When you start planning a wedding, costs mount up very quickly. Before you know it, you’ve hit your budget, and you’ve still got loads to think about. Weddings are expensive, there’s no avoiding this. However, it is possible to afford your dream wedding. If you’re getting married soon, and you’re hoping to achieve your dream day without financial stress, take these handy tips on board.
Money-saving measures
When it comes to weddings, you can spend hundreds or thousands, even millions. Every couple has a different budget, and it’s often possible to make massive savings. You can save on virtually every aspect of your wedding, from the catering and the dress to transport and table decorations. One way of reducing costs is to make the most of your creative talents. If you’re prepared to put in the hours, you can save a tonne of money on table and room decorations, favours, and stationery. It’s also a great idea to have a look around you, and think about how your closest friends and family could help. Don’t be afraid to ask for favours if your best friend is a hairdresser or your auntie is a star baker. In most cases, you’ll find that those close to you are more than willing to pitch in whenever possible.
Saving strategies
If you’re dreaming of the perfect wedding day, start saving now! The more money you can put away before the big day, the better. Calculate your budget, and work out how much you can afford to put aside every week or month. If you stick to a plan, you’ll boost the balance and prevent overspending on non-essentials. If you haven’t already, open a savings account that is devoted solely to your wedding. This will enable you to focus on saving, and to see exactly what you have available to spend.
Borrowing money
Many couples borrow money to cover the cost of their big day. In the UK, the average cost of a wedding is around £21,000, and for most of us, this isn’t the kind of money we have lying around. If you’re short, you may wish to consider borrowing. Some people choose to borrow off friends and family, while others look to a personal loans lender. If you are thinking of taking out a loan, seek help from a financial adviser, and weigh up your options. It’s essential to make sure that you can afford the cost of repayments. If you take out a loan and you miss instalments, this can affect your credit rating, and you’re likely to incur penalties. If you can, it may be better to borrow off a family member and set up a repayment schedule, as this will eliminate interest fees.
There’s no getting around the fact that weddings are an expensive do, but this is the most important and special day of your life, and you want it to be amazing. If you’re getting married in the coming months, start saving as soon as possible, and set up a dedicated wedding fund. Put money aside when you can, and think about ways you could save money on the day. If you can’t afford the wedding of your dreams, you could consider borrowing either from somebody you know or from a bank or loan provider. If you do take out a loan, always read the small print, and make sure you understand the terms of the agreement.