Planning to get married in 2017? Now is as good a time as any to start saving, as the costs can creep up on you without you realising.
Estimates vary as to the average cost of a wedding in the UK. Some experts say £17,000, some say £20,500, some, after itemising various parts, say as much as £30,111.
Experian research* in 2014, of people recently or soon to be married, found that almost seven in ten (69%) pay for their wedding from savings, while around one in five are using some form of credit, whether that be a card, a loan, or paying in instalments.
In fact, 43% of cohabiting couples had postponed their wedding by an average of a year and two months – due to running into difficulties with their pre-wedding financial planning.
8 quick tips for budgeting for a 2017 wedding
- One year to go is a great time to set achievable targets with clear landmarks ahead – and there’s no better target than the big day itself. Continue reading
The cost of the average wedding: around £18k
Married life shouldn’t really have to start with debts being paid off, but with the cost of the average wedding reputed to be anything up to £18,000, wedding costs can often be higher than you think – and a potential hit to your credit rating.
Experian research* found that the average couple (meaning those either planning to get married, are married or that have been married) say the budget for their nuptials came in at just under £4,000 (£3,998).
However, once they were asked to itemise separate costs, such as the dress, the venue, the rings and the honeymoon, the total average cost leapt up to £6,627 – suggesting that perhaps many of us underestimate how much a wedding will cost. Continue reading