How to budget for a wedding before you’ve proposed
admin • May 15, 2020
In many ways, saving for a wedding is a lot like saving for a house – you know you'll need the money someday, you're just not sure when. With that in mind, it's probably a wise idea to plan ahead – even if you haven't proposed yet.
Little by little
By putting a certain amount aside on payday – whether it's £50 or £500 – your dream wedding will get a little closer as each month passes by. Starting early is always a good plan too, as the longer you're saving for, the more you'll have stashed away when the time comes to pop the question.
Just make sure that whenever you're saving, you're not compromising on the little things that make you happy. For example, if saving £100 each month means that you can no longer afford to go and see the occasional football match or eat at your favourite restaurant, it might be a wise idea to try saving a little less.
Asking for help
While some couples are lucky enough to have mums and dads willing to foot the bill, the majority of couples have to fund their wedding themselves. And while that's all well and good for those who can afford to save a hefty amount each month, it's cold comfort for those who can't.
Getting around the table with friends and family members is a great way of brainstorming some cost-saving solutions and asking for a little help if it's needed. Provided you're not asking for thousands of pounds at a time, you might find that they're happy to help cover the odd cost – which is handy if you're really up against it.
Choosing the right bank
It may seem strange, but some of the best interest rates are now available on current accounts. Where once upon a time basic rate taxpayers had to give £20 in every £100 to the taxman, new laws mean that the personal savings allowance just got a whole lot better for a lot of people, as it's now anchored to your tax bracket.
Basic rate payers are now allowed to earn £1,000/yr in interest before tax kicks in, while higher 40% rate taxpayers are entitled to £500/yr. So providing you're paying in enough to claim 2% or 3% interest, now is the perfect time to start your budget.
Don't go overboard
Budgeting will only get you so far, and it's important to allow a little extra in case things don't add up quite as they should. What's more, it's really important to not allow yourself to get carried away and spend more than you can afford. The last thing we want is for you to get into debt – because let's face it, nobody wants to see a letter from the bailiffs waiting on the mat as soon as they get home from their honeymoon.
At 118 118 Money, our blog is bursting with handy hints to help you look after those pennies. So if you've enjoyed reading about weddings and budgets – just take a look at our other blog posts for more of the same.