Say yes to saving for the big day - Top tips from Rathbones

couple kissing on wedding day in ceremony Credit: Photo by Briana Autran on Unsplash

Top tips from Kindar Brown, Senior Financial Planner at Rathbones Group Plc on budgeting together for the important day. 

A wedding is the beginning of a new chapter and likely one of the most important days of your life. While the day itself should be full of joy and stress free, a lot of our time and money goes into pre-wedding planning, to make sure this is the case. The cost of living crisis and sticky inflation are impacting prices across the board and wedding suppliers are no exception. 

For those gearing up for their wedding day, Kindar shares her top tips for anyone putting a budget together for that important day. 

  1. Set a budget early 

The average wedding in 2023 cost £20,700, up 12.5% from 2022, so it is understandable that you may feel overwhelmed or stressed when you begin the planning process. With many already feeling the impact and financial pressures of the cost-of-living crisis, having realistic expectations, and putting a strict budget in place have never been more important. For anyone planning their big day, start by having the conversation early on with your partner and any other family members who may be contributing. This will help you to establish your budget and therefore help guide decision making early on. It can be easy to get carried away so setting boundaries with a budget is key. 

  1. Start a separate savings pot  

As with all life events, the sooner you start saving and putting money aside, the better. Communication is key. Discuss whether you and your partner want to set up a separate bank account or even a joint savings account to provide a clear look at your savings and what your goal is. Make sure to openly talk about individual saving pots and whether you will each contribute a portion towards your wedding fund. It is also important to note after the wedding, if a surname is changed there will be additional costs to update passports and other documentation too. Choosing a competitive savings account which matches your requirements is an important step. 

  1. Consider your priorities

Weddings are a bit like a jigsaw, with various aspects to plan for and pull together. Start by creating a checklist for all the essentials you’ll need to spend money on and another for all the extra,  nice but non-essential expenditures. Then it is also worth having a conversation with your partner to establish what areas you’d like to prioritise in terms of your spending. Every couple is different and therefore the various components of a wedding will hold different levels of importance for each couple. Whereas one couple may value a top-of-the-range photographer, another may prioritise a three-course meal at the reception. If you agree your priorities, you can then spend time shopping around and researching cost-effective options when organising those non-priority components. Likewise, whilst some may hold the idea of a large wedding with an extensive guest list close to their heart, when creating the guest list, keep in mind extra catering and bigger venues can eat away at your budget.

  1. Understand who is contributing

  1. Remember your future

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