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The Cost Of Getting Married
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Weddings: Don't Let Debt Drag You Down (Instant Wedding Budget Calculator below)
Charles and Camilla and Jordan and Peter Andre may have been the stars of 2005's glam weddings. But while they may not have had to worry too much about the costs, most of us have to set and stick to a wedding budget.
A study by Brewin Dolphin in April 2005 revealed that the average UK wedding cost £16,000. In 2006 it is expected to rise to £18,000.
Most banks and building societies offer branch customers a free financial review to help assess their financial needs and make sure they maximise their money and savings for big life events such as weddings. Mike Rogers, Managing Director of Barclays UK Retail Banking, urged couples to look at a regular savings plan well before the big day so they have the right amount set to one side.
Here are his essential wedding budgeting tips:
1. Plan ahead. Book certain elements, such as the reception, well in advance; booking a year ahead can sometimes reserve the previous year's prices. List what you need to book and when to pay for it to stop you overspending on duplicate purchases.
2. Set and stick to a budget. While you may want the whole wedding
party in Gucci, it might be too costly so strike a balance. List
everything you need and allocate rough costs -
an online
wedding finance calculator can help.
3. Spend time to shop around or alternatively hire a wedding planner - their fees can often be paid for from the money they can save you. Try to find the best deals on everything. Get written estimates before committing to ensure best value for money.
4. Start saving money early. When you have a final figure for your part of the wedding budget, assess how you will fund it. Research high interest, easy-access savings accounts that allow a monthly direct credit. How about a loose change collection at home for coins? Or a personal loan with fixed repayments?
5. Prenuptial agreements. While unromantic, one could protect you from unpredictable events. Although not legally binding in the UK, one may be taken into account during a divorce. Speak to your solicitor for information.
6. Who pays for what? Be clear from the outset and agree whether parents will contribute and what they will cover. Starting a family feud over who pays for the band will ruin the big day and cause untold amounts of stress.
7. Reduce costs. Winter wedding venues are often cheaper. As are Sunday weddings. Mid week are even cheaper! Consider channel-hopping to buy alcohol - although most venues charge corkage, it should be cheaper overall. When hiring photographers, use companies too small to charge VAT. Ask family to arrange the flowers and friends to make the cake and offer cars to and from venues.
8. Little extras add up. Professionally printed invitations, place cards and little gifts all increase costs. Do some of this yourself on your computer. Put disposable cameras on each reception table; these shots are much more informal and can reduce photography costs.
9. Keep receipts. Mark receipts off against your original budget and if you over or under spend on a particular item, reassess the budget.
10. Ignore peer pressure. Friends may have had white doves, champagne fountains and exotic flowers but that doesn't mean you have to. Centre your wedding on what you both want and can realistically afford.
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