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Top Money-Earning Wedding Secrets (Not what you are thinking!)

Money Making Wedding

The first thing that probably popped into your head was “gifts.” You are partially right, but I am talking about earning money from the funds you will ultimately spend on your wedding (or avoiding that spending all together).

See, in finance there’s something called “the float,” which refers to who has control over the money before the bills come due. It’s good to “have the float” because you can earn even more on those funds while you are waiting to pay your vendors. In other words, you’ll want to get the money as soon as possible and keep it as long as you can (without paying any overdue fees or penalties). That way, you can earn interest or other perks.

Here are the top ideas for what you can do with your money while you have the float:

  • Ask people if they can give you the money instead of paying for the service. Then put it into an interest-bearing savings or money market account until you need it.
  • Use a designated credit card for all purchases, then pay off the entire balance when it’s due (the latter part is very important because paying fees defeats the purpose). Your money is earning interest during the extra month or so before you have to pay it to the card.
  • Pay your vendors on the due date rather than before and use the credit card if you can, as long as they do not charge a service fee. The exception is if you can get a discount by paying early or up front. That will likely far outweigh any interest you would earn by keeping the money longer.
  • Make sure the credit card is a cash back card, like Discover, that gives you money for every purchase you make on it. (Note: You can get an extra $50 cash bonus by applying for a Discover card through this link (after you use if within the first three months).

Earmark the extra earnings and savings for a high priority item like your dress or a little something extra for the honeymoon. Enjoy!

More ways to earn or save on your wedding: