Braxted Park Estate Wedding Fair hosted by County Wedding Events
If you're newlyweds-to-be embarking on your wedding planning journey, pop along to...
Posted by Danielle Harvey on 24 July 2019
While the adage something borrowed, something blue is highly romantic and traditional for weddings; it's likely to cause a bit of a shock if that's your only option due to poor financial planning. Saving for your wedding (even before you've got the ring on your finger) can help you get the wedding you want. Did you know the average wedding in the UK cost £30,355 last year? With supplier costs increasing by an average of 12% every year, even a low-key wedding can cost as much as £17,913*.
Whether you're at the planning stage of a wedding or want to set up a nest egg for yours or your child's future dream wedding, it's key that you work out exactly how much you need to save each month to meet the overall cost. For example, if you anticipate the wedding will come in under £5,000 you'll need to save roughly £400 a month. If you're expecting it to come in closer to £10,000 you'll need to double your monthly savings. If your dream wedding is more likely to come to £20,000 or more, you'll obviously need to increase your saving contributions substantially.
Emma-Lou Montgomery, associate director for Fidelity International commented: “Whether your wedding is just around the corner, or far off in the future; doing some early financial planning could give you the wedding of your dreams and, most importantly, ensure you don’t start married life in debt.
“If you’re the Bride, the Groom, Mother or Father of the Bride, then the same steps apply to ensure your money works hardest and you can have the dream Big Day - all within budget. You can save as little as £50 a month into an ISA and build up a nice little nest egg to meet the wedding costs. A monthly savings plan is a simple way to start investing today and help you build your ISA savings pot.”
For more help and advice visit fidelity.co.uk
*According to Bridebook’s National Wedding Survey 2018
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