Weddings are costly business. In Northern Ireland, the average cost of a wedding is estimated to be around £27,000. While in the Republic of Ireland, couples spend an average of €28,000 on their big day.
That’s big bucks and you’re probably going to have to be pretty savvy about how you save. Here’s how:
Think about where you can cut costs
First things first, what can you do to make your wedding cheaper so that you have less to save in the long run? Move your date from a Saturday in the summer, to a weekday in autumn, winter or spring for the biggest saving. You could save up to 10k! If you use the same ceremony and reception venue you’re set for more savings. Figure out where you can call in favours from family and friends too (know someone who’s crafty that could create your invites at a fraction of the cost or got a musical cousin who could sing you down the aisle?) and consider cutting things that aren’t strictly necessary like the cake and wedding favours. If you can bear it, cut your guest list too – you’ll save a fortune.
Set a realistic budget
Now that you’ve a rough idea on where you can cut costs, sit down and write out a comprehensive budget that includes everything from the venue to your wedding favours. We know, snore! But it’s totally worth it. If you’re unsure how much things cost, now is a good time to get quotes from vendors, or at the very least, ask someone who’s recently gotten married. Tot all up and figure out your goal savings amount from there. Then all you gotta do is break that goal into weekly and monthly savings targets. This means if you want to save 20K in the next 24 months, you and your partner will need to put away 833 a month between you.
Don’t forget to factor in unexpected costs (it’s inevitable that the car/washing machine/boiler will breakdown when you need the cash most) and account for extras like eating out or grabbing coffee. They all add up and you’ll still want to enjoy treats and indulgences over the coming months, so be realistic!
Track your spending
An obvious one, but a place where so many couples go wrong. Whether you prefer the old fashioned pen and paper route, or you like to use an app, you’ll need to regularly take stock of your spending. Where is your money going? Where could you save? And how much are you regularly putting away? Many banks now have apps with built-in analytics that show you a detailed breakdown on what you’re spending on, so take advantage of that.
Have a dedicated wedding savings account
Make sure you are keeping your hard-earned wedding fund in a savings account, and not resting in a current account that you use day to day. If your wedding is soon, an easy-access regular saving account that you can dip into is a good option, while an ISA account works best for long-term savings. Once you’ve settled on an account, set up an automated savings amount for the account every month. Sorted.
Cut back on one indulgence
Maybe that means not going on a two-week holiday this year but instead getting away for a weekend. Perhaps it means bringing your own coffee to work instead of splurging on a takeaway one. Or it could mean cutting back on Instagram if you’re a divil for those swipe-to-buy links. Whatever you choose it should be something you’re willing to give up in the short term and an indulgence you don’t begrudge forgoing. You also want it to be worthwhile. Tot up what savings you could make by cutting this one thing out of your life for a little while, and see if the reward is worth the sacrifice.
