Are wedding bells about to ring in your family? Maybe you are the mother-in-law to be who wants to give a helping hand to the couple or it could even be your own big day.
The starting point for many couples after the sheer excitement of getting engaged is to start saving and planning for one of the biggest, most life-changing days of anyone’s life. But with the average cost of a UK wedding coming in at around £25,000, it’s understandable that couples look for ways to cut costs and be savvy with that hard-earned cash.
Here’s a few ways to save money but still achieve that dream wedding - whatever your age or even if it is your second or third time down the aisle.
1. Find a venue that doesn’t require you to use their vendors
Unfortunately, the vast majority of venues require you to use their vendors, in particular when it comes to catering. This can bump the price of your wedding up as these vendors come with premium pricing. Therefore, it’s worth spending that extra time to do your research and try to find a venue where you can use your own vendors. That will enable to you shop around for the most competitive prices when it comes to suppliers, like your catering provider. A quick internet search will bring up a list of caterers and other suppliers, so have a look around and read some reviews before taking the plunge.
2. DIY!
If you fancy yourself as the creative type, it may be worth saving those pennies on often expensive invitations and decorations from centrepieces to chair dressings, and do it yourself instead. You can find a whole heap of inspiration online through websites like Pinterest and then buy the materials you need from DIY stores, fabric stalls and crafting shops. Hand-made items often add that extra special touch to an event too, making them more sentimental and a keepsake for relatives.
3. Hit the sales and charity shops
When looking for your wedding dress, shoes or bridesmaids’ outfits, it’s worth looking online at stores with bridal ranges available for when they have sales or clearance items.... So, not only can you and your bridesmaids look stylish on your big day, you can do so at a fraction of the price. Similarly, most charity shops and auction websites sell bridal clothing at the fraction of the cost.
4. Set the date strategically
Saturdays are the most popular day to get married, so of course you will pay a premium to marry on this day. One idea would be to marry on a Friday for a slightly lower price – and then your guests can party to the early hours without the worry of an early start the following day. Similarly, peak wedding season is July through to September. So, if you avoid these months and perhaps opt for a winter wedding you could save yourself some serious cash.
If you wanted to save the most money, a mid-week winter wedding is the best time to book.
5. Tap into your friends’ talents
The smaller details such as the wedding cake, catering and floral arrangements can often end up taking a large chunk out of your wedding savings. So where possible utilise your friends’ and family’s talents. If your mother-in-law is happy to bake the cake and your best friend is a florist make sure to take advantage of this. Your brother may love music so much that he doesn’t mind being the DJ or putting together a playlist. You will probably find they’ll be more than happy to be such an important part of your big day.
6. Don’t get caught out by hidden fees including VAT
When hiring a venue make sure to ask exactly what is and isn’t included in the price. Some venues may have hidden charges and extras which you need to be aware of before you book. With everything you hire and order for your big day double check whether the price given is inclusive of VAT, which is 20%, as if not your budgeting can be sent spinning out of control once you add VAT onto your purchases.
7. Get the max out of your savings
Everyone wants to get the most out of their savings to put towards something special - like a dream wedding - and one way to maximise the interest you get is by pouring your cash into savings accounts where you can earn the most.
The Personal Savings Allowance (PSA) was introduced in April 2016, which means every basic rate taxpayer (on a 20% tax rate) can earn £1,000 interest without paying tax on it; While if you are a higher rate tax payer, you can earn up to £500
One way to guard against temptation is to save by having a separate savings account. Whilst it’s easier to just use your current account while interest rates are relatively low, a separate account means it can’t be dipped into by mistake.
Why not take a look at our range of savings accounts and help make your dream wedding a reality?