Something borrowed, something blue is all too true if you have to fork out hundreds of pounds in interest for a wedding paid for on credit. Saving up for your wedding cuts the cost and the stress.
Work out the cost of your wedding and set a budget
Whether you opt for a wedding package or put together your own special day, the costs of a wedding can add up.
It’s important to set a budget and stick to it so that costs don’t spiral out of control.
Make a list of everything you need to spend money on and shop around for the best deal. Haggling on price is always worth a shot too.
Work out how much to save each month
Be realistic about what you can achieve and how much you can afford.
For example, if you plan to spend £5,000 for a wedding in one year’s time, you’ll need to save around £400 a month.
But, if you start saving two years before the wedding, you’d only need to save £200 each month.
Savings Calculator
Once you’ve set a budget and worked out the cost of your wedding, use our Savings Calculator to help you work out how much you’ll need to save to meet this target or how long it will take if you have a monthly sum in mind.
Start saving
Top tip
Set up a regular payment (direct debit or standing order) to automatically transfer a set amount into your savings each month.
The sooner you start to save, the more manageable the cost will be.
Decide where to stash your savings. Maybe you already have an online bank account that lets you set up a separate pot for the wedding.
Otherwise, open a straightforward instant access savings account.
If you have a large and unexpected expense getting in the way of your saving plan, there are some credit cards that can give 0% interest on purchases for up to a year, or even longer.
Some people use these cards to spread that cost over a long period of time, which can then allow them to continue putting money into their savings each month.
These credit card offers do expire, with the APR reverting to a much higher rate.
So, make sure to set up a Direct Debit to fully pay off the balance within the 0% period.
Before you take out a credit card make sure you consider whether you need to borrow. Find out more in our guide Do you need to borrow money?
If you have a year or two to plan ahead, you might want to look at accounts that tie up your money but offer better interest.
Find out more in our guides:
Bank accounts to keep and save your money
Direct Debits and standing orders
Price comparison websites
Comparison websites are a good starting point for anyone trying to find a bank account tailored to their needs.
These websites are a good place to start in your hunt for a savings account:
Which?
MoneySavingExpert
Comparison websites won’t all give you the same results, so it’s a good idea to use more than one site before deciding. It’s also important to do some research into the type of product and features you need before making a purchase or changing supplier.
