Now the raft of summer proposals are over, with engagement photos filling up your Facebook feed, many to-be brides and grooms will likely be starting their wedding plan. As many newlyweds will tell you, organising the seating plan is arguably one of the hardest parts of the planning process. But stop there. Before you even get to how you’re going to strategically place your family and friends, you’ll want to consider how you’re going to finance it.
Financing your wedding can be the trickiest parts of planning for your big day. How much do you need to save, how can you save alongside other bills and expenses, how do you know what the costs will be?
Calculating the cost and setting expectations
The cost of a wedding can add up, so first work out how much it will all cost. Include if you can all the little things like stamps for RSVP cards, transportation for wedding guests and bridesmaids gifts as these can often be the things that bump up the expense without you even realising. Do some research beforehand of what you want and how much you’ll need to save so you can set your expectations accordingly.
To avoid taking on a financial burden, calculate the costs according to what you can realistically afford and set a budget. This will be the amount you will aim to save. Another important factor will be time. How much can you realistically save with the time you have?
Open a separate saving account
Consider opening up a savings account for you to both put money for your wedding into every month. This is handy as it’ll keep it separate from your other savings and accounts so you’re not tempted to dip into and will make saving a lot easier. Plus, you’ll be able to gradually see it work up to your goal amount. An easy-access savings account would be beneficial if your wedding is close. Speak to your bank to consider all your options.
Now you’ve considered the amount you wish to commit and to help make saving easier, why not consider the little luxuries you could do without? Sacrificing that daily Starbucks you have and cutting down to 1 or 2 a week (or none, why not make your own coffee) you’d be able to save a considerable amount. It could mean a little extra to spend on the cake or other parts of the wedding. Could you save on your energy bills just by switching? Check out our energy comparison tool to find out.
If you both look at your spending and figure out the things you could both compromise on then the burden doesn’t just fall on one person to cut out their little expenses. You’re in this together remember, just think about it as practice for you when you’re both married.
Also why not create a wedding budgeting spreadsheet to help you get super organised.
Yes there’s even an insurance policy for your big day. Weddings can be a major expense so insurance can make sure all you’ve invested into it is protected. It can cover loss or damage against anything from your wedding venue, rings, clothes and cake.
If this isn’t something you’d want to opt for make sure you’re at least purchasing some wedding expenses that are between £100-£30,000 on credit card. If the goods aren’t as expected or not delivered you should be able to get a refund from your card provider (as per the Consumer Credit Act 1974).
The earlier you plan and start saving for your wedding the easier it’ll be and the more you’ll enjoy the build up to your big day.