Saving up for anything can feel daunting, but when it’s one of the biggest days of your life there’s added pressure. So, how can you save for a wedding?
(Remember – if you need financial advice, it’s best to consult an expert.)
1. Decide what’s most important for your wedding
Right at the start, everything can seem overwhelming and equally important. But, when you stop to think, you’ll probably realise some things are higher up your priority list than others. If the decor is more important to you than the band, you’ll know where to prioritize your spending.
Of course, just because it’s not as important to you that doesn’t mean it won’t cost anything, so it’s a good idea to know roughly how much certain things cost before you decide where to make budget cuts and how to save for a wedding.
2. Save extra by spending less on the little things
It might not seem like much, but cutting back on habits like buying lunch out, ordering extravagant takeaway coffees, and getting Ubers instead of public transport can save more money than you think. You might be surprised by how little you miss those things, too.
Even if it doesn’t add up to thousands of pounds, that little bit of money you save for a wedding can help you pay for something special that you’ll enjoy much more than a coffee.
3. Let us know your ring budget
Your wedding ring is an important and very special part of your wedding, one that will stay with you. That’s why it’s so important to get it right, but it doesn’t mean you need to go over budget. We create bespoke, tailor-made wedding rings to suit you. If you have a specific budget, let us know and we can help you work out the best designs for you.
4. Don’t spend every penny you have
When you’re booking vendors, trying to squeeze as many guests in as possible, and negotiating price points, it can feel like everything comes down to money. One way of budgeting is to decide first how much you can spend and then what to spend it on.
If you end up spending over your limit, you might find yourself in financial trouble afterwards, or at least unable to relax and enjoy your newly married life.
As Martin Lewis very frankly points out:
If the cost of your wedding leaves you financially crippled and in debt for most of your married life, it’s a pointless waste.
5. Plan for the unexpected
Although you might get final prices from vendors, chances are things will work out a little more expensive than expected. Maybe you didn’t realise how many napkins you would need or you forgot to add in printing costs.
Whatever it is, saving a little extra will help you reduce wedding stress and deal with unexpected eventualities.
6. Think about where you’re saving
Where is your wedding fund at the moment? As you add to your savings it’s a good idea to think about not just how much but where. Is it in a tax-free ISA? Is it in a savings account? Is it sitting in your current account not racking up interest? There is no one-size-fits-all answer and it’s a good idea to do your research before deciding on which option works best for you.
Resources like Money Saving Expert have comprehensive guides with financial tips, like this one on how to save for a wedding.