Luisa Rollenhagen is a journalist and investor who writes about financial planning for Wealthsimple. She is a past winner of the David James Burrell Prize for journalistic achievement and her work has been published in GQ Magazine and BuzzFeed. Luisa earned her M.A. in Journalism at New York University and is now based in Berlin, Germany.
In order for us to appropriately answer this, you’ll need to answer a few basic questions. Have you met the person yet you intend to marry? Have you and your fiancée decided that you’re enjoying your engagement so much you’re going to put off the wedding for another decade or two? Is your wedding tomorrow? Your answers will dictate exactly the best way to save for your wedding.
If your wedding won’t be held for the next three years or so, you’re probably going to want to invest that money, so at the very least your savings will grow at a pace equal to inflation. (By the time you get married, who knows, renting out the function room on the space station could cost millions!) How far away your wedding is, and how much of a stomach you have for short-term volatility will dictate how much of your wedding savings should be invested in equities, AKA stocks, which can have wild up and down swings, versus low-risk government bonds, which are more stable, but offer less potential for growth. The closer your wedding date is, the more conservative and the less vulnerable to fluctuation your investment should be.
If your wedding is tomorrow, next year, or really, anytime within the next three years, you’re going to want to park that money somewhere 100% risk-free that allows you to withdraw it at any time. For your impending wedding, or for that matter, any major purchase you’ll be making in the next three years, consider Wealthsimple Smart Savings, which is like a bank savings account—only way better. Like a bank account, the CDIC insures your deposit up to $100,000. Unlike a bank account, it offers real interest—currently 1.7% net interest, with no transaction fees, no account minimum, and no hidden service or management fees. Plus, any amount you put in Wealthsimple Smart Savings will count towards the $100,000 account balance required to achieve Wealthsimple Black status, which offers reduced management fees on investment accounts as well as cushy perks like complimentary entry for you and your future spouse into 1,000 airport lounges worldwide.
If your wedding is more than three years away, start here.
If your wedding is sooner than that, starting here is your best bet.