Married Money: Ten Cash Tips That Will Save Your Wedding
As a final part of their week of financial advice the Institute of Financial Planning have put together their top ten tips for having a financially healthy wedding and marriage.
Don't do this.
1 Perfect Planning.
With the average wedding costing up to £20,000, agree upfront the absolute maximum you are prepared to spend in total on your big day – and also where that money is going to come from. That will mean your savings, contributions from parents as well as what you can afford to spend out of your income over the period till the wedding. Don’t forget the honeymoon! Stick to your original figure and don’t waiver.
2 The Debt Debacle
Try to keep any debt to an absolute minimum and only when it is absolutely essential. Don’t forget credit cards as maxing out your flexible friend is a dreadful start to married life.
3 Plan it together.
Make sure you are both involved in the planning process right from the start. Marriage means teamwork and that starts now.
4 Savvy Spending
Work out what you really need to spend on your wedding and what that costs. Go into detail and make sure that’s well within your budget. Be realistic and don’t get tempted to overspend just because “ you only do it once” or because of pressure from parents or friends to “keep up appearances”. Build in a 10% contingency so you are certain to come in under budget.
5 Do your homework.
Be careful if you are considering a fixed price package that it includes exactly what you want. Otherwise, you’re likely to be paying for stuff you don’t. Would it be cheaper to go for a Friday rather than a Saturday?
6 The devil is in the detail.
Make sure you read the small print of any contract so you avoid nasty surprises later on. Does it include or exclude VAT? Is there a service charge on food and drink? A slip up here will seriously damage your budget so go carefully.
7 Control your guest list
You can expect the venue, food and drink to account for 50% of your total spend so only invite those people you really want to be there. If you’re paying £75 a head then an extra 4 people means an extra £300! Avoid temptation to say yes to requests for extra guests from friends and relatives. It is your day after all.
8 Stick to the essentials
Consider what is essential and what is a “nice to have”. Are “bride’s favours” essential? Most guests leave them behind anyway so save yourself the time and trouble and do without them. Do you really need that pony and trap to get to the church? Do you really need daffodils in August? Do you really need four bridesmaids? Yes it’s tempting to go overboard, but try to cut back on the nice to haves wherever possible.
9 Make, hire or borrow
Enlist the help of creative friends and make your own wedding stationery, cake – or even the bridesmaids dresses for the adventurous? Yes, it’s extra work but it’s fun and all the more satisfying if you’ve been involved directly in the preparations. Don’t forget the photographs too. Any friends who are keen photographers might relish the chance to photograph your big day – and you’d be more relaxed too. Remember you don’t have to buy everything – there is so much you can hire, even down to the bridal gown itself!
10 Happy ever after
Use the wedding planning process as your template for planning your goals, dreams and finances after you get married – assuming you’ve not done that already. Sharing what you both really want out of life in the short, medium and long term means agreeing plans to get there as well as working to a strict budget together. What better start could you have to married life!
We’re going to add an 11th on their behalf – see a financial planner. They’re often free to have an appointment with and they will have in-depth knowledge of the financial markets and be able to give you a full run-down of your options. It’s a secret to a successful life, trust us!
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