Your wedding day is a special occasion, but costs can add up fast. With the average cost of a wedding now in excess of £20,000 (according to Bridebook’s UK Wedding Report 2024) excluding the honeymoon, setting a budget and managing your expenditure is essential. Here’s a guide to help you plan your wedding without unnecessary stress.

Download your free Wedding Budget Planner today and start organising your dream wedding with ease.

High-cost essentials

Major expenses like the venue and catering can account for nearly half of the overall cost. Whilst the costs will depend on the size of your wedding and personal preferences, setting a clear budget from the start is essential to avoid the risk of overspending and to give you peace of mind that everything has been covered for your special day.

Other key expenses

  • Expect to pay around £1,500 each for photography and videography to capture your memories.
  • Bridal gowns, suits, and accessories can range from £1,500 to £3,000 or more.
  • Music and entertainment at the ceremony and reception can cost between £500 and £2,000.
  • Decorations and flowers can range from a few hundred to several thousand pounds, depending on style and scale.

Should you consider financing for your wedding?

If you have a plan to spread the cost of your wedding and you can comfortably manage the monthly repayments, financing your big day through a loan can help you fund the wedding you want without exhausting your savings. Otherwise, you may wish to consider adjusting your budget or finding ways to reduce costs.

Creating your wedding budget

Regardless of how you decide to finance your wedding, a well-structured budget is key. Here’s some suggestions as to how to create one:

  1. Determine your total budget: Sit down with your partner and agree on the maximum amount you’re willing and able to spend, factoring in any family contributions.
  2. Breakdown the costs: Divide your budget into categories like venue, catering, attire, and entertainment. Track your expenses using budgeting tools.
  3. Prioritise your ‘must-haves’: Decide what’s most important to you. If having a top-tier photographer is essential, allocate more of your budget to that but you may need to cut back on what you consider less critical areas.
  4. Prepare for the unexpected: It’s suggested that you set aside 5-10% of your budget as a contingency for any last-minute expenses or unexpected costs.

Exploring wedding financing options

If your dream wedding exceeds your savings, financing can help. Here are some options, with pros and cons for each:

1. Personal Loans
These are a straightforward option for financing. The funds can be used for almost any purpose with the monthly repayment and payment date fixed.

Pros:

  • Fixed interest rates and repayments make budgeting easier.
  • Loan amounts range from £5,000 upwards.
  • With all the required information to confirm affordability, approval is usually quick and the documentation straightforward.

Cons:

  • Repayments may stretch your post-wedding budget.

Best for: Creditworthy couples seeking predictable, fixed monthly payments.

 

2. Credit cards
Using a credit card, particularly with a 0% interest promotional period can work for smaller expenses if you’re sure you can pay off any balance before the promotional period ends and the interest kicks in.

Pros:

  • Cashback or rewards may be available on certain cards which can offset costs.
  • Flexible repayments.

Cons:

  • Risk of accumulating debt if unpaid.
  • High interest if balance isn’t cleared within the promotional period.

Best for: Smaller, manageable expenses or last-minute purchases.

You should speak to your credit card provider if you’re unsure of the benefits and consequences of using your credit card.

 

3. Arranged overdrafts
Arranged overdrafts can be useful for short-term needs but should be used cautiously, as interest rates can be high.

Pros:

  • No need to apply for a separate loan.
  • Easy access to funds.

Cons:

  • High interest and fees if the borrowing is unauthorised or over the limit.
  • Limits may not cover all wedding costs.

Best for: Small, short-term costs you can repay quickly.

You should speak to your bank if you’re unsure of the benefits and consequences of using an arranged overdraft.

Tips to save on wedding costs

Whatever your payment choice and budget, good planning can keep costs under control. Here are some cost-saving tips:

  • Choose an off-peak date: Weekdays or winter dates can be far less expensive than prime weekends in spring and summer.
  • Select a smaller venue: Opting for a smaller or less traditional venue can save thousands.
  • Do it yourself: Making your own invitations or decorations for a personal touch can reduce costs.
  • Limit guest numbers: A smaller guest list can significantly reduce costs for catering, venue size, and more.
  • Negotiate with vendors: Don’t hesitate to negotiate prices and ask about discounts available.

Final thoughts

Your wedding is one of the most memorable days of your life so you want to make sure you can enjoy it without any financial concerns. Set a clear budget, explore financing options, and enjoy your special day without overspending. The key is finding a solution that suits your budget and helps you start married life on a solid financial footing.

 

Need help?

Contact our team at Close Finance for personalised advice on the best loan options to finance your wedding.

 

Disclaimer: This blog is intended to provide general information about wedding planning and budgeting. Close Finance specialises in financial solutions, including personal loans, and does not offer wedding planning services. Please consult relevant professionals for specific advice on planning your wedding.