The Rising Costs of Weddings- And What to do About Them

Would you finance your wedding with credit or a loan? Well, that’s what more than a few of us have to do these days. And the reason is that the average cost of a wedding is an incredible £27,161. That’s enough to give anyone cold feet. If you find this surprising, you’re not alone. The personal loans company Likely Loans recently conducted research into the subject and found that most of us believe the maximum they will have to spend on a wedding would be around £10,000. That’s still a considerable sum – and perhaps worth it for one of the most special days of your life – but less than half the real average figure.

All Credit to the Bride and Groom 
The research goes on to show that in 2018 an estimated 16,000 couples are likely to turn to credit or take out a loan to finance their wedding day. And why is this happening? Well, one reason is possibly that weddings are becoming more competitive. We all want to have an occasion as good as or better than the weddings we have attended before. But we also have to factor in the cost of pre-wedding elements like engagement rings and wedding rings – which are simply indispensable for most of us. And then there are things like the ideal dress, the most professional photographer, the most beautiful cake, the perfect band and all the other elements that make a special day that bit more special.

Wedding Priorities 
It turns out that men and women don’t feel the same way about weddings. This may come as no surprise to most of us, but some 20% of men wish that they hadn’t spent quite so much on their weddings. This can be contrasted with the more than 14% of women who believe that they hadn’t spent enough. So, our priorities really are different. And who’s right? Should we spend a fortune, even if we don’t have it? Or should we be frugal, making savings wherever possible?

The Choice is Yours 
Fortunately, if you’re getting married, all the financial planning decisions are yours to make. You could choose a wedding dress that is elegant but not as expensive as it looks. Or you could opt for unconventional catering choices that reflect your personality and your budget. But whatever you do, don’t forget to factor in the cost of a honeymoon. According to the research mentioned above, those in the 25-34 group believe that this is the most important aspect of a wedding. However, those over 65 believe that an engagement ring is more important. So, again, we all have different priorities.

Having Your Wedding Cake and Eating it Too 
No one wants to skimp on their wedding. So, if you feel that you need to borrow money to turn your dream day into reality, then it could be well worth it. After all, you’ll be creating memories that will last a lifetime.