Couples Save for Two Years to Afford Dream Wedding
British couples are being savvy when it comes to tying the knot, new research shows as many are saving for up to two years for the big day.
The latest figures from Clydesdale and Yorkshire Banks reveals engaged Brits are saving for up to two years to spend an average £16,569 on their wedding, rather than turning to their parents for financial support.
This amount is also £4,331 less than last year's average spend on weddings, showing Brits are making their money go further.
“It’s great to see that savvy savers are maximising savings accounts to make the most of their hard earned cash and that they understand how to make their savings work harder,” said Steve Reid, Clydesdale Bank, retail director.
“An ISA should be part of everyone’s savings plan and the medium to long term planning that goes into organising a wedding makes it worth considering for the big day.”
Cost cutting measures include not inviting aunts and uncles as 30 percent of couples in the study admit too doing. While one in ten would ask their groom and groomsmen to wear their own suits and 38 percent of brides would be prepared to buy their wedding dress on Ebay. While a fifth of brides who already have bought a wedding dress claimed they spent less than £100.
A quarter of brides have given up the pre-wedding beauty regime, such as haircuts and nail treatments to save cash. Another third have abandoned luxury food items to save money for the big day, and 17 percent have cancelled their gym membership.
However, 42 percent of engaged couples have maximised their savings accounts to afford their dream wedding.
For those who are keen to save money on their general purchases for their wedding day could benefit from a pay as you go credit card as it prevents overspending, and aids budgeting.