Money saving tips for your big day

11 May 2015

Tips for saving for your big day from Standard Life's Consumer Finance Expert, Julie Hutchison

Weddings on Female First

Along with buying a house and a car, paying for a wedding is one of the most expensive life events we will have. And for many engaged couples, the wedding is something they have thought about for years. But, it's important to make sure your dreams match what's realistic within your budget, so you aren't left in the red after your honeymoon.

Standard Life's Consumer Finance Expert Julie Hutchison offers her five money saving tips for a white wedding to remember, that won't leave you strapped for cash after the big day.

Talk to your family

Weddings are wonderful occasions that should be a happy time for the whole family, but they can also be a source of significant financial pressure. Having an honest and open discussion could help you work out financial arrangements, as well as making you feel more at ease about your big day. While many couples nowadays pay for their own wedding, some will receive financial help from parents, grandparents or other relatives. Talking about your plans early will bring to light costs that you may not have considered and will give you time to work out where necessary funds can realistically come from.

Create a budget - and stick to it

Creating a budget and sticking to it are essential steps to take to save money before your wedding. You can then allocate funds to each element of the wedding according to your own priorities - there are no rules, but remember, if you choose to spend a large proportion of the budget on the venue, it won't leave much for other essentials like catering and entertainment.

Consider your saving options

New ISA rules and pension reforms this year have made it easier for many people to make the most of tax efficient saving or easier access to their money (especially for parents or grandparents of retirement age). Many couples get married long after announcing their engagement and if you have enough time before your wedding day, saving a certain amount every month will keep you on track to ensure you can afford everything you want. Remember to consider various options when it comes to saving - for example putting £500 a month into a cash ISA for the year leading up to the big day could be an effective way to commit to saving.

Do-it-yourself

There are lots of ways to make your budget go further by doing things yourself, in place of paying for professional services. For example, invitations and place cards can easily be printed at home, and if the design seems like too much work, templates can be bought cheaply online from retailers such as Etsy. How about making your own favours and table decorations, doing your own hair and makeup, or even holding the reception at home? Shop around, take inspiration from others and make it your own!

Call on your loved ones

Although many parts of a wedding budget are inescapable, there are some areas where your loved ones could help out. Every bridal party is sure to have a budding florist who could arrange the flowers instead of a professional, or keen bakers who could offer their own creations to a 'wedding cake table' to avoid wedding cake costs. Many will feel honoured and more than happy to play a part in your big day.

Most importantly though, don't feel pressured to fork out for things just in order to follow tradition - it's your day, so it should be how you want it at a cost that you are comfortable with.