How to Financially Prepare for the Wedding of Your Dreams
In 2022, average wedding spending in the UK grew by 15% to an all-time high. It rose by £2,500 year-on-year to £19,184 (and this figure goes up to £24,069 if you include the ring and the honeymoon).
While weddings have never really been known for frugality, these figures show that it’s more important than ever to prepare financially if you’re planning the wedding of your dreams.
Start saving early
You and your future spouse should start saving as soon as you’ve decided that a wedding is on the cards. Getting a separate savings account for this is a great way to keep your funds in a dedicated place.
Couples who have a lot of saving to do often opt for a longer engagement so that they have a bit more time, but this is a personal choice.
If you know that you are likely to take out a loan for the wedding, you will want to investigate your credit score as soon as you can. There are different ways in which you can boost your credit score but this can take a bit of time.
Draw up a budget
Before you start spending, sit down with your spouse-to-be and any family members who are contributing and figure out how much you can afford to spend.
Use a budget planning spreadsheet to give yourselves a cap on how much each facet of the wedding and honeymoon should cost, based on your research.
Break down the costs
When you’re budgeting for a wedding, a good guideline is to break it down into manageable chunks. The venue, catering and ceremony itself are likely to take up about 50% of your budget, so make space for this accordingly. Other spending categories to account for include a honeymoon, wedding outfits, photography, wedding cake, wedding transport, entertainers, wedding rings and décor.
There are, of course, certain canny ways to save money on a wedding. For example, go for a smaller guest list, choose an off-peak day like a Friday or ask for cash gifts instead of presents.
You may not expect it, but it’s generally cheaper to have your wedding abroad! This has a lot to do with the smaller guest lists that this typically entails, with only close friends and family likely to be in attendance. Of course, prices vary between countries, so do your research before you decide to tie the knot on distant shores.
Many couples launch into the process of wedding planning without thinking too much about the way they will finance it first. Don’t fall into this trap! If you plan it right, have the wedding day you’ve dreamed of without starting married life with unnecessary financial stress.
