Got engaged over Valentines? Congratulations!

February 17, 2015

Wow, you’re getting married! Now what to do? Before you start working on your invitation list or booking venues there are a few things you need to think about to help you plan and budget for your big day:

What is your financial situation?

Before you go any further you should get a clear picture of your finances to see what you can afford. A financial review will show you areas where you could possibly cut back on your spending and see what money you can set aside each month. This involves working out how much money you have coming in – earnings, social welfare benefits and any additional income you receive, and the money going out – mortgage/rent, bills and everyday expenses such as food and travel. If you or your partner have outstanding debts such as loans or credit card bills, concentrate on clearing them first.

How can you keep track of your wedding budget?

We are all guilty of getting carried away sometimes, especially for big occasions like this. Work out what is important to you and then make a list of all the things you have to pay for and compare these against your budget. Do some research into the costs so your estimated budget is as accurate as possible. Use our wedding budget planner to get a breakdown of items you will spend your money on. It will help you figure out if your plans are within your overall budget.

Have you thought about setting up a savings account?

Saving up as much as you can means you are less likely to need to borrow money and pay back a loan after you are married. Having worked out what you can afford to save, check out our savings Money Toolto compare interest rates on savings accounts from the main providers out there.

Do you need to get a loan?

Even with your savings you may find you still need to borrow some money. Use our loan calculator to see how much it will cost and how long it might take to repay a loan, depending on the amount you want to borrow. To compare the latest interest rate charges by the main providers have a look at our personal loan cost Money Tool. If you have to borrow to help pay for your wedding, try not spread the payments too far into the future. This will cost you more in interest and could affect your future plans.

Have you considered taking out wedding insurance?

Taking out wedding insurance offers you more security if something does go wrong – such as cancellation or failure of traders to deliver a service. Many insurance providers offer wedding insurance so before you take out insurance know what the policy covers and compare premiums and any excess before you buy.

Will you be using your debit/credit card for wedding purchases?

When buying goods or services, research the companies or suppliers you are thinking of using and pay as little a deposit as you can. Paying by credit/debit card instead of cash offers you some protection, for example, you may be able to request a chargeback if something goes wrong, such as the bridal shop closing down.

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