How to prepare your finances for the flood of 2021 weddings

According to a new study by wedding planning website Zola, 63% of couples are postponing their weddings by one year or more from their original date as a result of the coronavirus pandemic.

And the change in timelines isn't just affecting the bride and groom. If you were planning to attend a wedding in 2020, you've probably already had to shift your plans to 2021. Lots of couples (24% according to Zola's study) plan on tying the knot in 2020 and having their reception later, but a good portion (38%) are delaying their entire wedding until things calm down.

Between the "catch up" weddings postponed from 2020, and the 2021 weddings proceeding as planned, it's time to prepare for your budget to take a hit as next year's calendar fills up with bridal showers, bachelorette/bachelor parties and/or out-of-town receptions.

But there's an added glitch: No matter how far in advance you plan, you should also stay flexible given the uncertainty surrounding the pandemic and whether it will be safe to gather in groups by the spring or even next fall.

With so many things up in the air, it's important to make a plan now as to how you'll save for upcoming costs so you aren't left scrambling when invitations arrive. Below, we've got the scoop on how to prepare your finances and save money during the sure-to-be hectic 2021 wedding season.

No matter how you spend your money on, a rewards credit card can help you earn cash back and/or points to cover some of your wedding costs.

Major card issuers, including Amex, Chase and Capital One, have recently increased their welcome bonuses.

The Chase Sapphire Preferred® Card offers 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

You need to have good to excellent credit to qualify for most rewards cards, particularly ones that offer no-interest periods. For those with fair or average credit, consider the Capital One QuicksilverOne Cash Rewards Credit Card (see rates and fees).

With the QuicksilverOne, cardholders can earn 1.5% cash back on all purchases, with no limit on the amount of cash back you can earn. This card has a $39 annual fee, but the average American can earn enough to offset it.

The QuicksilverOne charges no foreign transaction fees (great for destination weddings) and comes with auto rental collision damage waiver and 24-hour travel assistance services.

You can take advantage of the time between now and the upcoming wedding season to make everyday purchases with your card and earn cash back. That way, you'll have plenty to cash in as a statement credit to cover any wedding-related travel costs.

Now is a good time to start stashing away extra cash so you can be ready for what 2021 brings. You can use your current savings account or a new account designated just for wedding season.

The Ally Online Savings Account is a good choice for when you want to create separate savings "buckets" all within one savings account. If you have more than one wedding to budget for, you can make up to 10 different funds, all labeled and easy to keep track of.

High-yield savings accounts earn you more than a traditional savings account would, since the interest rates are a lot higher than the 0.35% average for more traditional savings accounts. APY for high-yield accounts are on the lower side right now, but when the economy is stronger, APY is known to rise to close to 2%.

Whether you have a co-branded airline credit card, such as any one of the seven Delta SkyMiles Amex cards, or you jump from airline to airline and pay with general travel card like the Capital One Venture Rewards Credit Card (see rates and fees), sign up for alerts to track when prices drop.

There are a few ways to get alerts: Apps like Skyscanner or Skiplagged help you track and find low-cost flights, whereas newsletters like Scott's Cheap Flights send out regular announcements when fares dip. You can also set an alert on travel aggregate sites like Kayak.com or Hotwire.com.

The popular browser coupon extension PayPal Honey can save you big when it comes to wedding gift shopping. When you're checking out at nearly any online store, Honey automatically scans the web for coupon and promo codes and finds you the best savings before you click "Buy." The service is free, and you can even earn Honey rewards in the form of cash back on purchases over time.

The social app, Fluz, lets you share deals with friends and earn cash back on what you buy.

Other services include Rakuten, which is like Honey but features rotating cash-back offers; Pricescout, which comparison shops to find you the best price; Gumdrop by Goodshop which helps you locate deals and donates a portion of eligible purchases to a school or nonprofit; and Coupon Cabin, which gives you price-saving tips based on your Google searches. (These extensions are compatible with Google Chrome.)

The average cost of attending a wedding is $430, according to a 2019 study by The Knot, and as much as $1,440 for out-of-town weddings requiring a flight.

That's where signing up for a hotel or airline credit card with a loyalty program can save you big.

With Chase's current welcome bonus for the Marriott Bonvoy Boundless® Credit Card, new cardholders can earn three Free Night Awards (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first three months from account opening with the Marriott Bonvoy Boundless® Credit Card.

For another big offer on hotels, new applicants signing up for the IHG One Rewards Premier Credit Card can qualify to earn a welcome bonus of 140,000 Bonus Points after spending $3,000 on purchases in the first 3 months from account opening.

For airline miles, consider the new no-annual-fee card United Gateway℠ Card, which earns you 2X miles per $1 spent on United® purchases, at gas stations and on local transit and commuting, plus 1X mile per $1 spent on all other purchases.

New cardmembers can also benefit from a welcome bonus of 20,000 bonus miles after you spend $1,000 on purchases in the first 3 months your account is open. Plus, 0% intro APR for 12 months from account opening on purchases. (then 21.99% - 28.99% variable).

Another option is road-tripping to out-of-town weddings, and there are plenty of great rewards cards to save on gas.

The PenFed Platinum Rewards Visa Signature® Card currently offers the highest rewards rate at gas stations with 5X points per dollar spent on gas purchases at the pump, and if you maximize the rewards you earn, the average American can save up to $111 annually on gas purchases alone.

While next spring's wedding season is shaping up to be a wild ride, there are still ways to save on your expenses. Plan ahead and take advantage of our tips above, whether you plan to travel to weddings this spring or celebrate your loved ones on Zoom.

Information about the Ally Online Savings Account has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.