So you’re one of the lucky loving couples who have decided to tie the knot. Now it’s time to share a magical day with your friends and family to celebrate. Your wedding is maybe the most special (yet expensive) parties you’ll ever throw. Wedding financing is hardly the most romantic part of the experience. But if you get it right you can make this occasion perfect for you and your partner. This can start your marriage off on the right foot. Here are our suggestions for how to pay for a wedding without too much stress.

Work out your wedding budget

First things first, you’ll need to work out how much you expect your wedding to cost, and how much you can afford to pay. Are you hoping for a big fairytale extravaganza? Or would you prefer a low-key event with just your nearest and dearest to share the big day? The kind of ceremony and reception you’d expect will affect how you go about financing the wedding.

You should also consider any deposits you may need to shell out. Some key expenses will need you to pay some cash up front. For example, you probably will have to pay a significant deposit for your reception venue. So before you book anything, you should find out how the supplier or venue will want you to make your payment.

Once you’ve worked out roughly what your dream wedding will cost you, think about how reasonable it is for your current financial situation. Will you be able to afford an extravagant wedding with your combined salaries? How much can you realistically save?

Some couples may be able to pay for their whole wedding just with savings. But many find that they will need to supplement their savings with another solution.

Get help from friends and family

Your wedding should be a joyous occasion for all involved, including for your loved ones. Friends and family may be willing to help cover some of the costs and ease the strain on your wallet.

Tradition says that the bride’s family foots the bill, but today most would agree that it depends on each family’s circumstances. If you are lucky enough to get help paying for some of the wedding costs, great! If not, there are other ways to afford your special day.

Use your wedding savings wisely

Saving can be a smart way to approach your wedding financing. This way, you won’t walk into your first day of marriage with serious debt hanging over you. It can also be cheaper, as you won’t be charged interest for borrowing. The downside is that it can take a long time and some strict budgeting to build the funds you need. Especially if you’d like a fancy wedding!

Once you know what you expect your wedding to cost, and you’ve set a date, work out how much you’ll need to set aside each month. If the amount looks daunting, review your current monthly expenses. Maybe it’s worth giving up Netflix, Amazon Prime or Spotify Premium, at least for now.

Try to stop those small spending habits that add up. We all have little things we spend on without thinking. From your Starbucks coffee, to bottled water, to buying from Itsu every day. Being mindful of unnecessary expenses can propel your savings further.

Although saving can be cheaper, if you’re also thinking of buying a home you may need to rethink. You could be better off keeping hold of your money for a house deposit. This is something you can’t cover with a loan or credit card. Many couples find that saving for a wedding and a new home at the same time is beyond them. In this case, you might want to consider another way of financing your wedding.

Use a credit card for wedding financing

The average cost of a wedding in the UK is now around a whopping £27,000. So it’s unsurprising that many loved-up couples aren’t in a position to pay for their nuptials through savings alone. One affordable way to borrow money and cover some of the costs is to use a credit card.

A 0% purchase credit card can let you spend without interest for a set number of months. For instance, if you get a card with a 28-month interest free period, you won’t be charged interest for what you buy in that period. So you can spread the cost over a couple years. If you pay off the balance before the end of the term you can borrow for your wedding entirely interest free.

Another benefit of using a credit card for your wedding financing is that the issuer protects you for any purchase between £100 and £30,000. If something goes wrong, you can get your money back from the card provider. Even if you’ve only paid the deposit in credit and the rest debit, the total amount will still be covered!

Bear in mind, the credit limit you’re offered for a card may not cover all your costs, so you might still have to rely on your savings quite a bit. Also, card issuers will accept you for a 0% or low interest purchase card if you already have a good credit record. To find out how lenders see you before applying for a card, you can check your free Lender Report here.

Get a personal loan

If you’re still stumped on how to pay for a wedding, another option is to get a personal loan, also known as an unsecured loan. This can be a more expensive route, but it could also give you access to more funds than a credit card, and you can still pay it back monthly.

You can borrow up to £25,000 on a personal loan, with a maximum repayment period of 10 years. If you can get a low-interest personal loan, this can be a convenient and easy way to help afford your dream wedding.

Repaying your loan over a shorter period means overall you’ll pay less interest, but a longer timeframe means smaller monthly repayments. You should consider your and your partner’s financial position to choose which repayment option works best.

Weddings are undeniably a big expense. If you need to save for a house deposit, or your savings don’t cover nearly enough to fund the dream day, a personal loan can help make up the shortfall.

Only people with a strong credit report will be accepted for the best loan deals. If you have a history of bad credit, you will be offered a higher interest rate, or your application may even be rejected. Check where you stand, and see offers tailored to your individual position, with your Credibble account.

Get wedding insurance

You’d never want to end up in a position where you’ve planned a spectacular wedding, something goes wrong, and then all that money goes down the drain. Getting wedding insurance can bring some peace of mind for your big day.

This way, if some disaster happens, you can rest easy knowing you’re covered. When looking for insurance policies make sure to look at coverage and not just price to find the best policy for you.

Listen to your partner during wedding financing

More than anything else, the most important thing when it comes to wedding financing is communication. Planning and paying for a wedding can be stressful. However, if you listen to your partner and make sure you’re on the same page, your marriage will be off to a good start.

Credibble offers two fabulous solutions

If you’re preparing to take a mortgage, never apply until you’ve tried our unique and FREE Credibble Home app. Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We’ve even added your own mortgage broker, so you get the best deals available.

More focused on your credit rating? Well, get started for free with Credibble’s 24- Factor Credit Check to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don’t use your credit score! We’ll show you what lenders look for and how to get your credit report in the best shape possible).

Last updated by Robert Edwards, May 2022

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