The Handy Guide to Saving for Your Dream Wedding
According to the National Wedding Survey of 2018, the average cost of a UK wedding is an eye-watering £30,355. What would once have been the best part of a deposit on a house is now the sort of money that you are going to need for your dream wedding.
To save this amount of money can seem like an impossible task, but if you really focus on saving you can make it happen. All the effort that you have put into making your wedding all that you want it to be will make your special day all that more special. Here are some suggestions to get you started.
The longer that you have to save, the better
Be realistic about the kind of wedding that you want and the amount of money that you need to raise in order to fund it. You may have to make the choice between getting married as soon as possible, which will leave you little time to save and pushing back your wedding date so that you have more time to raise the money.
Take a long hard look at your monthly expenses
You need to be prepared to give things up in order to save. Break down your expenses into essential and inessential. Gym membership, yoga classes, they may be important to you, but they are not essential, you can still keep fit at home using YouTube videos. Look at all areas where you could save money, for example, cycling to work instead of using the car or deciding that you won’t buy any new clothing until after your wedding.
Make a detailed list of wedding expenses
There always seems to be an additional expense that you’ve forgotten about with weddings, so get on top of it right from the start and you’ll know exactly what figure you are aiming to save. This needn’t be a chore; it’s all part of the excitement of the wedding build-up.
Find a good savings account
Did you know that a quarter of British adults have no savings at all? It’s exhilarating to see your savings grow but be aware that not all savings accounts are the same. Accounts that offer the best interest will often have restricted access, with penalties for early withdrawal. You should also be aware of whether the interest rate offered is merely an introductory offer, and find out what level of deposit is required initially.
Prioritise what you need to spend money on
An item like the wedding dress is clearly going to cost a certain amount of money, but there are other areas of wedding expenditure where you may be able to cut back on the costs. For example, DIY invitations can save you money and give a great personal touch to your wedding.
Look for ways to make more money
This might mean that you take on additional work in the form of extra hours or an additional part-time job, or it might be that you have unwanted possessions that you can sell on eBay, such as that phone which you’ve just upgraded from.