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Managing the costs of the big day
With the clocks changing, it feels like the first days of spring are finally here. And with the longer days and the blossom trees in bloom, you might have started making plans for one of the biggest days of all, your wedding. Perhaps you used the opportunity of this year’s leap year to make a grand proposal, or perhaps the first signs of spring have inspired you into planning the perfect spring/summer occasion, albeit the good old British climate might have its own ideas, of course...
Whatever the possible weather, however, everyone wants their wedding day and following honeymoon to be perfect. The downside, however, is the cost. Recent research has revealed that the average cost of a wedding is now over £17,000 and even the most basic wedding is likely to set you back between £5,000 and £10,000. That compares to the cost of tying the knot back in the 1970s, when the total average expense was just £1,850.
Although the actual cost of a wedding service is fairly minimal – marriage at a registry office, for example, will cost around £100, including the registrar’s fee – it is the other expenses that can really add up. The rings, clothes, reception venue, food, music, cake, flowers, photographer, insurance, and then the honeymoon, mean that the costs can quickly escalate from the reasonable to astronomical.
There are signs, though, that despite the spiralling costs of weddings, many couples are beginning to show more restraint, at least in their approach to the wedding day budget. A recent survey by Halifax, for instance, showed that only 9% of respondents believe that £16,000 is a reasonable cost for a wedding; instead most claimed they would prefer to spend between £1,000 and £9,999. Having said that, the honeymoon seems to have become more important than ever: over 40% of survey respondents said they would expect to pay between £2,000 and £4,999 on their honeymoon, while just under a fifth said that a honeymoon costing between £5,000 and £9,999 would be reasonable. Couples shifting their priorities to the honeymoon may explain why the total cost of weddings doesn’t seem to be falling.
If you are planning a wedding, one of the first things you may be considering is your budget, and where your priorities lie in terms of the expenses. Although traditionally the responsibility of the bride’s father, few couples today would expect the parents of either bride or groom to stump up all the costs of the wedding. This means that many couples will be looking at their own savings or a possible loan to fund the big day and beyond. Even if you don’t have many savings as yet, with most couples taking at least a year between getting engaged and married, it may now be time to start setting aside some of your income into a good savings account. By the time of your wedding day, you’ll hopefully have a decent sized nest egg that can either help with the wedding day, the honeymoon expenses, or even setting yourselves up in your married home after the event.
Alternatively, many couples now opt for getting a loan for their wedding. If you rent your home, you may be able to get an unsecured loan for anything from £1,000 to £25,000. If you need more than that, you will probably need to be a homeowner so you can take out a secured loan, although always remember that if you fail to make repayments on a secured loan, your home may be in danger – not a great way to start married life. If you are considering the loan option, BeatThatQuote.com allows you to easily compare a whole range of loans and providers, ensuring you can quickly and easily choose the right deal for you.
With weddings seemingly getting more and more expensive, it may sometimes seem difficult to stick to any kind of budget – especially as the day gets closer and the excitement takes over... However, there are some easy ways to keep the costs down without compromising on your perfect day:
- Get your friends and family involved. Could a friend or relative make the cake, provide the cars, sort the flowers, provide the music, or video the event? You might be amazed at the myriad skills of your loved ones, and involving them may not only make your big day feel all that more special, but it could save you hundreds of pounds.
- Consider a ‘worn once’ dress. The average bridal wedding attire costs £1,500, with £100 spent on the lingerie alone. Some bridal boutiques now specialise in selling worn once dresses – which have all the quality of a new gown, but may cost a third of the price.
- Consider a smaller, but unique, venue. Most venues charge per person – keeping down the numbers, and instead looking for something really memorable, will immeasurably help keep your budget down, while possibly providing something more personal and intimate.
- Consider marrying abroad. Combining the cost of the wedding ceremony with the honeymoon will keep
2008-06-13
