Upcoming wedding? 4 tips to keep costs under control in 2023-24
This content is for information purposes only and should not be taken as financial advice. Every effort has been made to ensure the information is correct and up-to-date at the time of writing. For personalised and regulated advice regarding your situation, please consult an independent financial adviser here at Castlegate in Grantham, Lincolnshire or other local offices.
According to the latest figures, the average cost of a wedding in the UK is about £30,000. Yet total costs can vary considerably depending on the couple in question – from a few hundred pounds to well over £100,000. With the Cost of Living Crisis eating into many households’ real incomes, it is understandable that many engaged couples are exploring ways to make their wedding day special without breaking the bank.
Below, our Grantham financial planners offer 4 tips to help upcoming newlyweds get the most out of their budget. We hope these ideas are helpful to you. To discuss your financial plan with us, please get in touch to arrange a no-obligation financial consultation, at our expense:
01476 855 585
info@casfin.co.uk
#1 Consider off-peak
Certain times of year are busier for church ministers and registration offices when it comes to weddings. Higher demand usually means higher costs for couples and greater difficulty in finding an ideal spot on the calendar for their special day.
One simple way to keep wedding costs down is to consider off-peak dates and times for the occasion. For instance, it can be expensive to get married in the summer holidays. Yet the autumn or winter months, on a weekday or Sunday, can be budget-friendlier options.
#2 Manage your guest list
The more people who attend your wedding, the more expensive it will be. All couples need to make compromises when drawing up their guest lists. There is only so much room in the ceremony room (e.g. the church), after all! Yet when the cost of living is biting your budget, keeping attendee numbers under control is even more important.
Each guest represents additional costs for catering, invitations, accommodation and seating. Couples should sit down together and consider drawing up two guest invite lists. The first details the guests who “must come”; the second the “nice-to-haves”. You can then draw up a budget for each list, giving you both a clearer idea of the likely costs for each option.
This can help you to make a joint decision about the final invite numbers. For instance, perhaps you include 20 people from the second invite list in addition to those listed on your first list.
#3 Prioritise what matters
Every couple (and each person within a couple) is different and may have diverse goals and desires for their wedding day. One individual may really prize great photography to document the occasion, whilst the other is more focused on having amazing decorations. One couple might want a small, quiet ceremony in a cheap village hall. Another may want a big celebration in a large country estate.
Unfortunately, few couples have the luxury of being able to afford absolutely everything they want. Therefore, it is important that communication happens early on about what the priorities are – so appropriate compromises can be made. For instance, maybe you need to choose a cheaper venue if you both want to splash out on the food, music and honeymoon.
Weddings often end up costing more than couples expect at the outset. A lot of “add-ons” can be accumulated as the big day approaches (e.g. to appease certain family members), putting strain on your budget. Therefore, whatever your estimated budget is, assume that everything will cost 10%, 20% or even more than you expect. You may then wish to adjust your budget again to account for these “unknown costs”.
#4 Be creative with cost savings
It is possible to find smart ways to save on your wedding budget without compromising on quality or undermining the “specialness” of the day. For instance, some couples send out impressive digital invitations rather than physical ones (which can involve costly printing and delivery costs).
Others hire a DJ for their reception, or use a playlist, rather than hiring a live band. For those who are good at planning far in advance, finding wedding attire during sales and clearance events can be a brilliant way to find high-quality items at discounted prices. Renting, rather than buying, might be another good idea.
For photography and videography, could you hire a budding student or a creative cousin rather than an established professional? Do not be afraid to explore “borrow and barter” ideas. Perhaps a family member has a lovely garden they would be willing to let you use for the reception? Maybe someone could bake your wedding cake? Could you invite some friends and family over for a fun night of creating DIY decorations for the event, such as bunting?
Do not be afraid to shop around at different vendors and to haggle prices. Another option is to use a registry for the honeymoon or home, rather than traditional wedding gifts. This allows your guests to help offset some of your after-wedding costs rather than buying traditional items which may not be truly needed, used or appreciated.
Conclusion & invitation
If you are interested in discussing your own financial plan or investment strategy with us, please get in touch to arrange a no-commitment financial consultation at our expense:
01476 855 585
info@casfin.co.uk
