Sticking to a budget when you’re planning the big day can seem like a challenge. How do you figure out what’s most important to you, and can you put a price on it? We asked our Managing Director Des McDaid what he thought:
‘While the planning phase can be all-consuming, remember that there is life after the wedding, and adapting to newly married life can also be an expensive exercise. If you’ve got into the savings habit early, do your best to keep it going and save and invest for your future together too.’
Whatever you have in mind for your wedding, whether it’s a private intimate affair or a big event with all the bells and whistles, here are our top savings tips to help ensure your dream day comes in at your dream price tag.
1. Create a budget – and stick to it
It is easy for costs to escalate once you get stuck into planning your wedding – so the first crucial step is to decide how much you can afford to spend and create a budget.
This will help you identify where you can cut back and how much you can realistically put towards your wedding in the time you’ve got.
2. Remember the contingency fund
The key to sticking to your budget is having a contingency fund for those extras that you hadn’t planned for. Whether it is extra favours to keep the children entertained or a last-minute dash for umbrellas to keep the bridal party dry, it’s likely there will be something you hadn’t accounted for. Simply set a small pot aside for the bits you haven’t yet thought of.
3. Be savings savvy
Our tip is to save a little each month – even if you don’t always meet your set budget goal, each little bit can add up and help you avoid moving into married life with a wedding debt hangover.
Putting your money in a dedicated savings account each month can also make your money work harder for you and can help you keep track of your savings goal.
4. Do your research
There are hundreds of websites, shops and suppliers dedicated to offering you everything you need for your big day, so it’s important to shop around for deals to get the best for your money.
One of the benefits of online shopping is that you can compare prices and quotes to make sure you’re getting a good deal.
Throughout the process, consider the impact of timings on your purse strings. For instance, if you’d prefer a summer wedding, venues may charge more at this time of the year. Once you’re armed with all the knowledge and information, you can make an informed decision.
5. Talk to your family
Having an honest and open discussion with close relatives could also help you work out financial arrangements, as well as making you feel more at ease. While many couples now pay for their own wedding, some may receive financial help from parents, grandparents, or other relatives.
You could also make use of your friends and family’s skills – is your best friend a hairdresser who could help the bridal party at a discounted rate? Do you have a budding photographer as a cousin? Every little bit can help.
6. Make sure your savings account works for you
And finally, if you’re not already receiving a good interest rate on your wedding savings pot make sure you switch to an account with a competitive interest rate, so your money works harder for you.
The content in this article is for information only and is not advice. All content in this article was accurate on the date of publication shown above.
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