08 May 2013
Planning a wedding is never easy and for many the biggest hurdle is FUNDING!
While Christine Bleakley, Frank Lampard and Jennifer Aniston and Justin Theroux have not put their weddings on hold due to cash flow issues(!) according to Nationwide research many people are considering putting their plans on hold or even not getting married at all due to the cost of funding their big day
According to Nationwide Building Society just under a third (29%) of couples rely or will rely on the bride’s parents to pay for their wedding, whilst 27% are considering or have considered not getting married at all due to the cost of the big day.
Those who do not rely on the bank of Mum and Dad which is just over two thirds (68%), will pay for the wedding themselves (62%), whilst 16% will rely on credit cards or loans.
With the average wedding costing £21,939* it is no surprise people are struggling to fund their big day and are having to make sacrifices and put plans on hold to be able to celebrate in style.
Some of the purchases people put off include:
- 29% put off holidays and travel
- 14% put off starting a family until a later date
- 12% put off buying a house
- 12% postpone buying a car
What are people looking at proactively doing to keep costs down? Those with an eye for a bargain are taking a DIY approach to their weddings to save money, for example:
- Over a third (34%) use their own cars
- 32% make their own table arrangements
- Over a quarter (26%) arrange their own flowers
- 29% buy their own alcohol
- 27% make their own favours
- Over a third (34%) arrange their own catering
Graham Pilkington, Divisional Director of Banking Insurance & investment at Nationwide said: “The cost of getting hitched can be huge, so much so that many people are making financial sacrifices elsewhere, others are planning to get wed on the cheap, whilst some are putting their big day on hold altogether.
“Relying on the bride’s parents to pay for your wedding is not possible for everyone, nor is it always practical to raid the piggy bank, especially when we are talking about thousands of pounds! Planning your finances for a wedding is akin to buying your house; work out how much you can afford, prepare your budget and consider your finance options – whether it’s starting to saving as soon as possible or looking at a loan or credit card”