Rhiannon Hendricks
Planning a wedding can be an exciting yet expensive time. The average cost of a wedding in the UK is £17,300, while in the US, most couples spend more than $25,000. With good planning, you can keep costs down and save for your dream wedding. This might mean setting a budget, shopping around for deals, cutting costs, or asking for financial help from family and friends. The sooner you start saving, the more manageable the cost will be, so it's important to work out a monthly savings plan and stick to it.
| Characteristics | Values |
|---|---|
| Average cost of a wedding in the UK | £17,300 |
| Average time spent planning a wedding | 20 months |
| Average amount spent on a wedding | $25,000+ |
| Cost-saving ideas | DIY, ask friends and family for help, choose second-hand rings and wedding dress, opt for a food truck or buffet, host the wedding at a family property |
| Cost-saving venues | Off-peak dates, weekdays instead of weekends, off-season dates (e.g. winter wedding or Sunday brunch) |
| Cost-saving accommodation | High-street options, vintage or pre-loved designs, renting attire |
| Cost-saving entertainment | Play your own playlist instead of hiring a DJ |
| Cost-saving photography | Ask friends and family if they know an amateur photographer |
| Cost-saving rings | Vintage or pre-loved designs |
| Cost-saving food and drink | Opt for a food truck or buffet |
| Cost-saving honeymoon | Compare different destinations and accommodations and get prices |
| Cost-saving insurance | Wedding insurance can cover cancellations and supplier issues |
| Cost-saving deposits | Set up automatic deposits into a savings account |
| Cost-saving credit cards | Some credit cards offer benefits such as purchase protection insurance and travel insurance |
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What You'll Learn
Budgeting for a wedding
Define Your Priorities:
Discuss and decide on your priorities as a couple. Identify what is truly important to both of you and allocate your budget accordingly. This could include the venue, catering, attire, photography, or entertainment. By determining your priorities, you can allocate your funds effectively and save in areas that are less important to you.
Estimate Expenses:
Create a comprehensive list of all the expenses you can think of, including the venue, catering, attire, decorations, flowers, music, photography, and any hidden costs. Don't forget to include costs such as "giving notice" fees, which are typically required for legal procedures. Consider using online tools or a wedding planner to help you identify and estimate these expenses.
Set a Realistic Budget:
Based on your estimated expenses, set a realistic budget that aligns with your financial situation. Be sure to add a buffer of 10-15% to your overall budget to account for last-minute changes or unexpected expenses. This buffer will help you stay on track financially, even if there are surprises along the way.
Determine Your Timeline:
Calculate how much time you have until your wedding date. The amount of time you have will impact your monthly savings goals. For example, if your wedding is a year away and your budget is $20,000, you'll need to save around $1,667 per month.
Start Saving Early:
The sooner you start saving, the more manageable the cost will be. Set up a separate savings account specifically for your wedding funds, and consider setting up automatic deposits to make saving easier. High-yield savings accounts or certificates of deposit (CDs) can help your money grow, but be cautious of penalties for early withdrawal.
Cut Costs Where You Can:
Look for ways to save money without sacrificing your vision. Consider DIY options, ask friends or family for help with specific tasks, or opt for a high-street or second-hand wedding attire. Choosing a weekday or off-season date can also lead to significant discounts from venues and vendors.
Remember, budgeting for a wedding is a joint effort. It's essential to communicate openly about your financial situation, priorities, and goals to ensure you're both on the same page. By following these steps and adapting them to your unique circumstances, you'll be well on your way to creating a realistic budget and saving for your dream wedding.
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Saving for a wedding
Planning a wedding can be an exciting yet expensive time. The average cost of a wedding in the UK is £17,300, but in the US, most couples spend more than $25,000. The venue is usually the most expensive part of a wedding, followed by the wedding dress or suit. The cost of a wedding can quickly add up, so it's important to start saving early and to set a clear budget.
To work out how much you need to save each month, divide the total cost of your wedding by the number of weeks or months until the big day. For example, if your wedding budget is $20,000 and your wedding is a year away, you'll need to save about $1,667 per month. You can use an online savings calculator to help you work out how much you'll need to save to meet your target.
It's a good idea to set up a separate savings account for your wedding funds, and to set up automatic deposits into this account. High-yield savings accounts offer higher interest rates than traditional accounts, helping your money grow more while it sits. You could also consider a certificate of deposit (CD) if you're certain you won't need to touch the funds for a set period.
There are also many ways to cut costs when planning a wedding. You could host your wedding at a family property, rent attire or buy second-hand, or opt for a food truck instead of a plated dinner. Choosing a weekday or off-season date can also lead to discounts.
Remember, it's important to start planning and saving early to avoid financial strain and give yourselves enough time to save for your wedding.
