Saving for a wedding - short term investments

Hi! If I’m getting married in May 2022 and will be paying for the majority of my wedding. I need to save a lot over the next couple of years but I also want to start investing outside of my 401k. Do you have any recommendations? Is buying/selling stocks the only “quick” way to earn money that can be used in the short term?

Thanks!

They only “quick” way to earn money in the short term is to go to work and bring home that paycheck! If you try to make quick money investing, you’re going to lose money.

So regarding your plan, I’d basically figure out how much you need for the wedding (cheaper is better). Set aside that much every month in a savings account. Then invest everything else! :slight_smile:

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Thanks! Would you recommend putting the money needed in a high yield savings account? If so, any good options to look into?

The “high yield” savings accounts are paying at most about 1% interest these days. That over the course of the next two years will amount to about nothing. So basically, I wouldn’t spend a ton of effort trying to chase another hundredth of a percent. Your time and energy is better spent figuring out how to minimize spending on your wedding.

Any savings account is fine. I keep mine in Fidelity where the rest of my money is in the regular money market fund, but your bank savings account is fine too.

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I agree with Jeremy 100% on the above. My rule is for any purchases within 3-5 years and under $35,000 I generally save for and keep in a High Yield Savings Accounts (I like SoFi as it has free career counseling) and then use Mint.com to Set Monthly Goals to try and achieve earning the amount I need. Anything with a shorter time horizon and you are likely to lose money in the stock market.