Valentine’s Day is now just a distant memory but, as this is one of the most popular days of the year for lovers to pop the question, numerous couples have now started to look into how to save for your dream wedding and budget for the most important day of their life. While the bride-to-be has no doubt been planning her wedding day ever since she was five years old, the reality is that affording a grand occasion isn’t quite as magical as all those Disney princess stories would have you believe.
The average cost of a wedding in the United Kingdom is a staggering £31,974, according to 2019s figures, which is enough to make anyone’s eye waters. That figure is more than the average salary (£30,420), so it is clear to see that, if you are dead set on having that dream wedding, you are going to have to save for it.
Here, we provide you with some helpful tips and advice to help you save for your big day.
Budget, Budget, Budget
This is the most obvious piece of advice for saving for your wedding, or indeed anything for that matter. You need to make a budget that clearly outlines all of your monthly incomings and outgoings so that you can see where every last penny is being spent. Also, consider being creative in planning for your wedding decorations that are within your budget. One example of that is to be trendy, such as displaying your wedding hashtags. You don’t even need to worry about the cost of it as you definitely get it for free from a wedding hashtag maker.
Once you have done this, consider what your essentials are (such as rent/mortgage payments and utility bills) and your luxuries. What can you cut down on and what can you potentially completely cut out? By becoming a little more frugal month-by-month, you will soon find that those pennies will soon grow into big pounds that you can put away.
Open a Savings Account
There are two reasons why you would want to open a savings account whilst saving for your dream wedding. The first is that, when the money is not staring at you when you check your normal bank account’s balance, you are less likely to want to spend it. The second reason is that a savings account can come with a nice interest rate, meaning that the money you put away will earn you even more money!
We recommend opening a savings account and committing to a direct debit each month to be paid into it. This way, you will never forget to top up your savings and you can include this payment in your monthly budget as you would any other type of bill.
Attend Wedding Fairs
The prices you see advertised in shop windows and online are expensive, right? There is a better way of shopping around for the best price when it comes to anything surrounding your wedding, including the all-important dress, catering and even the venue itself. Keep an eye on your local wedding fairs because these are great places to speak to suppliers face-to-face who may just be willing to work out a fantastic deal for your business (after all, that is the precise reason why they pay to attend the fairs in the first place).
You may just find suppliers and local businesses that you may not have otherwise found in your search at a wedding fair that can offer a far better price than anything you have been quoted elsewhere. As well as helping yourself, you will also be helping small businesses and that’s an added bonus that we just cannot ignore.
Give Yourself Time
While it is easy to become wrapped up in the whirlwind of emotions and wants to get married next week, it simply isn’t practical. Also, your guests probably wouldn’t appreciate the short notice, either, and good luck finding a decent venue that’s not fully booked up!
You should expect to save up for around two to three years, depending on how grand a destination wedding is and your income, giving you more than enough time to plan and prepare for the big day. If you try and rush planning into just a matter of weeks and months, you are more likely to panic buy and, thus, pay more than you have to. According to Samantha from Paradise Weddings, the most popular location for destination weddings is Cancun. She also mentioned that other popular destinations include Cabo and the Rivera Maya in Mexico. Therefore, taking the time to save and plan allows you to explore these sought-after locations and make the most of your wedding experience.
Saving for your big day is all about being smart and having the self-discipline not to pay out on things that you can do without. Sacrifices will have to be made but, when the big day finally arrives and you exchange rings and ‘I dos’, it will all be worth it in the end. After all this savings you could then start saving for your dream holiday!
Want to see for yourself how someone can save money for their wedding? Check out Joanne Dewberry with her wedding hacks, and how she saved so much money for her wedding, it looked amazing.