27th August 2021
Weddings can be expensive and costs can get out of hand. Here are our top tips for saving for your big day.
Weddings are expensive, only up there with saving for a house deposit, in terms of lifetime one-off costs. Make sure you’re on top of your big day’s finances to smoothly pay for your wedding.
Set a budget
There’s a massive range in what you could spend on a wedding. According to Hitched’s National Wedding Survey, where 2,800 couples were questioned, the average wedding cost in 2019 was £31,974.
So, it’s important to set your budget and stick to it. Start by chatting with your partner about what you can afford. The last thing either of you needs is anxiety about how you’re going to pay for the wedding.
Once you’ve got a good idea of your costs, we advise having 10-15% of your budget as ‘bunce’. This will help with any pressure if some costs are slightly more expensive or if you have any issues with suppliers along the way.
Have a savings plan
Once you’ve got a budget and decided a date, simply split the total amount by the months until your wedding.
Can you afford to set aside that monthly sum? If not, you need to seriously review your budget. Could you move the date further into the future? Where can you cut back on spending?
Many brides feel under pressure to have an ‘Instagram wedding’ but there are lots of thrifty ways to make an impact. Search online for top tips!
Decide with your partner what the non-negotiables are, then try to get the best deal possible or even go without the things you aren’t as bothered about.
Set up a direct debit
It may be easier to keep your savings separate from your normal banking, with a direct debit set up each month for the amount you need to save.
We suggest looking at our Regular Saver ISA at 1.45% AER. It offers a competitive rate, tax-free interest on savings, whilst being easy to access. However, the maximum monthly deposit is £500.
Keep track of costs
It’s important to set up a spreadsheet to stay on top of costs and any variances that may arise. Include your supplier’s information, such as contract agreement, estimated cost, actual cost, and any additional fees to be aware of, so that you’ve got everything in one place. Then have a total column to keep track of any overspends.
Making savings on monthly expenses
Have you got any long-standing direct debits that you can cut back on? We often don’t think about subscriptions that we no longer use and come out of our account every month. Often, if you do your research, you can cut back on these costs or eliminate some altogether.
Are you spending on credit card interest, when you could secure something interest-free? Regularly shop around on products costing you money.
Cut out bad spending habits
No longer buying bottled water is not only good for your wallet but it’s also good for the environment. Get a reusable bottle instead.
Cut back on shop-bought coffees, the small daily cost adds up!
Create good spending habits
Your wedding is a massive event to look forward to and a great incentive to keep your spending on track. Try to keep your eyes on the prize to avoid any unnecessary spending.
Make your budget go further
Discount and cash-back sites are your new friend. In many cases, you won’t need to change your behaviour to get cash-back, as they were things you were going to spend on anyway. You’ll be surprised by how much you can save.
With so many tips online on how to save money when saving for your wedding, you’d be remiss in not doing thorough research to be savvy.
What about ways to make money?
Start at home. Most people have sellable items around their homes that can be sold online on websites such as eBay. You can also make money from the sale of old mobile phones, CDs, games and movies on websites such as MusicMagpie.
Feeling more industrious? Do you have a parking space you could rent out? What about renting your house out for filming? Could you offer pet-sitting or babysitting services? For the very brave, you could try life modelling. If that’s not the side-line career for you, could you do any freelance work? Or what about creating videos and becoming a YouTuber?
With a proactive attitude, we’re confident that you can help find money to support your wedding saving. It might also help you declutter your house at the same time!