10 Money-Saving Tips for Couples Getting Married And Guests
If weddings are putting a strain on your budget this summer, here’s how everyone can claw back some money
9 July 2019
All Credits: PA
Wedding season is here, and while it’s an expensive time for couples tying the knot, guests can also feel the strain on their wallet. According to American Express, guests can expect to spend £391/AED1,791 each on average to attend a wedding this year – that’s £88/AED403 more than in 2018.
The rising costs associated with weddings can sometimes lead to tensions. One in five (19%) guests say they sometimes resent the amount it costs to attend a wedding, while one in six (15%) said the same about the cost of attending hen and stag dos, a study from AA Financial Services recently found.
Whether you’re planning or attending a wedding it’s bound to be a special day, however fancy and expensive the details are. Nobody should feel pressured to blow the budget or put themselves in serious debt – and with some careful consideration and planning, there’s usually a happy compromise.
5 tips for couples planning a wedding
Rachel Springall, a finance expert at Moneyfacts.co.uk, shares the following money-saving tips for keeping that wedding budget on track…
1. Save little and often with easy access accounts
Saving little and often is the key to building up a decent amount of cash to cover the cost of the big day. Putting money away can also be fuss-free when opting for an easy access account, thanks to their straightforward structure.
The top deals have improved over the past year too. Savers can earn 1.50% on Virgin Money’s Double Take E-Saver, which allows two withdrawals per calendar year. And Cynergy Bank’s Online Easy Access Account pays 1.50%, including a 12-month bonus of 0.50%.
2. Make a budget and be open to compromise
Relationships are all about compromise – and that’s no different when money’s involved. Making some tweaks to your plans can help you save cash, such as choosing a buffet over a sit-down meal.
A wedding should be budgeted for well ahead so there aren’t any nasty surprises. Hiring a wedding venue, catering and entertaining guests are usually the biggest costs of the day, so plan guest numbers well in advance.
Make the most of money apps to get on top of your outgoings.
4. If your budget just won’t stretch, a low-cost loan could help
It’s best to avoid debts where possible. But if you must go into the red, some personal loan rates are offering relatively low rates. According to Moneyfacts’ research in June, consumers could potentially borrow £15,000/AED68,693 over five years for as low a rate as 2.9%. Five years ago, the lowest rate for this type of deal was 4.2%.
5 tips for wedding guests
And here are five budgeting tips for those attending a wedding, from American Express…
1. Plan your journey to the wedding
If you’re going by train, consider booking tickets in advance to get the best deals and ensure you are allocated a seat for a long journey.
4. If you are concerned about the high cost of attending pre-wedding celebrations, perhaps choose just some activities to take part in
You can still show your support while making sure you can afford to take part in the fun.
5. Use points or rewards
Put any store or loyalty card points you’ve built up towards your travel or accommodation costs.