From the venue, food and drink, to the outfits, flowers and photography, there’s a lot to think about when planning your wedding. And then there’s the honeymoon – another potentially big expense depending on how luxe you want to go.
The average cost of a wedding in 2022 was £18,400 – up 6% from £17,300 the previous year, according to a survey by Hitched.co.uk.
Of the 2,400 couples asked, 47% said they went over budget, with almost two thirds (63%) saying they received financial gifts from family and friends to pay for their wedding.
Clearly, weddings are expensive. And right now, your budget may be stretched before you even factor in budgeting for the supposed “best day of your life”.
It’s a lot of pressure and money for one day. Spend time organising your finances when wedding planning to make sure you have a once-in-a-lifetime day without sacrificing everything else. Here are seven tips.
1. Start with a budget
As a couple, start by deciding how much you want to spend on the wedding, how much you can realistically save each month and how long you want to spend saving up.
You can then work out how much you’ll both need to put aside each month and if you’ll need to make any cutbacks.
Getting quotes from venues and potential suppliers early on is crucial – you may find out your dream vendor(s) are more or less affordable than you thought, and it’ll give you a more accurate idea of how much you need to save.
2. Decide what to cut back on
Find out where your money’s already going. Work out if you can cut anything out of your budget and put it towards the wedding instead.
You might want to reduce your online shopping, subscriptions or trips away while you save for the wedding, for example.
Use the Trends tab to see your current spending. Balance shows a total of the money coming in and out of your account and how much you’ve got left to spend after bills and upcoming payments. Spending breaks down your transactions by category or merchant. Tap each one to see the individual transactions.
3. Set wedding savings targets
Set new realistic monthly spending targets that take into account your current income, outgoings, wedding budget and any other financial priorities, such as paying off debt.
Go to Trends, tap Target then Get started. Choose the accounts, spending categories and monthly start date you’d like to track, then set a monthly spending target. Track your spending using the interactive graph.
Make sure these are realistic so you get a boost of motivation when you hit them each month.
4. Create a Pot for every part of the wedding
You’ll need somewhere convenient to keep your wedding fund, which is where Pots* come in. Creating a Pot for each wedding cost can make saving less overwhelming, as you can see exactly how close you are from hitting each goal.
The average couple hired 10 vendors for their wedding in 2022, an increase of two on the previous year, the survey found. Consider creating Pots:
Venue (and church if needed)
Catering and bar
Your dress/suit
Hair and makeup
Photographer and/or videographer
Entertainment
Flowers
Anything else you’re prioritising on the day
5. Don’t forget the honeymoon
Over nine in 10 (92%) of couples have a honeymoon or mini moon, and honeymoon spend increased by 23% between 2021-2, Hitched.co.uk found.
Factor this into your budget from the start and consider creating a separate Pot for it so you can save for it alongside the wedding – 59% of couples do this, according to the survey.
6. Have regular check-ins to assess your progress
If you’ve got monthly savings targets, sit down together once a month – or more regularly if you’d prefer – to make sure you’re on track.
You can then change your budget accordingly, by increasing the amount you’re saving or giving yourselves more time, for example.
7. Don’t let your wedding take over your life
It’s natural to want your wedding to be the best it can be. But it’s just one day, so don’t prioritise it at the expense of everything else.
If saving for the big day is negatively affecting your mental and/or financial health, be open with your partner and get support from loved ones. Seek advice on the Monzo Saving Squad community if you have specific queries about finances.
Could you extend your timeline or change your plan to make things more manageable? For example, by reducing the number of guests you invite, buying things secondhand or asking friends for favours.
The bottom line? Planning your wedding should be enjoyable – it’s a party after all. Take the pressure off and put these tips into practice to at least make the money side more manageable – or even fun.
*To apply for a Monzo bank account and access Pots you must be a UK resident. Ts&Cs apply.