Banking on a big day? Top wedding tips

Women trying on wedding dresses and talking about top wedding tips

Savings

MoneyPlus Features Team

24th November 2016 at 3:00pm

Will you be hosting or attending a wedding in the new year?

If so, then according to recent research you best be prepared to delve deep, even if you’re just on the guest list. This blog will share some top wedding tips to help make the big day kinder on your pocket.

Wedding bells ‘ring up’

Some interesting research from Sainsbury’s Bank into the cost of a wedding has revealed that couples who have married in the past five years claim to have spent on average £13,200 on their wedding, and those younger hitchers aged between 18-34, who are more likely to be first-timers are spending an average of £21,109.

However, the true cost of the wedding is closer to £52,000, when all the expenses – including those incurred by the guests are added together.

On average, guests can spend up to £423 on attending a wedding – when all the following expenses are calculated.

True cost of a wedding can be close to £52,000

Expense

Cost (£)

Wedding gift £91
Outfit £91
Accommodation £89
Transport to / from the wedding £50
Shoes £39
Hair / beauty treatments £37
Babysitter £26
Total 423

And for those who attend the stag or hen night, an average of £92 can be added to this total, bringing the full wedding-guest experience to over £500.

With the average number of wedding guests now put at around 92, this could mean that the true cost of a wedding is well over £52,000 – not including any stag or hen festivities.

No longer banking on Dad

The overall figure seems a staggering amount by any standards but the wedding alone is no small fry either. But many couples are now bucking tradition by opting to let Dad off the hook, a study by Beaverbrooks showed trends are changing and the thought of the bride’s father footing the whole bill is now seen as outdated and unfair.

Apparently 81% of weddings are now funded by a blend of family members, with 42% of couples opting to go all out and pay for it themselves.

Whether it’s Dad covering it or not, one thing you’ll want to do is keep costs down but still get the best value for money you can, however you’ll also not want to feel you’re holding back on what is a very special day for all concerned.

Well don’t worry, with some careful thought and budgeting you can still make that big day huge and you might not need to break the bank to do it.

pull out Just under half of couples are choosing to go it alone on wedding costs

Create a budget

This is the first thing you should do, even before setting the date. See how much money you can afford or how much family members are willing to chip in. This way you’ll know how much you need to put away each month, it can help with setting a date too.

Our Top Wedding Tips

      1. Open a bank account
        Set up a separate savings account purely for the wedding fund and try and get the best interest rate possible, especially if you’re saving for a good length of time

 

      1. Make a spreadsheet
        Having everything mapped out and monitored is a must for any successful day

 

      1. Stick to the plan
        It’s easy to get tempted by extras but these can soon mount up, keep temptation reigned in and get only what you need

 

      1. Get recommended
        Take advice from friends or relatives that have got married or engaged recently, they could give you some hot tips on the best value-for-money suppliers

 

      1. Tough love
        Guest lists can get unruly, keep costs down by not being afraid to cut distant family members or friends from any catered events, you can always invite them along in the evening

 

      1. Wheel and deal
        Do a spot of bartering, see if you can negotiate some deals to get the price down. There’s always a deal that can be done. If it’s a venue, see if they’ll throw in free corkage, if its tailor made suits, will they discount on bulk orders. Try your luck

 

      1. Check what’s included
        Make sure any price you get includes VAT, don’t be hit by any unpleasant surprises

 

      1. Is there a payment plan?
        Talk to your venue, photographer or caterer to see if they offer any payment plans. They may offer a payment schedule just to secure your business

 

And look to your loved ones – asking for help should never be shied from. Friends and family will always lend a hand if they can, from helping make the cake to putting together the favours, a little homespun creativity can keep the costs down.

Best wedding wishes

We hope by sharing this wedding wisdom it helps towards ensuring a great day for all and makes you, your betrothed and your bank manager very happy.