1933, during the Great Depression. With the economy in the tank and mortgages failing all around us you have to wonder if a wedding is a wise expense. The tradition of the brides family paying for the wedding started because it was the groom's family's responsibility to provide the couple with a home to live in. Ha! I've never in my 29 years seen or heard of this happening.

We plan on paying for our own wedding. Neither of our families are in a position to pay for our wedding and we wouldn't dream of asking them either. So here is the plan... We will pay all our deposits and make monthly contributions to a savings vehicle such as ING savings account online (3% savings rate) . I decided on a online account because it takes three days to withdraw the funds via ACH, which makes it harder to spend. My fiance is not the best saver. He would need a cooling off period to think about whether he really wants to tap into the wedding fund. I also found another cool way to save money. It is a digital change jar. It counts your money as you place it in the jar. this Zillionz Counting Money Jar could act as the flower fund or favor fund.