Everything you need to know about saving for a wedding
Table of Contents
Key things to know when saving for a wedding
- The average cost of a wedding can vary dramatically and will depend on what you want from your day. It may also depend on where you live and the type of wedding you’re planning.
- A lot of couples budget too little for their wedding or have already spent more than initially planned.
- Research and comparison shopping is one of the best ways to keep track of wedding costs and save more.
- If you open a dedicated wedding savings account, it might be worth choosing one that offers flexibility so you can easily access your money if you need to pay for something urgently.
How much do I need to save for a wedding?
The total amount you need to save for your wedding will vary. An average UK wedding costs about £17,000 (excluding your honeymoon), including the average costs for wedding cakes, wedding and engagement rings, rehearsal dinners, reception, décor, professional photography etc.
Of course, you can choose to spend more or less than this depending on the type of wedding you want, how many guests you invite and your priorities for your special day.
Four ways to save for a wedding
The longer you have to save for your wedding, the more money you’ll have for your special day, and the easier it will be to budget. These four tips might also help you save more effectively.
1.Set a realistic wedding budget
Planning what you want for your wedding day is pretty easy, but having the budget to make those dreams a reality is the hard part. Having a budget can help you keep track of your spending and choices. It’s easy for wedding costs to add up, and it’s important to know what you’ve spent and how much you’ve still got left to spend. Start by making a list of everything you want and putting a cost against it, before refining it into a budget that’s realistic for you. It’s a good idea to have clear estimates for everything you want, and compare costs as well.
2.Calculate your monthly income
Once you have an idea of what your target budget is for your wedding, you can calculate how much you’ll need to save each month. It’s important to be realistic about what you can achieve and how you can manage your money to achieve it.
3.Start saving for your wedding as soon as you can
The earlier you can start saving for your wedding, the easier it will be for you to manage the costs. Opening a savings account is one of the best ways to set money aside while earning interest.
Comparing different types of savings accounts will help you get one that suits you and your wedding savings goals. If you want the flexibility of accessing your savings at any time, an easy access account might be right for you. You could also consider a notice account, which provides the flexibility of easy access with the more competitive interest rates of a fixed rate bond. Fixed rate bonds may be best if you already have a lump sum that you can lock away for a set amount of time and aren’t getting married for a while, as you’ll typically earn a higher interest rate.
4.Monitor your wedding savings
Keeping track of your money as you save for your wedding will help you keep on top of your budget and costs. It’s important to shop around and compare wedding savings accounts, so you get the best interest rate for the type of savings account that suits you.
How can I save for a wedding quickly?
If you’re planning to get married soon after getting engaged, you could look at adjusting your monthly expenses and see where you can save by reducing your expenditure. Opening a competitive variable rate notice account may also help increase your savings in the short term.
How do I open savings accounts at raisin.co.uk?
Quickly and easily open a savings account for your wedding with competitive interest rates from a range of UK banks by registering for a Raisin UK Account and logging in to apply. It’s free to open an account, and once you’ve been approved, you just need to transfer your deposit and watch your wedding savings grow.
Save time, make money
After you register for your one single login, you can conveniently view, purchase and manage savings
accounts with competitive interest rates in one place; the Raisin UK savings marketplace. Start
making money on your savings today.