Your Money Matters: Planning a wedding amid rising costs

We are into June, which means engagement and wedding season is well under way!

After the pandemic threw celebrations into disarray, it’s understandable that the brides-to-be of 2022 and 2023 want to make up for lost time.

But with the average cost of a wedding in the UK in 2019 being a staggering £32,000, it’s not hard to see why post pandemic celebrations could be costly.

So, here are my top tips on how to avoid getting caught out financially, when saying “I DO!”.

Firefighters have sliced off a ring which was stuck on a persons finger. Pictured, a woman taking off a wedding ring. Photo: Getty/iStock (Image: This content is subject to copyright.)

Get wedding insurance

Things can go wrong. Dates change or suppliers sadly go out of business which may mean the loss of a deposit, or more, which you may never recover. Wedding insurance, starting at around £50, can provide peace of mind as we continue to face uncertainty.

Know your budget

Whether using your own savings, planning on taking out a loan, or expecting support from relatives, knowing how much you realistically have to spend on your big day can stop you getting carried away, and finding that you’ve run out of money before you’ve even written the guest list.

If you’ve been offered the gift of a wedding from relatives, be clear on how much they are expecting to commit. It should be a joyous time for everyone, so don’t risk spoiling it by putting extra pressure on yourself or others by making assumptions and avoiding the money conversation.

Decide your non-negotiables

There will be lots of things that are nice to have, but there will be one or two that you know are going to make your day. If you’ve always wanted a tiara and full-length veil, for example, make this a priority over something else when allocating your funds.

If you end up without it because you spent the money on inviting three second cousins you’ve never met, then you’ll look at your wedding photos and Facebook memories for years to come with a pang of regret. Likewise, which means more to you, a bigger reception guest list or an extra week on honeymoon? Your memories will last forever, make them count.

Think outside the box

Get creative, and build a willing support network. Design your own invites, make your own props, get Auntie Vi to sew miles of bunting! If a friend offers to do your make up, then accept. If you have the chance to rent or borrow things instead of buying them, then do!

Second-hand wedding props can be acquired at the fraction of the cost of new and, let’s face it, they’re hardly well used, so get hunting out those selling sites and keywords.

Norfolk-based money coach Kim Uzzell of mymoneymovement.co.uk (Image: @Valentinestudio)

Don’t get carried away

Just because your favourite celeb is splashing pictures in Hello magazine of a £20,000 flower arrangement, full orchestra greeting guests and a unicorn delivering the rings whilst showering guests with glitter, doesn’t mean that you need to do the same. It’s not a competition.

Remember why you’re doing this

And most importantly, it’s not a show of how much money you have or how big a party you can afford. It’s about declaring your love to each other in front of those who truly mean the most to you.

A marriage ceremony need cost only a few hundred pounds. Everything on top of that is optional, a bonus, and doesn’t change the value of the marriage certificate in any way.

For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.

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