With proper planning, saving money for your wedding day is easier than you think. Here’s how to save £5,000 by this time next year.
First off, open a special wedding account. Make regular savings by setting up a monthly direct debit that pays in a set amount straight after you get paid.
You’ll get more when you’re saving money if your account has a good interest rate – or pay the money into a special wedding savings account or ISA. And don’t be tempted to get cards on these accounts. If you both save just £50 per month, you’ll save £1,200 in a year.
Next, get creative and think of ways to make extra money for your wedding budget. Arrange to do extra overtime at work or take on a part-time job. If you have a talent, use it – some brides make and sell cards, some register as a mystery shopper, some get involved in catalogue selling. No matter how small the activity, every penny counts!
Another great way to make money is by selling unwanted possessions. Clear out your old clothes, DVDs, shoes and even gold and sell it at car boots sales, online sites, or to friends or colleagues. This will also declutter your home and make way for all those lovely wedding presents!
Make better deals
Think again about your monthly spending. Sit down with your h2b, make a list of your monthly spending and look at how you can cut your costs.
You could visit an independent financial adviser and get advice about monthly expenses, budgeting, ISAs and your mortgage – you could discuss the benefits of switching mortgages, taking payment breaks and mortgage offsetting – all great ways to increase your wedding budget.
Make day-to-day cuts
There are plenty of day-to-day extras that you can cut back on. Switch your Friday night takeaway and a healthier homemade option, expensive lunchtime coffees for hot drinks at work and shop-bought lunches for packed lunches.
Cut the cost of travel by switching from car to public transport or cycle to work. One of the most expensive extras is smoking, so cutting down or stopping altogether will save you a huge amount – if you are a 20-a-day smoker, stopping could save you around £2,000 a year. Enough for a wedding band, a dream honeymoon or a designer dress.
Get wedding budget savvy at the supermarket. Planning your meals will cut down on wasted food and sticking to a list will help you avoid BOGOFs that you don’t really need.
In the pub, alternate alcoholic drinks with soft drinks, don’t stay as long as usual or just don’t buy rounds. Your friends will understand you’re saving for something much more important.