Tying the knot? Here’s how to save for the big day

by Kyle Taylor on March 19, 2013

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If you’ve recently got engaged, congratulations! You’re soon to be married, but are you financially prepared for the big day? Weddings can be expensive, so it’s important to save money in any way you can. Here are a few ideas to help you out.

Make a balance transfer

Whether you want a traditional church ceremony or something more modern, you’ll need the funds to pay for it. One of the best ways to improve your finances is to move outstanding debt onto a credit card with a lower interest rate. This is called a balance transfer and should help keep your outgoings to a minimum. Your borrowing fees will be reduced and you won’t have to fend off numerous banking groups searching for payments.

If you do decide to consolidate credit cards, however, keep an eye out for promotional offers. There are plenty out there at the moment, including 0 per cent on all payments for a set period of time, but make sure you know what the rates return to once that deal ends. Read all the terms and conditions before making an application and always speak to a banking expert if you’re unsure about any of the details. Once you have a new bit of plastic, you can use it to make significant purchases for your big day – but make sure you pay the balance off on time to avoid falling into the red.

Set yourself a budget

The average UK wedding costs around £18,500. That’s a significant sum of money, but you don’t have to break the bank to enjoy your big day. There are many ways to cut corners and lower the overall cost, so make a note of what you can afford and set a realistic budget. This will keep your spending down and ensure you don’t start off your married life in debt. Need a few tips? Then try tying the knot on a week day instead of the weekend and keep your guest list to a minimum. If you don’t want to leave anyone out, think about inviting your close friends and family to the wedding breakfast and ask everyone else to come in the evening – as this could save money on food.

Make the most of apps

Arranging a wedding can be stressful, particularly if you’re strapped for cash. Luckily, there are a number of finance apps that can help get your outgoings under control. They’re easy to download onto laptops, PCs, tablets and smartphones and provide a wealth of information and advice at your fingertips. Money Smart, for instance, helps you see where you money is going each month and Savings Goals tell you how much you need to put aside to reach a target amount. Money Lover helps you budget over a set period of time and Account Tracker even lets you manage multiple accounts at the same time – so it’s definitely worth checking them out.

Saving money is a big part of any wedding, but there’s no need to get in a pickle. Simply get your finances in order from the start and keep your costs to a minimum.

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  • http://www.makingsenseofcents.com Michelle

    We are definitely spending a budget. No need to go into debt for a wedding :)

  • http://cnafinance.com Joshua Rodriguez

    Awesome post! I’m actually saving for a wedding right now. I can’t wait until the big day! Thanks for the tips.

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