Getting ready to say “I do” doesn’t mean saying “yes” to every expense. Planning your dream wedding while being mindful of your budget is very much possible, and this guide is here to show you the way. From breaking down a comprehensive budget to savvy shopping tips and the benefits of DIY — we’ve covered it all to help you save for your wedding without skimping on the magic. We even touch upon smart financial moves to secure your future together.
Table of Contents
1. Agree a Comprehensive Budget
Your wedding budget needs to detail every aspect of your big day to avoid any nasty surprises down the line.
A potential breakdown of your wedding spend could be:
|Budget Component||Percentage of Total Budget|
We’ve not included any honeymoon costs. You may well want to head away and want to allocate budget for this too. With so many options and ideas you might have for your honeymoon, from maybe a day or two away locally to a long haul flight and luxury holiday somewhere exotic, it is extremely difficult to average out a cost or budget percentage.
Also, when setting a budget, it’s wise to have a buffer ready. The buffer allows for any last-minute or unknown expenses as you save for your wedding.
Clearly you need to review your overall budget and consider each component carefully and assess the percentage spend you want to allocate to it. As you do this, you can consider how you want to address your honeymoon costs.You may or not allocate your percentages aligned to those shown above. These are just indicative and giving you a ‘straw man’ to work with.
1.1 Consider Buying Wedding Insurance
Within the broader spectrum of your wedding budget, allocating a portion for wedding insurance could be a prudent move. Wedding insurance safeguards you against unforeseen events such as cancellations, supplier failures, or accidents, offering you peace of mind as you orchestrate this milestone event.
- Pros of Wedding Insurance: It can cover a range of unexpected incidents, including venue cancellations, damaged wedding attire, or loss of wedding rings.
- Cons of Wedding Insurance: It might add to your wedding costs and not all circumstances will be covered; hence understanding the terms is vital.
Tip: Utilising budgeting apps can facilitate meticulous tracking of your expenses, aiding you to maintain the sanctity of the financial blueprint you establish.
Remember, as you plan to save for your wedding, every detail counts. Including a provision for wedding insurance could potentially save you from facing hefty financial losses in the event of unforeseen setbacks.
Before buying a wedding insurance policy, be sure to read all the terms and conditions carefully and choose a cover that suits your specific needs and preferences.
2. Shop Smart to Save For Your Wedding Day
Be it the wedding attire or accessories, shopping smart can aid you in saving substantially. Consider sales and discounts, keep an eye out and grab the best deals.
Also check out secondhand or charity shops, they can often have a lot of wedding things to choose from , invariably at much more affordable prices.
As you save for your wedding, understanding exactly what you’ll need to buy is vital. Breaking down your shopping list into detailed components can help you prioritise and find the best deals. Consider the following essentials:
2.1 For the Wedding Ceremony
- Attire: This includes not only the wedding dress and suit but also shoes, accessories, and potential changes of clothes for different phases of the ceremony.
- Rings: Allocate a sensible budget for your wedding rings, keeping in mind the metal and any stones you prefer. (And whilst it happens before your wedding planning gets underway in earnest, don’t forget to ensure you have enough budget for an engagement ring. Ensure too that you are clear on the type of engagement ring, whether you can buy from a jewellery or whether you’re going to buy a designer bespoke engagement ring)
2.2 For the Reception
- Decor: Focus on harmonious elements that complement your chosen colour scheme, including centrepieces, lighting, and table linens.
- Food and Drink: Be sure to cater for a variety of dietary needs and preferences with your food and beverage selections.
- Invitations: Consider different options, including digital invites to save on printing and postage.
- Favours: Think about small tokens of appreciation for your guests that are both personal and budget-friendly.
Tip: Create a wedding checklist to ensure you don’t overlook any essential detail, helping streamline your shopping process while adhering to your budget.
3. Save Every Month
Allocating funds for your wedding each month will help you meet your target budget. This can also help you save. You can start saving now but if you want to lower the amount you save every month, you can start saving further in advance of your wedding. Of course, this works for couples who are not in a rush to get married.
4. Have a Savings Timeline
Have a savings timeline too to keep you on track. Create a schedule when you need to pay your wedding suppliers so you won’t be caught out and ensure as you allocate your savings you build up enough of a pot of money to payout suppliers as they need to be paid. Whatever you do, ensure you don’t overstretch or miss payments and risk falling into debt.
5. Reduce Other Expenditure
A great way to help increase your ability to save is by removing existing costs you’re paying each month.
Start with your large costs such as seeing if you can use a broker to reduce your mortgage interest rates, stop using credit cards and cancel unnecessary discretionary expenses.
Do you need Netflix or do you have a gym membership running that you don’t use? Consider whether you’re spending money which could otherwise be going towards your big day.
What other lifestyle adjustments can you make? For example, how about such as food swapping, using online platforms for pre-loved items, upcycling, or innovative applications for food waste reduction. All these are gaining momentum and can really help you save for your wedding and move you towards a more sustainable lifestyle – for more on this see our article ‘4 Steps Towards a Sustainable Lifestyle: Swap, Share, Upcycle and Save Money‘.
Whatever steps you take to save money for your wedding, it all comes down to one thing — avoid overspending. You absolutely want to ensure you have the best wedding day you can and will inevitably spend as much as you can but be sensible. Don’t go into debt to pay for your wedding, you certainly don’t want to start your marriage having to pay off debts!