One of the first things you will need to do when planning your wedding is set a budget. In order to do this, you will need to understand what you can afford to spend and how you will fund the event. There are a number of ways you can do this and it's worth considering all of your avenues to make the most informed decision.
Savings
It goes without saying that one of the most common ways to pay for a wedding is through savings. You may have been discussing your wedding with your partner for a while and already put some money aside for the big day. Or, perhaps you need to start saving now you've said "yes". Sit down with your partner, do some research on wedding venues and vendors, and assess what you already have and how much you will additionally need to save to fund your wedding day. Then, if any additional funds are needed, work out where you can make those savings in your daily life to be able to pay for your wedding in time.
Remember, the average wedding in the UK takes between 18-24 months to plan. So, even if you only have a small amount of money saved, you may find you have plenty of time to top up the funds. If you don't have the funds saved up, there are of course other ways you can pay for your wedding.
Top Tip: You may also want to open a separate savings account specifically for the wedding so the funds don't get touched until you need them, especially if you are taking some additional time to build up your funds.
Family donations
Your parents, grandparents, and other family members may be wanting to contribute to your big day. It may be a tradition in your family. If you know this to be the case, speak to them about what they would be willing to give. Some family members may have a sum of money saved as a gift to donate to your wedding funds, others may be looking to pay for a specific thing or contribute to a wider element, such as your wedding catering or the floral arrangements.
If this is the case, we recommend finding out what they are wanting their money to go towards and involving them in the planning of that element, so they can see what the money is being spent on. Perhaps your mum wants to pay for your bridal gown, or your grandfather wants to contribute to the cost of your flowers; they will love to see how you are spending their gifted funds and appreciate the ability to give their opinion on your choices.
Loans
Couples choosing a loan for their wedding do so in order to have all the money they need available to them in one go. They can then pay that off in manageable, set amounts that fit their circumstances.Â
If you are considering this route, we highly recommend you do your research to find the right loan for you. You'll need to consider the amount you want to borrow, how long you will need to pay it off, and the annual percentage rate (APR). The annual percentage rate is the interest you pay on the loan. The lower the APR, the less interest you will pay. Many use comparison sites such as Loans Warehouse and the support of their expert advisors to do this research and find a loan that suits them without affecting their credit score.
Once you've found the right loan for you with an APR and payment plan that suits your circumstances, make sure to always read the small print before completing your application and, of course, keep up with your payments to avoid hurting your credit score.
Credit Cards
If you are sensible with your spending, credit cards are an effective and affordable way to borrow the money you need for your big day. The added benefit of using credit cards is that your payments and deposits will also be protected under Section 75 of the consumer credit act, as long as the payment had a value between £100 - £30,000. So, if something goes wrong, such as the business closing unexpectedly, your purchases are covered. If you are using credit cards, ensure you are able to pay off the full balance in time to avoid affecting your credit score and getting into unmanageable debt.
There are a couple of options that are really popular with couples when it comes to using credit cards to pay for their wedding.
0% Credit Cards
A 0% interest credit card is a popular choice for many couples, as our founder, Alison explains...
With a 12 month 0% interest credit card, you will have a 12 month period where no interest is added to your balance. This means you are able to spread the cost of deposits and payments for your wedding over the interest-free term. As long as you pay the balance off before the end of the interest-free period, and ensure you always keep up with minimum payments, you won't pay anything extra on what you borrow.
Reward Credit Cards
You may have already saved all the money you need for your wedding. If that's the case, why not consider paying for everything with a rewards credit card? For many couples, this is a great way to earn extra perks and bonuses on your wedding purchases.
If you ensure you pay the balance in full each month, using a rewards credits card could earn you cashback on your wedding purchases, air miles (perfect for getting honeymoon upgrades), and more, without paying interest. Remember though, if you don't pay off the balance in time, the interest you could get charged may outweigh the value of the rewards.
Once you've decided how you will pay for your wedding and agreed on your wedding budget, it's time to really get started on the wedding planning! Browse for your perfect wedding venue and suppliers here on Guides for Brides.
Please note: This article is designed to assist and inform readers about their options when planning how they will pay for their wedding. It is not designed to offer financial advice. We always recommend speaking directly with a professional provider if you have queries about their savings accounts, loans or credit cards and reading the terms and conditions thoroughly prior to agreement.