Saving for a wedding: The financial tools you need for the best day of your life

The average cost of a wedding is a frightening $50,000, which means there is a lot of planning and a lot of saving to do before the big day. The key to a successful wedding that stays in the memories of all concerned is the detail.

Everything must be planned with military precision from the more obvious things like the dress, rings, limousines, photographer to the smaller items such as wedding favours, invitations and colour schemes, not forgetting where everybody should sit without causing a family fallout of epic proportions.

The same approach should be given to making sure that there is enough money to fund the entire thing; the worst possible scenario is starting married life with a millstone of debt, so the subject of savings cannot be ignored.

It makes sense to make your money go as far as it can, so the first thing you should do is to have a look at the different savings accounts available and what the interest rates are. There are comparison websites if you want to do this online, or you can speak to an independent financial advisor to determine the best option for your needs.

The higher the interest rate you find, the more likely it will be that there are particular rules you need to follow. For example, it is not uncommon to find a deal that will offer you a rate of around 4.50per cent, though of course these rates are always subject to change, and for this you save whatever you like and are able to withdraw your money as when you choose.

However, if you are prepared to make higher deposits and do not touch your money for specified periods of time, you will find that many banks will give you a bonus and it is possible to get another 1.5 per cent in interest.

Other banks will give offer you more than six per cent when it comes to savings interest rates without any particular criteria, but be aware that this is always an introductory offer to tempt you to put your money into that particular establishment and is unlikely to last more than four months. This may be fine if you don't mind moving your money round from one deal to another, but with a wedding to plan, there is a chance you will forget.

The other thing to remember of course is taxation. Don't fall into the trap of believing you will earn a particular number of dollars in these kinds of accounts because you will have to share some of them with the taxman.

An alternative to standard savings schemes is investing in savings bonds, otherwise known as government bonds. Traditionally, these pay a higher rate of interest and so are a good way of making the most of your money. The downside is that you need to leave them alone, in some instances for many years, so these are only a real option if you are considering a long engagement.

Another disadvantage, depending upon your circumstances of course, is that bonds are usually opted for by investors, so deposits tend to be on the large side.

Once you have decided on where you are going to save your money, there are other things you can do to make sure that you save as much as possible so that your big day is as perfect as you have always dreamed it is going to be.

Once more, this comes down to planning, but it isn't enough to deposit a few dollars each month and hope everything will come right. Create a (realistic) budget and make sure that you stick to it. The savings deal you have researched is a valuable tool and will make saving easier than simply keeping your money in a checking account where it is too accessible.

Decide how much of your salary you can spare and set up a standing order so that this amount is transferred automatically each month; in some instances your employer will do this for you.

Next, and most crucially, start planning that wedding; things like the colour of your limousine are vitally important!