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.
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