You have just got engaged and are just starting your wedding planning, but before you do anything else, get on top of your wedding finances. Seriously, the financial side of your wedding is so, so important!
Far too many newly engaged couples get in a mess with their wedding costs, spending too much money and ending up with a large amount of debt. Don’t be that couple, get on top of your wedding finances now.
To help you prepare your funds for the big day, we have put together a handy guide below:
1. Save, save, save
As soon as you get engaged, start saving. If you already have some savings in the bank, they will most probably come in rather handy. If, however, you don’t have any savings, don’t panic, plan a long engagement and use it to start saving up.
Set up a separate bank account for wedding savings and set up a direct debit from your current account each month for an affordable amount. And, ask your partner to do the same. If, for example, you can each afford to save £100 a month, within a year you would have saved £2,400 – that’s a great start.
2. Make a budget and stick to it
To avoid overspending, as many couples do, sit down together and discuss how much money you can afford to spend. Don’t be tempted to take out a loan to cover your wedding costs or to use your retirement savings, you will only end up getting in a mess.
Create a list of all your wedding and honeymoon costs. Include everything from the bespoke wedding invitations to the champagne you will drink at the reception, and work out what your costs will be. If the total is too high, cut out bits and bobs and find alternative options.
3. Bag a bargain
Make sure to look around for deals. For instance, wedding dresses can be incredibly expensive to buy, however at the end of the summer they tend to significantly drop in price, so that is the best time to buy them.
Instead of splashing out on expensive items for your wedding, look at low-cost alternatives. For example, instead of paying a professional wedding cake maker, ask a friend or local baker to make your wedding cake for a more affordable price.
4. Always pay in cash
Don’t put any of your wedding costs on your credit card, you will only end up with a lot of debts to pay off. Instead, pay each vendor in cash. That way you won’t be tempted to overspend and will be more likely to stick to your budget.
5. Speak to a financial advisor
If you struggle to put a financial plan in place for your wedding, make an appointment to discuss it with a financial advisor.
A financial advisor will be able to help you plan for the big day as well as helping you to plan for your financial future. Ensuring that you don’t get into debt or overspend.