Wedding day luxuries being cut to save money
Published: 27 August 2009 By MoneyhighStreet Staff 1 Comment
With the average wedding now costing £21,000 many couples in recession hit Britain are cutting the luxuries to save money.
According to findings from AA Savings over 66% of those getting married will cut the costs of their wedding to under £7,500.
Considering over 30% of those engaged have less than £100 savings to save money on a wedding is a must for many.
As Mark Huggins, director of AA Savings, said ‘Planning ahead and making the most of your money is vital – whether you’re going to spend £2,000 or £20,000, it’s important to make sure you’re earning a good interest rate on your savings’
As well as saving money for your wedding, it’s important to consider protecting the money you have invested in your wedding celebrations through wedding insurance.
At relatively low cost you can buy wedding insurance quickly and easily online.
It provides cover in the event that something does go wrong with your plans as you lead up to the big day – for example the wedding rings are lost, the wedding dress damaged or there’s a problem with the wedding cars or photographer.
Earning interest by putting your money into a fixed rate savings account to save for your wedding could be a good move, particularly if your big day is some distance away.
There are still some fixed rate savings accounts that pay good interest rates – for example the AA’s Internet Fixed Rate Savings Account or the fixed rate savings account from Barnsley Building Society might be worth considering.
Certainly, wedding insurance is something that most brides and grooms to be should think about. For a relatively small premium, it provides the peace of mind that should something go wrong on your big day, you’ll at least not lose out financially. Even something minor, like damage to hired wedding attire, could cost as much to sort out as the wedding insurance premium would have been.