February is a popular month for couples to decide to get married, as cupid’s bow often strikes around Valentine’s Day. But after the initial rush of excitement from saying “YES” to your proposal, the reality that weddings are expensive might just now be setting in.
Here are some tips to help you plan and save for your big day:
Set a budget
If you don’t want to start married life with a huge debt from the cost of your big day, planning a wedding that you can afford, and then budgeting is essential.
High inflation and the rising cost of living has seen the average cost of a wedding shoot up to £23,250 last year, compared to £17,300 in 2021. However, nearly one-in-five couples spent considerably less (between £10,000-15,000).
So before starting to plan your wedding, think about what you can afford, set a budget and stick to it. It’s easy to go over budget – 60% of couples said they increased their budget whilst planning their wedding and more than half admitted to over-spending on their budget – so it’s probably useful to build in a small buffer of around 10% to cover costs that may come in higher than you had expected.
Plan your savings
Once you have a budget set, you can work out your savings plan by taking the amount of savings you already have or any other financial support, from the total budget, and then dividing the remaining amount by the number of months there are to your wedding.
If the monthly savings required is too high for you there are a number of things you could consider to reduce your overall budget to one you can afford:
- Flexing the date when you get married can help with your budget. Whilst you might have an ideal date in mind if that doesn’t give you enough time to save what you need, delaying the big day might help you to afford the wedding you want.
- Consider whether there is anything you have added to your budget that you or one of your friends can do. In 2024, 56% of couples included more DIY elements into their wedding than they had planned to help them save costs.
- Look at every detail of your wedding plan to find where costs can be reduced. Almost a quarter of couples last year had a second outfit for their big day, whereas sticking to just one or perhaps renting your outfit(s) would be an instant budget saver. And 70% chose to have wedding favours for each guest, another cost that could potentially be saved if budget is tight.
- Although couples cited the enjoyment of their guests as the biggest priority when planning a wedding, reviewing the food you serve could be a big budget saver, without compromising the overall experience. For example, you don’t have to offer three courses, consider not having a starter or replacing the dessert with wedding cake. Choosing simpler, crowd-pleasing dishes rather than more elaborate and costly options could be considered to bring down the cost per guest.
- Don’t forget the old saying ‘something old, something new, something borrowed and something blue’ – borrowing items or using something you already have will not only save your budget, it might also add sentimental value.
Keep track of everything
Now you’ve got a plan for your wedding and a budget to cover it, keep a laser-like focus on your savings and spending.
Automating your savings by setting up a regular direct debit that transfers into your savings account on pay day, will mean you are more likely to hit your planned savings goal.
Keep a record of everything you spend. It’s easy for a small extras to quickly add up to a considerable overspend, so stick to your plan. If something essential crops up (or there’s something that you really, really want) that wasn’t in the original plan, look at the rest of your budget and what you can take out to cover the extra cost.
It’s not always easy to stick to a savings plan and budget, and there are likely to be many temptations to go off-piste along the way. But mentally picturing yourself and your partner on your wedding day, or creating a vision board of your big day, should help keep you on track.
Good luck!
All statistics quoted are from Hitched National Wedding Survey 2024.
