Are you currently planning a wedding or maybe your a guest saving to attend a wedding? According to recent research carried out by Barclays, "4 in 10 Brits regret their wedding day, with 36 per cent citing poor financial planning as the main reason for this". That's why here at Vows and Venues we have spoken with Clare Francis, director of Savings and Investments for Barclays to get you the top wedding saving tips.
Top wedding saving tips for couples
1. Unless you have lots of spare cash, saving for a wedding does take work. To make things more manageable, start making simple changes early, from forgoing your commute coffee, to cancelling a subscription you rarely use. This money will collectively build up, giving you a healthy boost towards your dream wedding. Little and often is a much more enjoyable way to reach your savings goals rather than sudden sacrifices when you receive a flurry of last minute bills that you need to finance!
2. Once you’ve worked out what you need to spend on your wedding, why not put in place a monthly savings target. This will give you focus, helping you say no to those regular treats you could do without and getting you to your goals. You can also set up a dedicated wedding savings account. Not only will this take the money out of your everyday spending account so you are less likely to dip into it, but you will get the added bonus of some extra interest on your savings, giving you a welcome boost towards your big day.
3. Hiring a wedding planner and staff to wait on your guests can be expensive. So why not see if friends and family are willing to help organise your big day? For example, do you know a friend who is handy in the kitchen? See if they can make you a wedding cake. Know a good DJ? Rope them in. Or, better yet, ask your guests to submit a song idea with their RSVP and use them to make a playlist for the evening.
4. The last thing you want is to be talked into buying an extravagantly priced dress by a pushy salesperson. So before you start shopping, have a clear idea of what your budget is and don’t allow yourself to be persuaded outside it. The same goes for the rest of your wedding shopping list – from invitations, to balloons to a caterer, know what you want to spend and only shop around within your budget so you don’t find yourself in the path of temptation that you simply can’t fund.
5. veryone wants their wedding day to be the best day of their life and whether your budget is £1,000 or £50,000 you can still have the most amazing day. You don’t need to buy everything new – look online for people selling things from their own wedding. Whatever your theme, and whether it’s the dress, vintage crockery or tea light holders you’re looking for, chances are you’ll find some bargains. And because they’ll have only been used once, if they were good enough for the bride selling them, they’ll probably be good enough for you.
6. Creating your dream day can be a lot of work, so make your money work hard too! Shop around to make sure you are getting the best deals. By paying up front for things like the venue and catering you can sometimes net a decent discount. So don’t be afraid to ask and remember, there is no harm in trying to negotiate.
Wedding saving tips to manage your money (as a guest) during wedding season
1. You don’t need a new outfit every time, particularly if you have multiple weddings this year. Mix and match and even recycle – there could well be clothes in your wardrobe that could be refreshed with new accessories. Friends can also come in handy if you haven’t quite got the right coloured handbag.
2. You don’t have to break the bank on a present. Consider a making a gift yourself, which often requires a lesser financial investment, though a bigger investment of your time. Handmade gifts are thoughtful, memorable and unique and, if done well, can go down a storm.
3. If you don’t have time for crafting, then chipping in on joint gifts with other pals is a brilliant way to get the couple that super luxe item, but keeping individual costs low.
4. Is the wedding happening somewhere that you’ll need to stay overnight? If so, look for ways to split the costs by renting a house with a group of friends or enquire about group discounts at nearby hotels.
5. FOMO is real but it’s also very costly! There are only so many weddings, hen/stag dos and engagement parties that your budget can stretch to. It’s okay to decline some invitations if it’s an event that you can’t afford to splash out on.
You can find more information about saving with Barclays here.
Add new comment