Budgeting for a Wedding |
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Getting married can be an expensive business. This article looks at ways to budget effectively.
So you’re getting married? First of all - congratulations! While you’ve got a lifetime with your partner ahead of you, you will also need some serious planning to make your special day the best in your life. Another slightly worrying fact is that you’ll also need to make a serious budget, otherwise you could start your marriage with a large sum of unplanned debt. The Cost Various websites quote different figures, but a wedding most often costs somewhere in the region of £10,000 - £16,000, depending on how generous and extravagant you expect to be. If this seems a little scary, be aware that a private reception in a function suite is likely to cost around £2,000, while the honeymoon will probably cost at least £500 each, possibly more the further you head away. Then there are all of the outfits, food and flowers to consider. Of course you can cut the expenses where you see necessary – but it’s not too easy. Your honeymoon to be one of the biggest expenses of your wedding, the internet has made it easy to find the best deals quickly for your honeymoon. There are a host of destinations for romantics to visit, with favourites being Caribbean cruises and Paris, while the Far East destinations such as Thailand are becoming more popular. If you’re looking for a cheap deal check out Travelzoo, this website sources the internet for the best deals and publishes them in one place, making it easier to search for bargain cruises and holidays. How to Pay When you’re planning your wedding it’s absolutely essential that you see what you can afford and set an absolute ceiling. Once you’ve got this, try and order everything that you think you need to be about 10% under the ceiling. That way you’ll probably have enough leeway to cover any expenses that you didn’t initially consider. Be prepared to make sacrifices. If you can’t afford to hire a private function room, consider if your own house (if you own one) would be a decent venue for your reception. It is quite likely that you’ll have to raise some finance to cover the costs of this. Many couples get money from both sets of parents, but you may also want to consider a loan. ASDA Finance currently offer unsecured loans from low rates of 6.9% for sums between £7,500 - £25,000 so they come as recommended for lending for a wedding. If you own a property then secured loans are also available. See Wedding Chaos for dedicated wedding advice, or just type ‘wedding advice’ into a search engine and see what comes up.
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Article Added Tuesday, 03 March 2009 |
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