Wedding Finance 101: How To Get The Budgeting Right For Your Big Day

Wedding List

According to research by Peachy, 70 percent of Brits say the cost of weddings is more than they expected. In 2020, the average wedding cost couples £20,731, up from the previous year. That estimate also excludes the cost of a honeymoon. With the costs of getting married climbing annually, it is becoming harder for couples to have their dream nuptials without taking on a mountain of credit card or loan debt to do so. However, the common misconception is that a great wedding has to cost a lot. Some forward-thinking planning and a handful of great wedding budgeting tips can make all the difference between being able to afford your wedding comfortably and starting off the marriage with added financial stress.

Start With Working Out A Realistic Wedding Budget

A common reason couples go over their wedding budget is that they plan their wedding without having any up-to-date information on the market costs of planning a wedding, and how well those costs fit into their current budget. When drafting your wedding budget, make it a point to have a financial discussion with your significant other. How much are you willing to spend on your special day? Will it be financed by your savings, credit, or a mix of both? After doing this, head online to find out the average costs for different elements of your wedding, such as the cost of renting a venue or hiring a florist. Using examples of real wedding breakdowns and quotes from wedding vendors can help.

Set Up A Contingency Fund

Only 20 percent of couples spend exactly what they budgeted for, says a survey by Peachy. In fact, 37 percent of couples admit they ended up spending a significant amount more than they expected. Because of this, and the possibility of unexpected costs popping up, it is recommended that couples budget for a built-in wedding contingency fund from the very beginning. Most planners suggest adding another 12 to 15 percent to your budget for contingency costs. Remember not to allocate this to any standard expenses; it is meant to be there for unexpected costs.

Allocate Half Of Your Budget For Your Must-Haves

Another great idea for creating a wedding budget – and sticking to it – is to separate your priorities from the optional. Think of what elements are important to you and your spouse to be. Some wedding must-haves you may not need include saving the date cards (digital invites are more cost-effective), a wedding website, or a weekend wedding ceremony. Elsewhere, some couples may place significance on having the proposal or wedding jewellery they adore as a sign of their commitment to each other. Therefore, they may choose to splurge on their dream engagement ring or wedding bands, with hopes of passing them on to their children one day. Many venues offer discounted rates for week-day wedding ceremonies, which means you are more likely to afford the venue you want without breaking the bank. According to estimates by Bridesbrook, couples that choose not to get married on a Saturday can save at least £1,500. 

Take Advantage Of Cashbacks And Extended Deposit Protections 

To further save money on your wedding, you can also take advantage of cashback websites where you can. Cashback allows you to get a percentage of your purchase back as an incentive. Most retailers or credit card companies now offer it as a perk. Some of the most popular cashback websites include TopCashBack, Quidco, and Swagbucks. When reserving your wedding venue or paying for other wedding costs, choose a dedicated credit card to pay for them – one that offers perks like hotel points, air miles, and cashback. If you plan on repaying the debt over the long term, ensure you take advantage of the best 0 percent interest rate deal out there to avoid interest charges.
Your wedding day should be filled with wonderful memories and love, not worry about affording it. Getting your wedding budget right from the beginning is key to avoiding a chunk of the stress that comes with planning your big day. After all, no one wants to begin the rest of their lives with a financial cloud hanging over their head.

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Written by themoneyshed

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