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How to Keep Your Wedding Budget Under Control in 2023

Considering a loan for a wedding for your D-Day in the UK? LoanTube can help you spread the cost and plan the dream day.

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Romance is in the air and you’re busy planning the dream day for you and your soulmate, but what if your bank manager really isn’t feeling the love?

Let’s face it; weddings are expensive. By the end of 2022, the average cost of a UK wedding has risen from £14,425 to £21,725, which makes saying ‘I do’ pricier than a hefty deposit on the average family home!

But don’t get too disheartened; there are still plenty of wedding budget-savvy ways that you can tie the knot in style without having to live on bread and water on the run-up to your big day.

Read on to discover our top wedding checklists to keep your budget in check.

Revisit Your Guest List

One of the most important factors for any wedding is the guest list. This is because it will guide the size of the venue you’ll need, catering costs, and the number of chairs, tables, and rooms you’ll have to decorate for your nuptial celebrations.

Although you’ll want as many people as possible to share on your special day, guest lists can soon get out of control and blow a big hole in your wedding budget. Don’t be afraid to streamline the number of guests you invite.

Ask yourself how close your relationship is with each person, when was the last time you spoke to them and if you’re just inviting them out of obligation before adding them to your list of people to ask. When you do so, you’ll realise that not all of your guests need to be invited to the wedding ceremony and the reception. You can cherry-pick the guests, based on your closeness with them, and invite them for the most befitting part of the celebration. This will help you cut down on catering costs and the expenses on return favours.

Pick Clever Alternatives

Cutting little corners can result in huge savings, and best of all, your guests won’t even notice! Fresh flower arrangements can cost upwards of £1,000, but you could just opt for a few bouquets for the bride and bridesmaids and then get creative with table decorations to trim the budget.

Paper and artificial flowers make amazing decorations, and you can swap a three-course sit-down meal for a grazing menu or fun summer barbeque to shave off yet more expenditure from your big day.

Choose Your Venue Carefully

To get the most bang for your buck, you can book an all-in-one wedding venue. Such venues offer a cumulative package for the venue, food, drinks, and sometimes even wedding decorations. For what it’s worth, in-house catering can prove to be an excellent option for saving a substantial sum of money. 

However, if your chosen venue does not offer this service, you should at least opt for one with a “no corkage” policy and bring your own bottles of wine, champagne, and other beverages at no extra cost. This will help you save considerably on the bar while ensuring your guests are well cared for.  

Pick an “Affordable Wedding Date”

Does this seem like a bizarre choice of words? Well, as strange as it may sound, it is true. You can choose a wedding date that helps you cut down on costs without compromising a lot on the other details.  Wondering how? Well, most people choose to host their weddings in the summer or at the beginning of autumn for apparent reasons; because of this, venues and vendors charge a premium for weddings held during these times. 

If, on the other hand, you choose a wedding date in the winter months, anywhere between November and February, you can end up saving on these premium charges and enjoy the same venue and services while saving at least £3,000. 

Choose Your Entertainment Options Wisely

As the bride and groom, there might be certain specific bands, musicians, or performers that you might want to hire. However, if your wedding dates are around the busy months of summer, these performers might charge a higher rate or might be too busy to perform on your dates. Hence, make sure that you are open to other options, and pick the one that not only suits your taste and that of your guests but is also available for a price that you are willing to pay. 

Some good tips for cost-cutting in this aspect would be –

  • Book your performers well in advance.
  • Choose a performer from the same city where you are hosting the wedding to save on travel and accommodation costs.
  • Ensure the venue already has the necessary equipment and other arrangements that the performers might need.

Try Finding an Affordable Photographer

While the more significant chunk of your wedding costs can be attributed to your venue and catering, the photographer takes the cake regarding high ancillary costs. We would not suggest cost-cutting in this area, mainly because the memories you will have in photos and videos will stay around for years. That being said, you can always hire someone known to you or ask your photographer if they have some affordable options, such as a half-day package or an off-season discount to help fit the expenses in your budget.  

Find a Honeymoon Destination That Best Suits Your Budget

Weddings can be overwhelming and, in some cases, exhausting. Hence, it is always a good idea to plan a honeymoon in the days following the wedding. This helps you enjoy some much-needed quality time with your special someone before getting into the daily humdrum of life. It is best to allocate at least 10% of your wedding budget to this trip, especially if your chosen destination is within the UK. If not, you might need to shell out more depending on the destination. 

Either way, we suggest that you pre-plan the vacation at least 3-4 months in advance to get good deals on travel and accommodation. Also, choose a destination that isn’t too crowded on your dates of choice so you can enjoy the time in peace while keeping your spending to a minimum.

Financing The Big Event

Unfortunately, some wedding costs are hard to reduce. From venue hire to transport and the all-important dress, you’ll still need access to cash to help your wedding dreams become a reality.

Instead of putting off those essential bills and living on the bare minimum in the run-up to your wedding, why not consider a wedding loan to help you spread the cost and start ordering those must-have items well before the big day?

Find out more about wedding loans here and how they can help make your big day an occasion to remember.

Get a Wedding Insurance

This is one of a wedding budget’s most crucial yet overlooked aspects. Most weddings in the United Kingdom cost an average of £15,000, making it one of the most significant expenses of your life. Hence, it only makes sense to insure your wedding if any unforeseen issues lead to the cancellation or the postponement of the ceremony or the reception. Most wedding insurances are rather affordable and can cover you against a wide array of mishaps, including – problems with one or more of your vendors, closure or unavailability of the reserved venue, any lasting damages to your wedding attires, illness or death in the immediate family, loss of wedding photography and more. 

While we have listed most of the expenses and offered suggestions on cutting down on each of their costs, certain expenses may not seem significant or simply miss your attention. These include –

  • Wedding Stationery
  • Marriage license/registrar fees
  • Wedding party gifts
  • Hen or stag party costs 
  • Stamps for your invites
  • Clean-up costs
  • Outfit alterations
  • Hotel room the night before the wedding
  • Unexpected guests

Consider one or more of these, depending on your specific situation, and consider them part of your wedding budget. This will help you streamline your expenses even further so that there are no unwanted surprises.

Once you have a ballpark wedding budget, you can figure out how much of your savings you want to spend on the same. If you are uncomfortable digging into your savings, we suggest you opt for a wedding loan. Not only will the loan help you have the wedding of your dreams, but it will also give you sufficient time to pay it back in smaller, more manageable chunks of money. What’s more? In addition to loans for your wedding per se, we at LoanTube also facilitate loans for Engagement Rings, loans for Honeymoon, and loans for Destination Weddings

If you are a responsible borrower, have a good credit history, and have a well-defined repayment plan, one or more of these loans can help you have a truly memorable wedding!

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender. Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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