Couples Set Tight Wedding Budgets
Published: 21 April 2011
By MoneyHighStreet Staff Leave a Comment
Updated: 12 April 2012
Perhaps in contrast to the Royal Wedding plans, many engaged couples are keeping a tight reign on the costs of their wedding as most are footing the bills themselves.
A week before the Royal Wedding, it has been revealed that most engaged couples are limiting the costs of their wedding to a maximum of £10,000, most likely because almost two thirds of them will be paying for the matrimonial celebrations themselves.
Engaged couples are saving more and spending less ahead of their big day, according to the research from Tesco Bank.
There seems to be a change in the way in which weddings are being paid for as less than a third are now fully paid for by the brides family, which has long been the traditional way of financing the wedding costs.
Now engaged couples are likely to save for their big day for two years and some will resort to taking out a loan, particularly if they are hoping to go on an expensive honeymoon too.
Given the costs of getting married, it is important that engaged couple consider taking out wedding insurance to cover any unforeseen eventualities.
Even with careful budgeting, the costs of getting married can still add up significantly as David McCreadie, Managing Director for Banking at Tesco Bank, explains:
“Even though over 80% of married couples say that they were able to keep their wedding within budget, it is always worth setting aside a contingency of 10-15% just to avoid any surprises.”