Wedding Money

Tips to save money for your wedding

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It’s no secret that organising a wedding can be quite expensive. Unless you appear on Channel 4’s Don’t Tell The Bride, where the groom is handed a generous budget to plan their nuptials, you can typically expect to spend around £25,0901 to bring your special day to life. Here are some hacks to help you limit your spending, so you have some cash to spare by the time you say, ‘I do.’

1: Standard, Feb 2018 - https://www.standard.co.uk/lifestyle/london-life/how-to-save-money-on-wedding-london-a3777181.html

 

Choose the right date
Most Brits get married on a Saturday2 during summer, which tends to drive the cost of weddings during these times up significantly. If you want to save money, you could have an ‘off-peak’ wedding. Tying the knot on a Friday during the winter months could save you an estimated £3,2502 and would give your guests an extra day to get rid of their hangovers.

2: Bridebook -  https://bridebook.co.uk/article/wedding-saving-tips

 

Pick a cheap venue
When it comes to choosing a reception venue, think outside the box. Traditional locations, such as hotels or manors, aren’t the most affordable. You could opt for places which don’t usually host weddings, like museums, circus tents, or historic buildings - make sure you do a bit of research. Also, you could consider an all-in-one venue where food and drinks are included in the price instead of paying for the venue and catering separately.

 

Cut the guest list
Inviting everybody you know to your big day is realistically complicated and can cost a lot. So, try reducing your guest list and stick to family and friends you see more than twice a year.

 

Ask for help
When planning your wedding don’t hesitate to ask family and friends to give you a helping hand. Instead of paying £3003 for a wedding cake, ask the best baker in the family to make you one. Same with wedding pictures, if you’ve got friends with good photographic skills, you could get them to capture every moment of your special day, which could save you a healthy £1,0463.

 3: Brides Magazine, Sep 2017 - http://www.bridesmagazine.co.uk/planning/general/planning-service/2013/01/average-cost-of-wedding

 

Dress on a budget
In the UK, the perfect wedding dress costs on average £1,3854, but you could bring the cost down by buying a second-hand dress, renting a gown, or shopping in high street stores. Alternatively, you could buy a bridesmaid’s dress and wear it as your wedding outfit.

4: Marie-Claire, Apr 2018 - http://www.marieclaire.co.uk/life/weddings/brides-spend-wedding-dress-472117

 

Be crafty
Your wedding could be the occasion to show off your artistic skills by making your own decorations. Wow your guests with handmade centrepieces, bunting and personalised gift bags. If you choose the DIY path, you could list the materials you need and get some quotes to make sure you don’t over pay.

 

Think seasonal and local
When planning for your wedding meal, try to buy vegetables and fruits which are in season and locally produced. Taking advantage of food which is at the peak of its supply and grown close to you can help reduce the cost of your wedding feast – and it will probably taste better!

 

Save on transport
Making a good entrance is important but hiring a swish car can typically cost £5005. So, if you want to save some cash, you could ask a friend who owns an expensive or vintage car if they’d be your wedding driver – most would consider it an honour. Also remember, everybody will be so excited to see you that they probably won’t even notice the car.

5: Marie Claire, Apr 2018 - http://www.marieclaire.co.uk/life/weddings/average-wedding-cost-480668

 

Put money aside
When you’re planning for your wedding, the best thing you can do is save money. Create a spending plan to have an estimated cost of your future nuptials and put money in a savings account every month. To make life easier, you could set up a direct debit going out just after your income comes in.

 

And consider investing
If you really like planning things ahead, you could choose to invest and let your money grow for your big day. Investing should be seen as a long-term strategy, but if you know you want to get married one day and if you’re willing to take some risk, you could start investing before you’re even engaged and hopefully bring the wedding of your dreams to life. And remember, the earlier you start, the more time your money will have to potentially grow and compound. For example, if you and your partner are talking about getting married, putting £50 every month for 5 years in a jar would give you £3,000 at the end. Now let’s imagine you invest £50 a month. After 5 years with a 5.83%* yearly return rate, you could get around £3,526 and use the extra money to pay for the flowers.

 

*Yearly return based on FTSE 100 historic (average) returns between 29/03/2013 and 30/03/2018.

 

Calculated figures are based on past performance and past performance is not a reliable indicator of future results.

 

Please remember the value of your investments can go down as well as up, and you could get back less than invested.

 

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The comments and opinions expressed in this article are the author's own and should not be taken as financial advice from Wealthify.

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