Wedding bills: Budget Report by Reassured
The wedding season is upon us and it’s no secret that weddings are a huge expense. And with UK searches for “how to save money on a wedding” up by +100% in the past 12 months, the cost-of-living crisis has got engaged couples looking for ways to save for a wedding.
A recent study by life insurance broker Reassured revealed fascinating findings about the financial commitments and challenges couples in the UK face when planning their dream wedding.
The study reveals that weddings are among the most financially burdensome occasions for Brits, as they entail an astonishing cost of £18,400. Considering the average annual savings of £2,684 by Brits, it translates into a demanding commitment of six and a half years to accumulate enough funds for this one day.
Of course, all of this assumes that you stay within your wedding budget. However, recent studies suggest that as many as 48% of couples go over budget when planning their wedding, with plenty of unforeseen costs cropping up that you simply can’t account for. This results in two-thirds of couples starting their married life in wedding day debt, with the average debt at £3,958 from going over budget.
Fear not, because there are countless ways to be resourceful and save on expenses. Reassured recently had an enlightening discussion with Kate Beavis, from Magpie Wedding. She created a magical wedding experience for a mere £3,000, proving that a low-cost wedding can be just as memorable. Kate confidently shared her perspective, stating, “Weddings can cost a lot with many couples often having to borrow money before the big day, while everyone should do what they wish, I don’t think it’s wise to spend over six years of married life paying it off. It's important to remember that it’s one day and with a little creativity and thinking outside the box you can have an amazing day on a budget, like we did!”.
To help lower the saving time and financial burden, Reassured has teamed up with a money-saving website, Choosewisely.co.uk to share top tips on organising a wedding that won’t break the bank, including:
Throw a party and do the legal bit another day
Hold an imitation wedding celebration in a garden, invite guests to listen to your promises, and then go to a registry office another day to make your marriage legal.
Get married in the evening
The later you get married, the less food and drink you need to provide for your guests.
Do your own hair and makeup
Professional hair and makeup can cost a small fortune - practice doing it yourself using YouTube videos or ask for a free consultation at a makeup counter on the high street.
You don’t have to buy a new wedding ring
There’s no law to say you have to wear a wedding ring. If you don’t usually wear rings, or you already own a ring you love, skip buying new rings.
Reduce the number of guests
Once upon a time, it was traditional to invite the whole family when Mum and Dad were footing the bill, but with more couples paying for their wedding, it’s important to invite the people you see regularly, who are a large part of your lives.
If you’re celebrating at an unlicensed venue, ask your guests to bring their own booze. That way, they get to drink their preferred tipple, and you’ll save yourself a fortune.
Skip the wedding cake
If your caterers are providing pudding, your guests don’t need cake on top. Or why not have your guests to bring the dessert, have fun with it and run a competition to see which guests can bake the best cake and serve it at your wedding party?
A spokesperson at Reassured comments on the findings: “We understand that weddings can be a significant financial burden, and our study highlights the challenges couples face in the UK. To help engaged couples, we’ve teamed up with Choosewisely.co.uk to provide practical tips on organising a wedding that won’t break the bank. By thinking outside the box, being creative, and considering alternative options, couples can have an amazing and memorable wedding without sacrificing their financial well-being.”
To calculate how long it takes UK adults to save for a wedding, Reassured first researched the cost of a wedding via https://www.hitched.co.uk/wedding-planning/organising-and-planning/the-average-wedding-cost-in-the-uk-revealed/ Then, analysed how much UK adults save on average every year via ons.gov.uk personal household and finances data to calculate how many years it takes UK adults to save for each of these key milestones.
The figures for the 2013 and 2003 numbers have been adjusted based on inflation.
Reassured is the UK’s largest life insurance broker, based on total revenue in latest published accounts following competitor market analysis. They specialise in arranging suitable life insurance and funeral plans for families across the country.
1. Google search data sourced from Keywordtool.io correct as of 18th of July 2023.