Franklin Dean
Wedding cash funds are becoming increasingly popular, especially for couples who already live together and have most of the home and decor items they need. There are several ways to give and receive money as a wedding gift, such as cash registries, money pools, and gift cards. Couples can use wedding cash funds for various purposes, including funding their honeymoon, buying a new home, supporting a hobby or business venture, or donating to charity. It is considered impolite to ask for money on a wedding invitation, but it is acceptable to include a link to a wedding website where guests can contribute to the couple's cash fund or registry.
| Characteristics | Values |
|---|---|
| Purpose | Honeymoon fund, new home, business plan, charity, etc. |
| Presentation | Cash in an envelope, cheque, third-party apps like Venmo or Zelle, credit or debit cards, etc. |
| Etiquette | Avoid asking for money on the invitation, provide a timeline for charity donations, send thank-you cards, etc. |
| Platforms | Braid, Hitchd, The Knot, Zola, etc. |
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What You'll Learn
Honeymoon
If you're looking to use your wedding cash for your honeymoon, there are a few ways to go about it. Firstly, it's important to remember that not everyone will want to give money as a gift, so be sure to also register for some physical gifts. You can also create a honeymoon fund on a site like Hitchd, Honeyfund, WithJoy, The Knot, or Traveler's Joy, where guests can contribute to specific experiences and activities, such as a night at a hotel, tickets to an event, airfare, or travel excursions. This can be a more personal way of asking for money, as guests can feel like they are contributing to something specific rather than just giving cash.
When setting up your honeymoon fund, it's a good idea to provide a range of options at different price points, so that guests can choose what suits their budget. You can also allow them to contribute any amount they wish, or set fixed amounts for different experiences. It's also important to make it clear to guests that contributing to your honeymoon is entirely optional, and that you are simply grateful for their presence at your wedding.
When it comes to fees, credit card companies will usually charge a transaction fee to transfer money online, which is typically around 2.5%. Some sites will allow you to have the guests pay this fee, but it may be more polite to absorb it yourself. It's also worth noting that some sites may have hidden fees or forced upgrades, so be sure to choose a reputable registry to avoid these issues.
Finally, it's a good idea to plan a honeymoon that you can afford without financial help, as you can't guarantee that guests will choose to give money over a physical gift. You can always use the cash gifts you do receive to upgrade certain aspects of your trip, such as upgrading to first-class airfare or staying in nicer accommodations for part of your trip.
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New home
Wedding cash gifts can be used to purchase a new home, with 37% of couples using this method to fund the down payment on a new home. This is a great way to crowdfund for a new home, with friends and family celebrating an important moment in your life while helping you achieve homeownership.
If you are planning to use wedding cash gifts for a down payment on a new home, there are a few things to keep in mind. Firstly, check your first-time homebuyer eligibility and the rules and guidelines imposed by the mortgage lender and/or government agency insuring the loan. As of 2023, only one type of mortgage loan allows for gift funds received as wedding gifts - a conventional loan backed by Freddie Mac. To use gift money for a down payment, most mortgage loan programs require the funds to be in your bank account for a certain period, typically ranging from 30 to 90 days.
You can set up a house fund on your wedding website or online registry, making the payment process simple and explaining your situation to guests. It is a good idea to give your cash fund a specific purpose and a name, such as a "home fund", to help guests understand your plans and see the bigger purpose of their contribution. You can also add links to homes that fit your criteria to give guests a clearer picture.
While it may be tempting to use wedding cash funds for a honeymoon, saving for a new home is a smarter option. Setting up automatic transfers and following the 50/20/30 rule can help you budget effectively for a new home.
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Charity
If you and your partner are already financially comfortable and have most of the home items you need, you may want to use your wedding cash fund to donate to charity. This is a great way to raise money for a worthy cause or honour a loved one.
When asking for charity donations as wedding presents, it's important to provide details about where the money is going. You can do this by creating a specific name for your fund, such as "XXX and XXX’s charity fund to fight breast cancer". You can also add a description elaborating on your stated purpose, sharing your enthusiasm and explaining what the donations will be used for. In the description, you can also include helpful links to the charity's website, as well as other sources that vouch for it, such as news outlets or sites that evaluate nonprofits.
