Planning your wedding day?

June 1, 2016

Have you recently got engaged? If so, congratulations!  We have some tips to prevent your wedding costs spiralling out of control, as you plan for your big day.

Tip 1: Make a wedding budget

With the average Irish wedding costing about €20,000, it’s easy to see how you may struggle to stay within budget and meet the costs of getting married. Check out our wedding budget planner to help you work out your spending in an easy, clear way. It will help you calculate all costs, big and small. This will help you prioritise your spending and decide what is really important for you on the big day and what can be cut out.

Tip 2: Start a savings plan

From expensive mortgages, childcare, school and college fees – your longer term expenses as a couple can really add up. To avoid starting your married life in debt consider opening a savings account dedicated to your wedding costs.Use our savings Money Tool to help you compare the interest rates on savings accounts from the main financial providers.

Tip3: Struggling to meet the cost

Use our spending calculator to see how much you are spending on everyday items such as coffee and lunches every month. This will help you get a clearer picture of where you could possibly cut back and save money. If you are struggling to stay within your budget and feel that you need to borrow, check to see how much it will cost you and how long it will take you to repay the loan. Some providers offer wedding loans geared towards the big day, but take your time to look closely at these, especially the interest rate, before you commit. Use our loan calculator to see how much it will cost and how long it will take to repay a loan, depending on the amount you want to borrow. If you have to borrow to help pay for your wedding, borrow as little as possible and don’t be tempted to spread the payments too far into the future. This will cost you more in interest and could affect your future plans. You may also be able to borrow from your Credit Union, if you have an existing account with them.

Tip 4: Be Flexible

Although it is a very special day, try and be flexible with your plans – it could save you money. Consider getting married off-peak; the month and the day you choose could save you thousands of euros. In terms of venues, be open to alternative venues and think about the experience you can create. Ask for help; cake making and decoration, calligraphy, photography and music are popular hobbies people have, perhaps your friends could help. Also join online discussion forums and read up on wedding blogs to find out about others’ experiences with suppliers and ways you can cut costs. If you are hiring a supplier don’t be afraid to negotiate the price, don’t just accept the first quote. Let them know what budget you have available and see what is the best offer they can do for you.

Tip 5: Pay by credit/debit card

Paying by credit/debit card instead of cash offers you some protection if things don’t go as planned. For instance, you may be able to request a chargeback if something goes wrong, such as the bridal shop closing down. A chargeback is when your card provider agrees to reverse the transaction. Avoid signing a contract with a venue until you are sure what is and isn’t included in the price being quoted.

Tip 6: Keep all the paperwork

Quotes, contracts and receipts relating to the wedding should be kept safe in case of any issues with a supplier. By keeping all the paperwork together you can also check if you are staying within your wedding budget. Also, remember that paying a deposit indicates that you intend to buy the service and are entering a contract. Paying by credit or debit card will give you greater protection in the event that the service isn’t provided or the company goes out of business. Also, when paying a deposit towards a service ensure you get confirmation from the service provider, of what you have paid, and get the contract reviewed, signed and back as soon as possible. In terms of the paying a deposit for a venue, you should get an understanding of how the deposit works i.e. how much you have to pay by what date, and when the outstanding amount needs to be made.  This will help you with budgeting and ensuring your money covers everything.

Tip 7: What about insurance?

Taking out wedding insurance offers you more security if something does go wrong – such as cancellation or failure of companies to deliver a service. Many insurance providers offer wedding insurance so make sure you know what the policy covers and compare premiums before you buy. You should also consider getting engagement and wedding rings valued and insured as ‘specified items’ on your home content insurance so you are covered for any loss or damage.

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