Tips to Prepare for the Wedding of Dreams

In 2022, the average wedding spending in the UK increased by 15% to a record high. It has increased by 2,500 year-on-year to 19,184 (and that number goes up to 24,069 if you include the ring and the honeymoon).

Although weddings have never really been known for their frugality, these figures show that it is more important than ever to be financially prepared when planning the wedding of your dreams.

Start saving early

You and your future spouse should start saving as soon as you have decided that a wedding is coming. Opening a separate savings account for this is a great way to keep your money in a specific place.

Couples who need to save a lot often opt for a longer commitment in order to have a little more time, but this is a personal choice.

If you know that you are likely to take out a marriage loan, you may want to take a look at your credit score as soon as possible. There are several ways to improve your credit score, but it may take a while.

Create a Budget

Before you start spending, sit down with your future spouse and all family members who contribute and find out how much you can afford.

Use a budget planning chart to give you a cap on the cost of each facet of the wedding and honeymoon, based on your research.

Breaking down the costs

When budgeting for a wedding, a good guideline is to break it down into manageable chunks. The venue, the catering and the ceremony itself will probably take up about 50% of your budget, so make room for it accordingly. Other categories of expenses to take into account are the honeymoon, wedding outfits, photography, wedding cake, wedding transport, artists, wedding rings and decoration.

There are, of course, some clever ways to save money at a wedding. For example, choose a smaller guest list, choose a secondary day such as a Friday, or ask for cash gifts instead of gifts.

You can’t wait, but it’s usually cheaper to have your wedding abroad! It has a lot to do with the small guest lists that it usually involves, with probably only close friends and family members present. Of course, prices vary from country to country, so do your research before deciding to get married on distant coasts.

Many couples embark on the wedding planning process without thinking too much about how they are going to finance it first. Don’t fall into this trap! If you plan it correctly, you will have the wedding day you dreamed of without starting married life with unnecessary financial stress.