Fidelity International has created a list of tips/advice for couples looking to save for their perfect wedding regardless of their budget.
While the adage something borrowed, something blue is highly romantic and traditional for weddings; it's likely to cause a bit of a shock if that's your only option due to poor financial planning. Saving for your wedding (even before you've got the ring on your finger) can help you get the wedding you want. Did you know the average wedding in the UK cost £30,355 last year? With supplier costs increasing by an average of 12% every year, even a low-key wedding can cost as much as £17,913*.
Whether you're at the planning stage of a wedding or want to set up a nest egg for yours or your child's future dream wedding, it's key that you work out exactly how much you need to save each month to meet the overall cost. For example, if you anticipate the wedding will come in under £5,000 you'll need to save roughly £400 a month. If you're expecting it to come in closer to £10,000 you'll need to double your monthly savings. If your dream wedding is more likely to come to £20,000 or more, you'll obviously need to increase your saving contributions substantially.
That said, there are ways to make your money work its hardest. Fidelity International has put together three scenarios to help would-be brides map out their wedding finances for the future, provided they invest their money, and don't leave it all in cash savings:
With almost £10,000 extra in your savings pot you'd have the option to plan a round the world honeymoon trip. Or make a few upgrades to your Big Day. Just look at how some well-planned savings can give a significant boost to your wedding pot. You could use this to kick start a valuable savings pot for your child's dream wedding, honeymoon adventure or marital home. Remember, investing is a commitment, not dissimilar to marriage, to see a real jump in potential earnings, you need to commit for the long-term and not treat it as a short-term fling! Whatever your financial saving goals are, investing wisely will be rewarded with greater gains Then it's up to you whether you blow it all on an A List wedding or to give you a solid financial start to married life.
Emma-Lou Montgomery, associate director for Fidelity International commented: “Whether your wedding is just around the corner, or far off in the future; doing some early financial planning could give you the wedding of your dreams and, most importantly, ensure you don’t start married life in debt.
“If you’re the Bride, the Groom, Mother or Father of the Bride, then the same steps apply to ensure your money works hardest and you can have the dream Big Day - all within budget. You can save as little as £50 a month into an ISA and build up a nice little nest egg to meet the wedding costs. A monthly savings plan is a simple way to start investing today and help you build your ISA savings pot.”
For more help and advice visit fidelity.co.uk
*According to Bridebook’s National Wedding Survey 2018