Wedding budget blues? Check out these expert tips on what to buy now and what to save for…
Every bride is different. Some prefer to plan for years in advance, letting the wedding fund gradually grow over time, and others just want to hurry up and call the man of their dreams ‘Husband’ already.
But, when it comes to the necessary evil that is the finances of a wedding, how much of a difference does it really make in both time and money choosing to save up in advance instead of biting the bullet and putting it all on credit now?
Well, the answer is a win for both planners and spontaneous brides alike. MoneySuperMarket’s financial experts calculated Brit’s average earnings and spending to determine how they’re able to save per month. Using the data they’ve worked out exactly which of the wedding big spends are better saved for, and when the luxury of getting it now on credit is something you should definitely snap up.
With a saving potential of £352 a month, the experts have shared their credit versus saving recommendations:
Catering? Save up
The average catering spend is £3,959, but with the interest involved if you opt to put this on credit it would come to £4,524 – a decent £565 that could be much better spent on other things.. Cough, bar tab.
While the 11.2 months it would take you to save this amount can seem daunting, caterers are generally a pay-on-the-day wedding expense and therefore if you start saving when planning commences, you should be fine to wait for this spend.
Dress? Spend now
You never know when you’re going to strike lucky and find your one-of-a-kind dream dress. The last thing you want to be doing is walking away because you didn’t plan on finding ‘the one’ today.
Costing on average £1,385, which becomes just £1,457 on credit, it’s definitely worth the £72 difference to ensure no one else snaps up your perfect dress while you save.
Venue? A little spend and a little save.
The wedding venue sits somewhere in between the others: when you find it, you want to be able to lock it in instantly, especially to secure the perfect date. Final payments will then usually be made after the day and you will have time to prepare your finances.
Our recommendation is to book the venue a year in advance. With the average cost being around £2,790, you’re likely to be able to afford to pay the 10% deposit immediately and then you can start saving the rest. You’ll spend £276 less overall and have it paid off in under 8 months on average.
See the full list of which big ticket items are better to spend or save across a range of life’s purchases.