Whether you are getting married on a shoe string or with no expense spared, our tips will help you manage your finances so you can keep track of your spending and avoid paying for your big day for years to come.
Set a budget
The first thing you should do is sit down with your partner and discuss what both of you may have already saved and what you can afford to put aside on a regular basis up until your wedding day. This will help you set a realistic budget and priorities for your wedding day.
A review of your finances will show you areas where you might need to cut back on your spending. If you or your partner have outstanding debts such as loans or credit card bills, concentrate on clearing them first, starting with the most expensive ones.
Once you know how much you can afford to spend on your wedding, use our handy budget planner. It gives you a breakdown of items you will spend money on and helps you to figure out if your plans are within your budget. If not, you can reduce your spending in certain areas until you have an overall plan for your wedding.
Even with your savings you still might need to borrow some money. Use our loan calculator to see how much it will cost and how long it might take for you to pay back a loan, depending on the amount you want to borrow.
Borrowing money comes at a cost as you have to pay interest back on the money you have borrowed. The higher the interest rate, and the longer the term, the more the loan will cost you. Our personal loan Money Tool compares the latest interest rates offered by the main providers in Ireland, this will help you get the best deal. If you have to borrow to help pay for your wedding, try not to spread the payments too far into the future. This will cost you more in interest and could affect your future plans.
You may be lucky enough to receive cash as wedding presents so you may be able to use that to pay off any loans you took out for the wedding. You can also check out our information on saving and investing so you can make the most of your nest egg!
Unfortunately, when when it comes to weddings, things sometimes go wrong – such as cancellation, or a business failing to deliver a service. You may want to consider wedding insurance to cover you for any financial loss you suffer as a result of unexpected events. Many insurance providers offer wedding cover, so make sure to compare what each policy covers and costs, as they will differ. 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.
If you are getting married abroad or going on honeymoon it is important you take out travel insurance. This will cover you for illness or injury, damaged or delayed luggage, cancelled flights, delayed or missed departure and lost or stolen money or passports. Always check the policy details before you buy, so you don’t duplicate cover you may already have with any other policies such as your health insurance.
Use your credit or debit card for large purchases and deposits
Paying by card instead of cash or cheque offers you some protection in the event that a business goes bust – such as your hotel or bridal shop. If you pay by card your card provider may reverse the transaction, depending on the circumstances and the type of card you have. This is called a chargeback.
Last updated on 12 May 2023