Should I split my savings into my dreams or save 1 thing?

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Charleyalmostking
Charleyalmostking Posts: 148 Forumite
in Savings & investments
Okay so I have £300 in savings .

I'm engaged and want to get married either next year or in 2020. Our budget is £6,000 (£3,000 each) which he can quickly save as he earns a lot more than me.

I'd also like to save for a house because we'd like to start out own family and our rented house isn't big enough for what would be 3 (or even 4 if I end up having twins lmao) after we get married but if like to at least have the foundations of buying a house in place.

I'd also like to save for an emergency fund inscae anything happens to our rented house or one of us.

Should I put £100 in each savings account and place £50 in each month and split any extra money?

Or should I just save for 1 thing at a time?

It's just I'm 23 , 24 next month and feel like i should be saving for these things and that I've left it late ... as I spent many years depressed I spent most money on stupid things or getting drunk or food. Now I regret it .

Not much to show for 24 years ... :eek:
Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
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  • Charleyalmostking
    Charleyalmostking Posts: 148 Forumite
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    Ignore I went for my instincts. Split the savings
    Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
  • Peelerfart
    Peelerfart Posts: 2,177 Forumite
    First Anniversary Combo Breaker First Post
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    Hi,

    Where to start? Yes you are young but you've asked sensible questions. We've all blown money before we had that lightbulb moment.
    You talk of what you want to do? It's not, IMHO what you want to do. It's what you both want to do.
    You're on the right track but it sounds like you're doing it alone at the minute.
    Space available for rent
  • Charleyalmostking
    Charleyalmostking Posts: 148 Forumite
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    I asked my F.H and he said its up to me.

    It's only because he's in the final stages of learning how to drive - he got his test in June & wants to buy a car & obviously there's insurance to get , He says he'll deposit some wedding money and have agreed to go halves with the wedding. The house we haven't spoken too much about but he seems to be supportive of my wants ... he's got a lot going on at this minute and suffers with depression so I don't want to bombard him with all this yet. He's very simple and lets me just decide big things like this.
    Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Make sure you use either Help to Buy ISA or Lifetime ISA for your house deposit saving, so you can get a 25% boost from the government....
  • Charleyalmostking
    Charleyalmostking Posts: 148 Forumite
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    I've got the help to buy woth nat west. Opened it last year but only just putting money in
    Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    edited 21 April 2018 at 8:20AM
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    Just my 2c

    Getting a house and having kids will last a lifetime and hopefully bring much joy, a wedding lasts 1 day.

    How about using most of the £6000 towards the former, rather than use/waste/indulge it on one single day.
  • Charleyalmostking
    Charleyalmostking Posts: 148 Forumite
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    we want to get married soon. And We have a big families. I just want my dream wedding.
    I don't like registry offices and I can't find venues cheaper. I got my wedding dress already & starting to buy some little bits from pound shops.

    Thats a good idea though.
    Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
  • Drucifer
    Drucifer Posts: 21 Forumite
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    Hello,

    I'll be getting married next year, I'll be 29 and she'll be 32 by that time, we also bought our home last year, we each have an emergency fund and we're both on "low" incomes, I had no money at age 25, but have saved very aggressively since, so there's really no point in beating yourself up at age 24, plenty of time to save.

    Because you want to save for a house and an emergency fund and a wedding, in my opinion the house is the priority, I refused to get married until we had our own place to live (sure it took a while longer, but don't see why that matters), get married and then relax in your own home, instead of getting married then stressing about the money and the general house buying process, this would be my order of priorities in your shoes:

    House
    Emergency Fund
    Marriage

    Best to get married with security and a solid foundation don't you think? That's just my opinion though, you'll do what you want to do and I hope it all goes well for you.

    I really wouldn't want to spend £6000 on a wedding before buying a house, £6000 is a fair chunk towards a house deposit.
  • Brynsam
    Brynsam Posts: 3,643 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
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    Charleyalmostking wrote: »
    we want to get married soon. And We have a big families. I just want my dream wedding.
    I don't like registry offices and I can't find venues cheaper. I got my wedding dress already & starting to buy some little bits from pound shops.
    .
    A lot of people want things but it boils down to what you can afford - and what your priorities are. Splurging thousands you haven't got and ending up in debt isn't the greatest way to celebrate your marriage (and it is the long-term marriage, not the few hours of your wedding day, that really matter...isn't it?).
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
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    You could get married a lot sooner if you reduced your budget.

    And then you could get the house sooner too.

    You need to focus on how much you're saving, rather than which theoretical pot it's going in. The former will make more difference.
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