A report states that 37% of couples utilize cash wedding gifts to finance a down payment on their first home.

Recent data from Zola shows that more couples than ever before, 87%, are including cash funds in their wedding registry. Of those couples collecting cash, 37% are using it to purchase a house.

It's evident why couples are channeling their wedding gifts into a down payment due to the current housing market conditions.

The rising mortgage rates and housing shortage have made it difficult for young Americans to afford homebuying, with the median home price increasing by 40% since 1990, to $412,300 in 2022.

If you receive a substantial financial windfall, the best place to store your potential down payment money is here.

Don't invest your down payment money

Douglas Boneparth, a CFP in New York City, advises against investing in a house for those planning to buy one in the next three to five years.

"Assuming risk without allowing the market to do its job is not advisable," he warns. "No one wants to run out of money before achieving their goals during a short period."

He recommends using a high-yield savings account with an annual percentage yield of approximately 5%.

Mark La Spisa, a certified financial planner and president of Vermilion Financial, suggests government bonds as a low-risk investment option that supports government spending.

"If a client of mine walked in with $30,000 of wedding money, I would suggest getting them a three-year bond if they expect to buy something in three years."

When interest rates decrease, the value of the bond will increase.

Get creative with your savings

Automatic transfers can aid in sticking to your budget when managing your home finances.

The 50/20/30 rule is a helpful guideline for determining how much money to set aside for savings. According to this rule, 50% of your taxable income should be allocated to necessities such as housing and transportation, 30% to discretionary spending like travel or shopping, and 20% to savings goals like retirement or a down payment.

Any additional income, such as tax refunds, gifts, or bonuses, should be directed towards your savings account. While it may be tempting to spend your wedding cash on a honeymoon, a wiser decision would be to save it for your new home.

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