Planning a wedding is an exciting milestone, but it often comes with a big price tag.
In this blog, we'll explore the main expenses linked to weddings and discuss different ways to finance your special day.
How much does the average wedding cost?
According to research by Hitched, the average cost of a wedding in 2023 was £20,700. This isn't unexpected given the recent increases in the cost of living.
With various parties involved, such as wedding planners, venue staff, makeup artists, florists, and more, costs can quickly add up.
What are the top costs for a wedding?
Some of the most expensive parts of a wedding can be:
The venue
The venue often tops the list as one of the most expensive parts of a wedding. In 2023, average costs reached £8,800. This may include not only the rental of the venue but also the staff who ensure the smooth running of the event.
Additionally, extravagant venue choices like stately homes and expansive grounds may contribute to the overall rise in these costs.
The honeymoon
The honeymoon is another big expense. In 2023, couples spent an average of £4,300 to extend the celebration beyond the wedding day.
This is often seen as a well-deserved break after the whirlwind of wedding preparations and the intensity of the ceremony. So, it's no surprise that more couples are choosing to prioritise and allocate a larger portion of their budget to this aspect of the wedding.
Food and drinks
Catering costs can also be a big expense, especially as the guest list expands and the per-head pricing grows. Therefore, being mindful of your guest list is key to managing expenses effectively.
Instead of inviting people to fill seats, prioritise people who you genuinely wish to share your special day with. This approach not only helps control costs but also ensures a more intimate celebration surrounded by loved ones.
How could I finance my wedding?
If you're worried about paying for your wedding and are looking for ways to cover the costs, there are a few choices to think about.
Use your savings
Using your savings is usually the smartest way to pay for your wedding. If you have money saved up, using it for your big day can save you a lot in the end by avoiding loan interest.
Ask family and friends
Don't hesitate to reach out to loved ones who may be willing to help fund your wedding. Even small contributions from friends and family members can make a big difference.
While it might feel scary to ask for help, it can be a budget-friendly way to cover some or all of your wedding costs.
Get a loan
Opting for a loan is a possibility, with various types available depending on your situation. A secured wedding loan uses your property as collateral. While this can unlock larger loan amounts and better repayment terms, it also risks your property if you can't keep up with payments. Therefore, it's essential to ensure you can afford it.
Another option is an unsecured loan, which does not need a property as collateral. This might interest those who don't want to risk their property or those who don't own a home yet. However, these loans typically offer smaller amounts and may have higher interest rates. If your wedding expenses are significant and you require a larger sum, this option may not be ideal.
Before deciding, take your time to carefully consider your options and choose what works best for you. Finally, if you want to spend less on your wedding, check out our blog on how to save money on your wedding.
Summary
Weddings can be expensive, with the average cost in 2023 reaching £20,700. This is due to various areas like venue rental, catering, and the honeymoon. Fortunately, there are many funding options available to make your special day memorable. Options may range from using your personal savings to seeking assistance from loved ones or considering loan options. Before you decide, you must carefully consider your options, as this will guide you toward the most suitable approach for you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
