Earn more on your wedding savings and purchases
If your savings offer little interest sitting in an instant-access account, move your savings to make your money work harder. You may be rewarded with higher interest on your savings if you save regularly, give notice before withdrawals or make little to no withdrawals within a year (restrictions may apply). Check your local bank or shop around online to ensure you get the best savings rate, so your savings are working towards your wedding goal.
Also, try and save while spending by earning cash back on your wedding purchases using a cash-back credit card. Credit cards are also a great way to protect your purchases from suppliers. But beware: it’s only worth doing this if you can avoid interest charges by clearing the credit card bill in full every month.
Make a plan
Decide how much you realistically want to spend, how much you can afford each month and how long you want to save. It still adds up even if you can only set aside a small amount each month. Consider limiting the number of guests you invite and turn to talented family and friends to help with décor, catering, photography and even make-up instead of paying hefty amounts to suppliers.
Give yourselves plenty of time to do enough research so you can shop around for wedding suppliers and venues to ensure you get the best price. Set a drink limit or opt for no-corkage wedding venues allowing you to bring your own drinks. It’s worth noting DIY wedding packages aren’t always the cheapest option; many venues offer special wedding packages for a set budget that takes the stress off of you.
Make some sacrifices
We all could go without certain things; even the small things add up over time. So, while planning for a wedding, it’s worth forgoing some of the things you enjoy for a while, such as cutting back on subscriptions, socialising, eating out, and even buying gifts, but there’s no need to feel guilty if you give in sometimes (we are only human). Likewise, you may opt for a high street brand wedding dress, which is more affordable as sometimes a fraction of the price of boutiques. Avoid high-season periods; opt for out-of-season wedding dates and unconventional days such as Fridays, Sundays, or even weekdays to keep costs low. You will also likely receive discounts from photographers, florists and registrars. Even after the big day, the honeymoon is a bucket-list-worthy holiday for most newlyweds, but it may be worth putting luxuries like that aside for a year or two. Make a list of the things you can sacrifice that will help you save for your wedding.
Set a budget
The perfect day doesn’t mean spending a load of money. If you don’t have a realistic budget to aim for when you start could lead to disappointment later. Be sure to have a checklist that includes all your must-haves. Draw up your wedding budget and commit together to stick to it. Write down every cost and be thorough and realistic about the true price. Remember the smaller costs such as the invitations and wedding favours. Always factor in a little extra when something doesn’t go according to plan. If your parents might want to give you money for the wedding, then it is a good idea to ask them how much before starting the wedding process. HMRC allows each parent to gift up to £5,000 for their child’s wedding free from inheritance tax, which could also benefit your parents. Think outside the box, get creative – whatever it takes to lower costs.
Seek financial advice as a couple
Although love should be the foundation of any marital relationship, let’s be real. Finances in marriage play a pivotal part, and how to handle finances is one most frequently asked question by couples looking for financial compatibility. When your finances are not in order, it can make you feel pretty insecure. Planning is one of the most essential tips to reduce financial stress in a marriage. Marriage financial advice can be a great tool for couples to manage their finances effectively, deal with their finances and be open about dreams and aspirations. Financial advice for couples covers various topics such as money management, financial goals, debts, savings, and planning for the future, such as retirement.
