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Your Money > Family Finances Articles > 20 ways to...
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By Sarah Modlock
When was the last time you spent more than £60 a minute for a whole day? I'm pretty sure I could give it a go in Selfridges after a strong cappuccino. But it's incredible to think this is what you are likely to spend on your wedding day. As if the rising cost of everything is not making life hard enough for anyone saving for their big day (and new home), now many feel the pressure to spend more and borrow more to compete with celebrities. "We want to have the best wedding that anyone has ever been to" is the ambition of many couples. At that rate, you may not have many worldly goods to endow upon each other. But of course no one is forcing you to spend upwards of £20,000 on one day. There are plenty of ways to plan, budget and save money. Here are 20 of them.... 1. Plan ahead. Whether you have two years or two months, the sooner you start shopping around the better chance you will have to find cheaper options and book the things you really want. List everything you would like, prepare a budget and then add a third again on top, just in case. 2. Think beyond the obvious. For many people a wedding would not be the same without many of the traditional elements. But have you considered choosing any other day but a Saturday? It may not be so convenient for guests - something to bear in mind if they are expected travel any distance - but is likely to be much cheaper for receptions, cars and possibly your honeymoon. 3. Avoid the 'w' word. It may sound contrary but the mere mention of the word wedding seems to almost double the price of just about everything from cake to flowers, suits to DJs. When you are calling for quotes, aim to leave out the 'w' word and see what difference it makes. After all, why should it matter? 4. Cut the numbers. Easier said than done, I know, especially when you have probably spent more time agonising over this than anything else. Because the biggest cost is likely to be the catering at the reception, many couples opt for 'evening invitations' as a compromise. Drawing a line early can make all the difference. Managing expectations - especially with colleagues - can help avoid bad feeling. 5. Prioritise. If your big day would be just as lovely without a Rolls Royce but your dream has always included a thousand flowers, then make sure you look for costs that can be sacrificed in order to have certain things you would love to have. For some brides, the dress is all, for others it's the cake. Make a list of must-haves then get then shop around for the best deals. 6. Avoid bridesmaid pressure. It's lovely to invite closest friends and family to be bridesmaids, flower girls and ushers. But for every one you have, there will be the cost of a dress or suit, flowers and thank you gifts. If you're on a budget then keeping attendants to a minimum is key. 7. Opt for something borrowed. Suits and gowns can be hired rather than bought, especially if you don't expect to wear them again. The same is true of veils and jewellery. 8. Enlist help. For many brides, there is a temptation to try to manage everything themselves as part of the surprise for guests. But guests love to help and feel involved so look around you for friends and relatives with time and skills which could be invaluable. Talented dressmakers, photographers, DJs, singers, calligraphers, cake makers and hairdressers could be all around you. Asking a friend to manage the seating plan could save you lots of time. 9. Make your own. Stationery is an obvious cost - even simple printed invitations and orders of service can be very expensive. If you don't have a computer at home or are not creative then one of your friends is sure to help. You can decorate home-made stationery with bought paper flowers. Most supermarkets and bakers can provide plain, iced cakes of different sizes which you could decorate with fresh or silk flowers. Another obvious DIY area is favours for the reception. If you would like sugared almonds in net bags then set up a production line at home with some friends. 10. Limit the bar bill. If the bill for the catering does not break the bank then you can bet an open bar will. Of course some people drink much more than others but there is something about free drinks which can bring out the beer - of champagne - monster in just about anyone. Once you have set aside cash for everything else, look at what is left in your budget - if anything - for the bar. These days, most people do not expect more than a glass of Bucks Fizz after the ceremony so resist any pressure to provide an open bar unless you really want to. If you note that there is a 'cash bar' on invitations then guests will be prepared. 11. Host at home. OK, so maybe not your home but find a willing friend or relation with a nice big garden and a high tolerance for parties and you can dodge the extortionate corkage charges. Waitrose and Morrisons offer free glass hire too. With any luck you won't even have to clear up afterwards. 12. Ring the changes. The price of gold and platinum is sky high at the moment. Consider high quality alternatives such as palladium which look just as good for a fraction of the price. 13. Take a booze cruise. Find out how much cheaper it would be to provide your own fizz and what the venue will charge for corkage, service and glasses. If it works out cheaper then buy all the champagne and other alcohol on the cheap in France. Perhaps the trip could double as a hen or stag night so long as there is a designated driver. 14. Ask for discounts. Speak to management to get money off if you can. The worst anyone can say is 'no'. 15. Opt for a honeymoon fund. Many couples are now requesting donations into an account for the honeymoon of their dreams, especially if they are already set up in a home. 16. Get firm quotations. Fixed quotes - rather than estimates which may increase - are essential if you want to keep on budget. Written quotations are legally binding for the provider but shop around and get at least three for each major area of expenditure. 17. Watch out for VAT. Opting for smaller companies can help you avoid VAT at 17.5% but check before you buy and if you are not sure whether VAT is included in a quotation then ask and get written confirmation. 18. Use your plastic. For key purchase such as the rings or venue deposit, using your credit card will ensure you're protected under section 75 of the Consumer Credit Act. This means that if the goods fail to arrive, or are damaged, you can pursue the lender as well as the retailer for breach of contract. If you know you pay off your card balance in full every month then making purchases on a cashback credit card will earn you up to 5% back on everything you spend. 19. Review your insurance. Shop around for insurance for the big day and don't forget to review your home contents insurance to cover your presents and new rings. 20. Borrow carefully. In an ideal world we would save up for everything. But many people borrow something to ease their wedding costs. The trick is to make sure that you only borrow what you really need and can afford to repay. It will also pay to shop around for the best loan, which is probably not from your high street bank. Useful links: |
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