In part 2 of our guide of saving £5,000 in a year, we get insider secrets from top money saving experts…
What the experts say…
We spoke to relationship and psycho sexual therapist Denise Knowles to find out how to manage your money relationship and work towards to being able to save £5000 in a year…
“The first thing you must do is work out your wedding budget,” says Denise. “Money and finance is something you will need to deal with throughout your married life, so it’s best to start off on the right foot now.” This may well be the day you’ve dreamed about since you were a little girl but make sure you keep your groom involved, warns Denise. “The bride sometimes needs to learn the art of compromise – something that will stand you in good stead for later life.”
Denise also thinks that parents should think about contributing to the ‘couple’ rather than the ‘day’ to cut down on disagreements about how the wedding budget should be spent. “That way, they won’t feel as if they have to buy a certain thing,” says Denise. “Ultimately, when it comes to money, it’s best to talk about things sooner rather than later, so if you haven’t already had the conversation, do it now!”
James Hillon, who manages savings at The Co-operative Bank, offers his top five tips on the best way to budget and save £5000 in a year…
Begin with a budget
Your budget should include a list of intended expenditure for each item as this will enable you to carefully control and monitor each and every cost.
Figure out what’s important
Make sure you prioritise – decide what you both can and can’t live without on your big day and align your budget accordingly.
Don’t be afraid to negotiate
At certain times of the year, traditionally October to May, companies can be quieter, so use this as your incentive to negotiate a better deal for their services.
Protect your presents
Many couples run the risk of being under insured once they receive their gifts, so make sure you’re covered with appropriate wedding insurance.
Be savvy savers
Invest any money you receive wisely. Use it to add value to your current home, put down a deposit on a new property or invest it in a fixed term investment that will reap the rewards in later life.
How to save £5000 in a year
| Both of you save £50 per month: | £1,200 |
| Save £10 of change per month: | £120 |
| Take on a part-time job: | £500 |
| Sell your old stuff: | £500 |
| Switch deals on energy and insurance: | £200 |
| Change your mobile and TV deal: | £200 |
| Cut out your daily cappuccino: | £520 |
| Make packed lunches instead of buying them: | £780 |
| Cut down on petrol costs and train fares: | £170 |
| Haircut every 8-10 weeks instead of every 6 weeks: | £60 |
| Value food instead of branded food: | £250 |
| Meals at home instead of meals out: | £500 |
