Budgeting for a wedding
Nearly a third of Brits (29%) who tied the knot in the past decade did not set a budget for their big day, according to research commissioned by Equifax. Although budgets can vary depending on the couple, a proportion – 16% – felt that they had overspent on their big day.
The research also found that, while 62% of people who answered the survey had saved up to pay for their wedding, 44% had help from relatives. More than a third (38%) dipped into their disposable income, with 14% using credit and 4% getting a bank loan to pay for their big day.
Given that wedding costs can easily escalate, you may want to budget for your big day to ensure that you can afford it. Here are some ways to budget and cut costs for a wedding:
- Decide on your budget.
- Start saving in advance.
- List what you want on your big day, and research the costs. You may want to divide the list into things that you definitely want on the day, and nice-to-have extras.
- Remember to factor in hidden costs (such as for travel, postage, and other examples) too.
- Prices can vary greatly for the same service (e.g.to hire a photographer), so compare vendors to find the best deals.
- You may be able to take advantage of lower venue hire costs if you can have the ceremony during the off-peak season.
- Ensure that you’ve got the money to pay the bills when they arrive.
- You could crowdfund your honeymoon by requesting that people contribute to it instead of getting you traditional wedding gifts.
Whether you’re looking at a wedding gown or floral arrangement, it can be easy to get carried away by all of the options available. Sticking to your budget and opting for what you can afford can help so that you don’t have any wedding day debt hanging over your heads at the start of your marriage.
- How do tax credits work?
- What is a trust fund?
- What is Inheritance Tax?
- Closing down a bank account after a death
- What is Marriage Tax Allowance?
- What happens if you don’t leave a will?
- Registering a death
- What happens to property after a divorce?
- Will a prenup protect me if I get a divorce?
- How much does a divorce cost?
- Looking after your credit score while you’re at university
- Guide to credit and debit card protection
- Cashless society and changing savings habits for kids
- Living and working on the UK Minimum Wage
- How to budget if you’re a single parent
- Infographic: Average Equifax Credit Scores across the UK
- How to budget at university
- Guide to sending money overseas
- How to budget for kids going back to school
- How the Budget 2018 will affect your earning, spending and saving
- Infographic: How much does it cost to get married?
- What is the workplace pension?
- Infographic: Millennials and money - What kind of side hustles are they doing?
- Budgeting for the holiday season - gifts
- How much rent can I afford?
- Pension tools and resources
- Planning for early retirement
- Downsizing your home
- What will my state pension be?
- Budgeting for a baby
- Budgeting for a holiday
- An introduction to investments
- Budgeting for a funeral
- Financial planning for parents
- How transferring pensions works
- Helping elderly parents manage their money
- Budgeting for school holidays
- Looking after your financial documents
- New Year, new start to your finances
- How to avoid overspending on special occasions
- Financial Jargon Buster
- Getting Financial Help – The Best Online Resources
- Explaining the Different Types of Savings Accounts
- Understanding Payment Cards
- Money Saving Strategies – Tips on How to Save
- How to Budget Your Finances