Tips and ideas to help you save up for the big day

When your wedding day is quickly approaching you can feel a sudden panic that you don’t quite have the money to make it work. It’s all very well planning a big white wedding that is going to look exquisite in the photographs, but how are you going to save up? Saving up for your wedding ahead of time will not only reduce your stresses, but it will also allow you to have the wedding you really want.

 

Set Your Budget

 

There are so many different packages you can explore when planning a wedding. Some venues offer everything all in one, which can work out much cheaper. However, many couples prefer to put their own touch on their special day which means sourcing suppliers separately. From the very beginning set a budget that you can afford and make everything fit within this. Prioritise which elements are the most important to you such as the venue, flowers, cake or food and split up all of your costs into manageable amounts.

 

Create a Saving Plan

 

Each month you will need to save a certain amount so that you can hit your budget by the big day. Be aware that many venues will ask for the final fee around 6-8 weeks before the actual wedding date so you need to factor in some buffer time. The average wedding costs between £20,000 to £24,000 so compare this to all of your potential costs. Work out how much disposable income you have each month and put it into a separate account so that you aren’t tempted to touch it.

 

Put Your Plan Into Action

 

Make sure you do plenty of research into a whole range of suppliers so that you know you have the best deal possible. Don’t feel rushed into making any decisions especially when it involves paying a hefty deposit. Luckily, most suppliers such as bands, florists, suit hire companies and venues only ask for a deposit rather than an upfront fee. This gives you time to save and plan out your finances each month. Make a timeline and work backwards so that you aren’t caught off guard when the time approaches. Direct debits or standing orders are an excellent way to ensure you are saving enough money each month for your wedding. Depending on the account you might also be able to rack up a decent amount of interest as your savings start to build.

Once you have explored all of your options, you need to put all of your plans into action. It’s no use having a budgeting plan without actually making it happen. You might want to talk to your family about small contributions they can make to your big day, as every little helps. Set up regular payments into your savings account too so that you are definitely putting the right amount of money each week or month. Your wedding is going to be the happiest day of your life so make sure you put the work in to make your dream day happen.

Sources:

https://www.lendingexpert.co.uk/how-to-save-for-your-wedding/