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Saving for that Special Day
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Congratulations!! You're getting married. While this is a time to be happy, the costs of getting wed can quickly bring you down to Earth with a huge resounding bump. In this article we'll look at some ways you can save on the cost of your wedding, save money for the big day and possible monetary solutions to bridge any gaps you may have in your finances.
Planning the perfect wedding won't be cheap, with the average wedding costing upwards of £20,000 you may need to make some compromises and try not to get upset about them. However help is at hand, forward planning.
Since you're reading this it's fair to assume that you've already set a date for your big day. Hopefully you have a good few months between now and then so you can start a savings plan - don't worry if not though, skip to the next paragraph. OK, if you have some time between reading this and getting married it's time to take immediate action. As soon as you can you will need to get a savings account set up with your bank or building society. You should ideally save as much money each month as you and your partner can, a good figure is between £50 and £200 per month. Many people set dates of 12 months to 36 months for the big day, allowing plenty of time to save some much needed cash to help relieve the bills. Assuming you have 18 months then you will save between £900 & £3,600 which will pay many of the minor fee's.
There are other options too! If you are in full time employment you can qualify for a small personal loan. Believe it or not your bank is quite helpful at this point as they try to help as much as possible. Obviously not everybody will qualify so you shouldn't rely on this method. There are other lenders which offer much more attractive loans and financial products. Shop around and see what's on offer that you feel happy about signing up for.
Now over 83% of the population own a credit card. 65% of those have a credit limit of over £5,000. This isn't the best option but it is an option never the less. Remember though that if you use your credit card, you will face high interest until the balance is paid off. Although for some last minute items it's ideal, especially if you plan the purchase dates. If you get billed on the 15th of the month, make your purchase on the 16th, that way you get a full month before you get the bill and a further 30 days to pay it. This method effectively gives you 60 days to pay the credit card off. Never use a debit card in the same fashion, if you don't have the cash in the bank you will end up with an overdrawn account.
Can you arrange for an overdraft? Many lending societies such as banks will arrange for an overdraft on your account. It may not be much but it may be the difference of the cake you want and a Mr. Kiplins Victoria sponge.
Here is a tip which many people overlook - a wedding consultant. Not as popular in the UK as in the USA but these people take the strain out of the wedding and can almost always save you money. A good consultant will help with every aspect of the wedding and will have a long list of suppliers who they deal with on a regular basis. You know what that means?? They get better prices on the same things you were buying anyway! They may also be able to show you how to save money in ways you may not have thought about. You can discuss financial matters with a consultant and they will talk you through each available option with it's pro's and con's. Your dream consultant will make your wedding a breeze.
How about more traditional funding? OK how about these....
Can you ask to borrow money from friends and family to help with costs?
Are you anticipating gift money from the guests of your wedding?
You will need to make a budget, I have included a simple one with this article. It will help to make a more comprehensive list also and prioritise the list using A,B,C.
A = MUST HAVE
B = NICE TO HAVE
C = WILL HAVE, FUNDS PERMITTING
Some more tips to save money are literally common sense. If you plan on giving wedding favours, make them yourself - or get a family member to help. Buy a simple 2 or 3 tier cake (mostly the bottom layers are polystyrene), and a large rectangle cake to cut for your guests. Can you share flowers with the wedding before or after you? If not, transfer the flowers from the wedding to the reception. Get a family member to make a video - every family always has a budding spielberg! Serve a buffet style dinner, this saves costs on staff. See if it's cheaper to hold the wedding and the reception at the same venue (if not a church wedding). If you are having a church wedding they may have their own co-ordinator who can help find cheaper items. Here is possibly the biggest money saving tip - get married in the week, not a weekend. Prices nearly triple for a weekend wedding!
One last tip that won't save you money but will stop frayed tempers - order extra envelopes as you will ruin some when addressing them.
That's all for now, take your time, try several suppliers, remain calm and most importantly - ENJOY YOURSELF!
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