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Wedding costs
The venue is typically the most expensive part of a wedding, accounting for 30% to 40%, or even half of the total budget. Catering is another major expense, contributing to around 24% of the average wedding budget, with packages ranging from $65 to $140 per person. To save money, couples can opt for a buffet or cocktail-style reception, or choose a venue that offers discounts for larger groups.
Other costs to consider include attire, with the wedding dress or suit being the second-biggest expense, as well as photography, flowers, decorations, and entertainment. Couples can save money by choosing a high-street, vintage, or pre-loved outfit, or by asking friends or family to help with baking, flowers, music, or photography.
It is important to create a clear budget plan and set savings goals. This involves deciding on a guest count, creating a list of must-haves, and determining how much can be saved each month. Couples should also be prepared for hidden costs and unexpected expenses, adding a buffer of around 10% to their budget.
Some couples choose to save for a year before the wedding, which equates to monthly savings of around €833. Others opt for a longer engagement to spread out costs, with 20 months being the average time spent planning a wedding. It is also common for couples to receive financial help from family, which can significantly reduce the financial burden.
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Wedding insurance
Planning a wedding is an exciting time, but it can also be an expensive one. The average cost of a wedding in the UK is £17,300, but this can vary widely depending on factors such as location, size, and type of wedding. To save for a wedding, it's important to set a budget and work out how much you need to save each month to reach your target. This will depend on factors such as your income, expenses, and the cost of the wedding you want. It's also a good idea to set up a separate savings account for your wedding funds and consider cutting back on non-essential expenses.
Now, onto wedding insurance. No one wants to think about disasters or unexpected problems on their wedding day, but the reality is that these things can happen. Wedding insurance is a type of financial protection that can help give you peace of mind. It is a contractual, financial agreement that protects you against monetary losses in the event that your wedding is unexpectedly cancelled or otherwise affected by unforeseen circumstances beyond your control. Similar to other types of insurance, you pay a fee upfront for wedding insurance, and in exchange, the insurance company may reimburse you for certain costs if something goes wrong. This can include non-refundable deposits, venue costs, catering, flowers, and more. Wedding insurance can also cover property damage and injuries to guests during the event. Some venues may even require special event liability insurance to cover any potential accidents or injuries that may occur.
When purchasing wedding insurance, it's important to consider the cost of the policy, what it covers, and whether it meets the requirements of your venue. You can shop around and compare policies from different insurance companies to find the right coverage for your needs. It's also a good idea to read the fine print carefully to understand what situations are covered and any exclusions or limitations that may apply.
Additionally, it's worth noting that wedding insurance typically does not cover situations where you change your mind or decide to cancel the wedding for personal reasons. It is designed to protect against unforeseen circumstances and is subject to the terms and conditions outlined in your policy. By purchasing wedding insurance, you can have added peace of mind and financial protection in the lead up to your big day.
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Honeymoon savings
Honeymoons are often very expensive, with couples in the UK spending an average of £4,608 and couples in the US spending an average of $4,446. The best way to save for your honeymoon is to give yourself as much time as possible. If you know how much the trip will cost, divide that number by the number of months until your wedding, and save that amount each month.
If you are able to, it is also a good idea to save a little extra, so that you can do more activities when you are there. You can also save money by travelling during off-peak times, such as when schools are in session, and by using public transport when you arrive.
To save money on your honeymoon, you can also look for local hidden gems and lesser-known romantic spots, rather than travelling internationally. This will save you money on airfare and transportation, and you can still have a memorable trip.
Another way to save money is to seek out travel specialists who can find the best honeymoon deals and offer advice on ways to cut costs. You can also use a travel agent, who may be able to provide more value for your honeymoon.
If you have good credit, you should sign up for a travel rewards credit card that earns points or miles for every dollar you spend. The earlier you start spending with your new card, the longer you will have to passively amass rewards points that you can cash in for your honeymoon.
Finally, don't be shy about telling people you meet that you're on your honeymoon. Businesses often like to treat couples who are celebrating their marriage, so you may be able to get some free upgrades or glasses of bubbly.
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Frequently asked questions
The average cost of a wedding in the UK is £17,300, while in the US, most couples spend more than $25,000. However, this can vary significantly depending on factors such as location, size, and type of wedding.
The longer you save, the more manageable the cost will be. It's recommended to start planning and saving as early as possible, with some sources suggesting an average planning time of 20 months. The time it takes to save will depend on your financial situation and the cost of your wedding.
This will depend on your total budget and wedding date. Calculate the total cost of your wedding, including any hidden costs, and divide this by the number of months until your wedding. This will give you a monthly savings goal. It's important to be realistic about what you can afford to save and to consider any financial contributions you may receive.
