Your wedding day will probably be the most expensive day of your life. Fact.
Weddings have always come in at a great expense, but with growing guest-lists and insane pressure to have the ‘Instagram Wedding’ it’s no doubt that the average wedding cost has racked up in the last few years.
In 2019, the cost of the average wedding actually reduced, ever so slightly, due to Brexit fears, DIY weddings and planners making deals directly with suppliers.
Ultimately, even for the most savvy spender and saver it’s still a big expense that has the power to wipe out your finances.
So, how much does the average wedding cost - and can you afford to get married?
How Much Did The Average UK Wedding Cost In 2019
The average wedding in the UK in 2019 costs £31,974.
Hitched.co.uk surveyed nearly 3000 couples to find out how much had been spent on weddings in the last year.
Here are the most expensive wedding expenses for 2019:
- Wedding dress/outfit – £1,313
- Entertainment/music – £1,005
Can I Afford To Get Married?
As two thirds of the UK have less than £10,000 in their savings, it’s safe to say that £31K on wedding expenses is impossible if you’re paying for it alone. And it’s probably still a stretch if you split the cost with your partner.
Aside from payments from the Bank of Mum and Dad (according to the survey, over half the couples relied on financial support from their family) or a significant windfall, how can you finance your wedding?
And if you do have some money budgeted and put aside, how are you going to cover the additional wedding expenses that will probably have been forgotten about?
A wedding is a big financial journey to undertake, but if you go in with a realistic view of what costs you need to cover and you budget diligently - anything is possible!
How Can I finance My Wedding?
Budgeting will be a key part of keeping your finances under control. If you start saving early on and throughout a long engagement, call in favours where possible and aggressively stick to your budget, then you can probably finance your wedding yourself.
Should you use your credit card to pick up the extra payments?
Naturally, even with the most exhaustive to-do list of purchases and projects certain expenses will slip through the net. Perhaps unexpected emergencies will crop up on the big day and your credit card will take the hit. But this can end up costing you more in the long term.
The average credit card APR in 2019 is 19.99%, which means that short-term solution can end up costing you a lot more once the interest has been added to it. Especially if you’re only able to make the minimum payments.
Overdrafts and payday loans are equally risky. Both options are fraught with high interest rates, charges and fees for going over or missing payments. If you think you’ll struggle to pay it back, the unexpected expense can become aggressively more expensive.
Should I Take Out A Peer-To-Peer Loan To Finance My Wedding
If you’ve been saving away but have just missed the mark on how much you’ll need to pay for your wedding or if you’ve not got a safety buffer, then it’s worth looking into a pre-emptive peer-to-peer loan.
With comparatively low interest rates and no fees for you to payback early, a p2p loan can be the security you need to take the extra stress out of your wedding day.
Or perhaps having that extra money can take it from an amazing day to the best day of your life. And you won’t be charged excessively whilst you pay it back.
Use our loan calculator to figure out how much you can save with our interest rates.