Relationships Talk

Weddings are an expensive venture. In the UK it costs, on average, £30,355 to marry the person you love.

Perhaps Instagram is at fault, with social media being a driving factor for many millennials vying to live picture-perfect lives and thus have picture-perfect weddings.

Or perhaps it’s just rising vendor charges as the wedding industry continues to rake in £10 billion per year in the UK alone.

Yet, whatever the cause, unless you elope or head to a registry office, putting a ring on it will likely cost a similar amount to a house deposit .

So how can you save for your big day? We spoke to two financial experts who revealed their top tips below.

Start saving early

“Unless you have lots of spare cash, saving for a wedding does take work,” Clare Francis, Director of Savings and Investments at Barclays Smart Investor, told the Standard.

“To make things more manageable, start making simple changes early, from forgoing your morning 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.”

Michelle Pearce-Burke, CIO and Co-founder of Wealthify, agreed: “If you really like planning things ahead, you could choose to invest and let your money grow for your big day. Investing should be a long-term strategy, but if you know you want to get married one day and if you’re willing to take some risk, you could start investing before you’re even engaged and hopefully bring the wedding of your dreams to life – the earlier you start, the more time your money will have to potentially grow.”

Figure out a budget

Making and sticking to your budget is one of the most important things when it comes to planning your wedding. Not everyone can afford to have two custom-made Dior dresses like Instagram influencer Chiara Ferragni – you need to be realistic about what you can pay for.

Francis noted: “Have a clear idea of what your budget is and don’t allow yourself to be persuaded outside it. 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 can’t fund.”

Have a savings target

Francis explained: “Once you’ve worked out what you need to spend on your wedding, 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.”

To help keep you on your savings path, try one of these money apps.

While summer weddings can be dreamy, the UK summer generally consists of a two-week heatwave and then back to dreary grey skies until the rain kicks off again come autumn. So there is no guarantee your summer wedding will produce a sunny day.

“Think smart and don’t go with the flow,” advises Pearce-Burke. “The cost of venues can vary enormously depending on dates – for example, a wedding on a Saturday during the summer will cost substantially more than on a Friday during winter.”

Plus, you’ll likely be spending more of the day indoors and can still step outside for those essential golden-hour shots.

Go second hand

Buying second-hand items for your wedding doesn’t have to mean rushing down to the nearest Red Cross charity shop (although that’s not a bad idea). Many brides sell their new wares online after their wedding, which can be scooped up for a fraction of the price.

Francis said: “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.”

Saving for your wedding doesn’t have to be a monumental task – and you can easily save for a wedding and house deposit simultaneously, it’s all about where you allocate your money and setting a target.

While your wedding may not be as extravagant as a Kardashian’s (and thank goodness for that), setting a budget and deciding on the things that hold more value to you can be a great place to start.

To help you plan your big day, try one of these useful wedding apps.