Do you or a loved one have a wedding to plan this year?
It can take months to nail down the perfect wedding venue, dress, band and other items and the costs of all this can be scary – some planning is needed!
Whether you choose an unusual wedding or a more traditional one, there are always ways to save money. After all, no one wants to start a new life together broke from the wedding. With that in mind, here are four ways to keep your budget under control, while making the nuptials memorable for all.
- Start with a simple spending limit — and decide who will pay what.
Before you make any purchases, calculate your overall budget. The average wedding costs a whopping £27,000, according to the Independent and so it is really important to know how much you have available to spend.
Don’t let friends and family pressurise you into spending beyond your means. Choose a number that doesn’t cause you pain (it is possible to do this for much less than £27,000!). Once you have made your budget, commit to sticking to it — as a maximum, not a minimum. Try and focus on what you could spend any unspent money on – like a new kitchen, making a top up pension contribution or a dream honeymoon.
Unfortunately, lots of people go over budget and the best way to prevent this is lots of planning ahead. The biggest expenses tend to be the venue, engagement ring and food and drinks for your guests; but a band, flowers and photographer can also run to more than a £1,000 each.
Once you’ve tallied up all your fixed expenses, dedicate about 5% of your budget to “hidden” expenses which may occur.
What about who will pay? Many people count on parents to help foot the bill. Only about 10% of couples paid entirely for their wedding in 2017. If your parents haven’t already offered to donate towards the costs, the ideal way to approach them for wedding money is to emphasize how grateful you are for any assistance and how much their help means to you – most parents want to feel good about helping with the wedding. Remember that they can gift £5,000 to you free from Inheritance Tax – that should be attractive to them!
- Check your list again and make tweaks, deciding what to splurge on and where to skimp
A key trick to staying under budget is to select two or three priorities you really want for your wedding and use them as the starting point for your budget. For instance, if flowers don’t do much for you, allocate only 5% of the budget to floral arrangements or don’t have any, but if the venue is important, assign 30% to the location.
As a couple, determine which two or three things are non-negotiable with the wedding, such as the venue or having a live band. Those elements are your essentials and then agree to possibly make concessions on other things.
The venue, photographer, band or DJ and catering are among the elements that make the big day unforgettable, often couples overspend on catering, invitations, hair and makeup, but wish they spent more on the photographer, band or DJ – afterall, memories of the ceremony and those made on the dance floor with friends and family are the bits you are likely to really want to remember and capture!
- Negotiate the wedding costs
While you should always look for the lowest price possible, most wedding vendor costs are pretty fixed. That doesn’t you can’t try and negotiate though! — just that you just have to be a little flexible and creative.
Explore what the vendor can provide within your budget and you may be surprised. Maybe ask if you can pay in instalments to help spread costs and ease your budget worries. Instead of grumbling about the cost, be honest and say “We would love to work with you but the cost is more than we expected. Do you have any recommendations on any changes that we can make to help bring the cost down?”
Lastly, don’t forget to consider a vendor’s personality before hiring them. After all you will be spending the whole day with your photographer, videographer etc, so hiring vendors you feel comfortable with is as important as the price tag.
- Add a touch of personality
A personalised wedding can also mean a more budget-friendly event. For example, do you have a creative friend that can help you make your place cards, table plan or event buttonholes?
Maybe seek out an alternative venue to a typical hotel or golf club. Perhaps a historic building, campsite or townhall. If they aren’t a commercial wedding venue, they may be cheaper – but always be aware that it can also be a false economy, with you having to outsource lots of extras. For example, if you choose a campsite with a large marquee, make sure it is set up for a wedding, with a kitchen and nice toilets.
Other unique and money-saving ideas include opting for a gorgeous, but free location — like a public beach, park or a friend’s beautifully landscaped garden.
And if you’re sick of the traditional wedding “rule book,” throw it away: You could borrow a friend’s wedding dress, have your guests help take photos, ask a friend to DJ using your own setlist etc. Money saving ideas are limited only by our imagination!