3 Financial Ideas For Your Wedding

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The Big Day is one you’ll never want to forget – but don’t let that be for the wrong reason. The last thing you’ll want to do is get yourself in financial difficulties and ruin your amazing wedding. The average cost of a wedding is somewhere in the region of £30,000 and costs have been rising over the last few years. Below are a few things you really should consider to help make the funds stretch.

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1.    Challenge every cost

There is no denying how special your wedding day is, but, it’s easy to go over the top with it and spend a lot of money, quickly, without knowing the total cost.

For a starter, is it really necessary to have your wedding at the height of summer? Weddings in those weeks are at top prices, and if you chose a day in spring or autumn, the venue and catering costs will be lower and you can do more with your cash.

Is it important to pay for the entire bar bill? Some of your relatives might think so, but your pockets are really going to feel the pinch on that one, particularly as it’s customary to have one or two more drinks than one would normally have if paying for it oneself.

Next, really challenge yourself on every spend – is it absolutely necessary? The day will be over with in a flash, so do you need those expensive favours? Is champagne absolutely necessary when a good prosecco will do the job? One tip is to imagine the day without the item you’re thinking about – will it be that bad without it?

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2.    Use a specialist wedding lender

Whatever you do, don’t use your credit card to pay for your wedding (unless you can clear the balance straight away.) Did you know there are specialist lenders or products for financing your wedding? In some cases, a personal loan is a much better alternative.

A wedding loan from a wedding loan lender will offer you both a fixed amount to borrow and then a fixed repayment term, which you can plan way ahead and fix your budget accordingly. This option will give you a great deal more control over the interest rate you pay, because it will be fixed, just like the interest and the repayment term.

When planned ahead, you will be able to find the right deal for you by shopping around and searching the whole of the market. Consider this a normal part of your wedding plans. But get planning this early!

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3.    Instead of a wedding list of household items, ask for a contribution to your honeymoon

This idea is increasing in popularity. We can ask for money to help pay for a honeymoon instead of creating a wedding list. At around £4,000 on average for a honeymoon, it’s no wonder that many couples are now looking to reduce the financial burden. Some years ago, this would have been frowned on. But today, and with many couples already living together in an established (and well-kitted out) home before their marriage, the need for a wedding list full of crockery and bed linen is vastly reduced. So why not?

An important factor is the way you receive the cash gifts. Using a separate deposit account, where money can be paid into electronically, is much advised. Receiving cash or cheques in envelopes on the day is a big risk, and you run the risk of theft or accidental loss. It would be a very sad end to your wedding day to discover that the generous gifts from your guests did not result in paying for your wonderful, relaxing honeymoon.