It's also a good idea to provide a timeline for when you will donate the money. You can then send out thank-you cards on the date that you donate the money, along with screenshots or photos as proof of the donation. This will make your guests feel like they are contributing to your happily-ever-after and assure them that their money is going to a good cause.
If you are asking for charity donations, it's important to also offer other gift options for guests who would prefer to give a physical gift. You can include a traditional gift registry alongside your cash fund, with a range of large and small-ticket items to accommodate guests with different budgets.
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Big-ticket items
Wedding cash funds are becoming increasingly popular, especially for couples who are already living together and have most of the home and decor items they need. They are also beneficial for couples who want to save money for their honeymoon or new life together.
If you're thinking of using your wedding cash for big-ticket items, here are some ideas:
- Honeymoon expenses: This is one of the most common uses of wedding cash funds. You can cover everything from airfare, lodging, meals, and excursions.
- Down payment on a new home or renovations on your current home: Many guests will be happy to contribute towards a new home or help make your current home even better.
- A new family car: If you and your partner are planning to buy a new car, you can ask for contributions towards this.
- Pets: Whether you want a puppy, kitten, or something more exotic, pets can be expensive to buy and care for.
- Wedding expenses: There are many big-ticket items related to the wedding itself, such as the reception venue, catering, photography, entertainment, wedding attire, and wedding rings.
- Investments: You may want to use the cash to invest in an ambitious business plan, project, or new hobby.
Remember, it's essential to consider your guests' preferences and comfort levels when creating your wedding registry. Incorporating both expensive items and smaller, more affordable experiences or items will allow your guests to give what they can.
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Hobbies
Wedding cash funds are a great way to support your hobbies as a couple. Here are some ideas for using your wedding cash to fund hobbies and fun activities:
Outdoor Activities Fund
If you and your partner enjoy spending time outdoors, consider setting up a cash fund to create your dream outdoor space. This could include anything from landscaping your backyard to purchasing luxury outdoor furniture or even installing a pool. You could also use the fund for outdoor activities such as camping trips, hiking gear, or even a fund for a dream vacation to a national park.
Health and Fitness Fund
Staying active and healthy is a great hobby to share as a couple. You could use your wedding cash to fund gym memberships, yoga or fitness classes, or even personal training sessions. If you're into sports, you could put the money towards sports equipment, or season tickets to support your favourite team.
Creative Pursuits
If you're a creative couple, use your cash fund to support your artistic hobbies. This could include art or photography classes, purchasing musical instruments, or funding a recording studio session if you're musicians. You could also consider using the money to start a collection of art or antiques.
Entertainment and Culture
For couples who love the arts and culture, an annual museum membership or season tickets to the theatre, opera, or ballet would be a great use of a cash fund. You could also use the money to fund a home entertainment system, or to purchase a library of books, films, or music.
Pet Fund
Pets can be expensive, so a cash fund is a great way to ensure you can provide for your furry friend. Whether it's a new puppy or something more exotic, you can use the money for adoption fees, grooming, training, or veterinary care.
Remember, it's important to communicate your plans for the cash fund to your guests. They will be happy to know their contribution is going towards supporting your hobbies and passions.
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Frequently asked questions
The amount varies depending on your budget, relationship with the couple, and the cost of attending the wedding. Wedding experts suggest amounts ranging from $50 to $100 for coworkers and distant relatives, $100 to $150 for friends and relatives, and $150 or more for close friends and family.
Etiquette experts recommend sending the gift before the wedding or as soon as possible after the wedding. However, gifts can be given up to a year after the wedding, and they will still be appreciated.
There are various ways to present a cash wedding gift. You can give cash, a check, or a gift card. You can also send the gift virtually through digital payment methods or contribute to a cash fund on the couple's registry.
Yes, according to recent studies, nearly three-quarters of couples are asking for cash gifts for their weddings. This is because many couples nowadays have established households before the wedding, so they may not need traditional gifts as much.
Wedding cash gifts can be used to fund various aspects of your newlywed life. Common uses include a down payment on a new home, a honeymoon, paying off wedding bills or leftover debt, or simply adding to your savings.
