There is nothing like the buzz of getting engaged. Your special someone said yes, and the two of you are on a high, imagining your dream wedding and starting to think about what the day could actually look like.
But then you begin looking at prices, and you are transported back to reality with a bang.
Weddings can get expensive, fast. In the UK, the average wedding cost is a staggering £19,000 (as of 2023). If you want to make sure your wedding includes everything you care about without draining your finances dry, you need to set a realistic wedding budget.
Given that most engagements last 12-18 months, we are keeping things simple and assuming you have two years to save for your wedding. Here is our guide on how to budget for everything you will need for your wedding date within this timeframe.
Step 1 is to sit down and figure out how much you can afford.
The only way to get an accurate figure is to do your research. Get quotes for venue hire costs and catering, browse wedding dress shops and find out how much photography and videography cost in your area. Don't forget to Google how much those "smaller" details will set you back, right down to your wedding cake and invitations.
Once you have priced everything up, agree on an absolute maximum budget. That should be your spending limit no matter what, accounting for expected costs and any surprise fees (within reason).
Next, divide your budget by 24 to give yourself a monthly savings target.
For instance, let's say you've calculated that your wedding will cost around £12,000. In this case, you will need to save £500 a month or £250 each (if you are planning to go halves).
If that sounds too steep from the get-go, you are still early enough in the planning phase to scale the wedding back, cut out the "nice but not essential" costs, like hiring a wedding planner, or give yourself more time.
The easiest way to see exactly how much you are saving for your wedding is to keep this money away from your main bank account.
Rather than just creating a pot to hoard your money, the smart move is to use a dedicated savings account with a decent interest rate. This is usually quick and easy to set up on your banking app (depending on the bank you are with). You might even want to open a joint account just for the wedding, so you can both stay on track.
Read more on the pros and cons of a joint account here.
If your income won’t cover the full cost of your wedding, but you are confident about your repayment plan, you might want to use credit strategically.
Getting a line of credit from trusted companies like Polar Credit is particularly helpful for spreading the high-cost purchases that need to be paid off as soon as you book, like your venue deposit or dress. Just make sure to treat this as part of your budget, not extra money, and don’t use credit unless you are sure you can clear it on time.
Looking for more info? Learn more about credit lines here.
Finally, if your monthly income only takes you so far and you are on a tight budget as it is, you will want to take every opportunity to earn some extra money that you can put straight into your wedding pot.
Selling clothes, picking up extra shifts or freelancing on the side are all great ways to boost your savings. Even earning an extra £100 a month from a weekend side gig adds up to a nice £2,400 in two years.
Is it better to spend less or earn more when you are trying to save? Find out in this guide.
Let's finish this article with a quick roundup of tips to cut costs and make saving for the perfect wedding more manageable.
Planning a wedding is not easy, but remember, the goal is not to have it all – it is to have the day that is perfect for you, and your wedding spend should reflect that.
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Check out our other great content in our Info Hub, with articles about the different types of credit products, money management tips and help with saving money!