Saving for a wedding is a fact of life for most modern wedding couples. We asked impartial advice guide, the Money Advice Service for tips on saving for a wedding:
You’ve said ‘I do’ and you’ve named the day - now’s the time to start saving, if you haven’t already. Whether you choose a wedding package with all the costs included or choose every different aspect of the day separately, it’s important to get financially prepared to save for whichever celebration you want.
Work out what you can put away
If you want to marry in a year’s time and you have a wedding budget of £5,000, you’ll need to save around £400 a month. But, if you can wait an extra year, you’d only need to save half that each month.
Use our savings calculator below to help you work out how much you’ll need to save to meet this target.
If you need to borrow, search for the lowest APR rate of a loan, and try to make the majority of the cost up from savings. If the wedding of your dreams costs £10,000, and you borrowed that money over five years on an interest rate of 7%, you would have to pay around £1,600 extra in interest.
Identify what you can afford to save, and then set up a regular payment into your savings each month. You will obviously still need to budget for any other outgoings, so it’s important to calculate your rent, bills and other financial commitments.
Maybe you already have an online bank account that lets you set up a separate pot for your wedding plans. See our guide on how to compare savings accounts.
If you and your other half are saving for a wedding and the honeymoon, perhaps keep them as separate accounts, which you can pay into separately.
Keep track of your progress
Check how your savings are doing every few months. You could have an app on your phone or a picture of your honeymoon destination on the fridge door for inspiration.
Make sure you use your yearly cash ISA allowance so that you don’t pay tax unnecessarily.
If you can start saving early, it will help reduce the stress of the big day and hopefully your wedding day will be a wonderful memory, not an ongoing debt.