Wedding bills: Study reveals it takes Brits six and a half years to save for a wedding!

• New research by the life insurance broker, Reassured has revealed that it takes Brits six and a half years on average to save up for the big day.
• Reassured spoke with Kate Beavis from Magpie Wedding, who decided to cut corners and paid £3K for their wedding, and they have no regrets.
• To help lower the six-and-a-half-year saving time, Reassured spoke with money-saving experts to provide us with some savvy wedding-saving tips

The wedding season is upon us and it’s no secret that weddings are a huge expense. And with UK searches for “how to save money on a wedding” up by +100% in the past 12 months¹, it seems that the cost-of-living crisis has got engaged couples looking for ways to save for a wedding.

A recent study by life insurance broker Reassured revealed fascinating findings about the financial commitments and challenges couples in the UK face when planning their dream wedding.

The study reveals that weddings are indisputably among the most financially burdensome occasions for Brits, as they entail an astonishing cost of £18,400. Considering the average annual savings of £2,684 by Brits, it translates into a demanding commitment of six and a half years solely to accumulate enough funds for this one day.

Of course, all of this assumes that you stay within your wedding budget. However recent studies suggest that as many as 48% of couples end up going over budget when planning for their wedding, with plenty of unforeseen costs cropping up that you simply can’t account for. This results in two-thirds of couples starting their married life in wedding day debt, with the average debt at £3,958 from going over budget².

Fear not, because there are countless ways to be resourceful and save on expenses. Reassured recently had an enlightening discussion with Kate Beavis, from Magpie Wedding. She managed to create a magical wedding experience for a mere £3,000, proving that a low-cost wedding can be just as memorable. Kate confidently shared her perspective, stating, “Weddings can cost a lot with many couples often having to borrow money before the big day, whilst everyone should do what they wish, I don’t think it’s wise to spend over six years of married life paying it off. It’s important to remember that it’s one day and with a little creativity and thinking outside the box you can have an amazing day on a budget, like we did!”.

To help lower the saving time and financial burden, Reassured has teamed up with money-saving website, Choosewisely.co.uk to share top tips on organising a wedding that won’t break the bank:

1. Design digital wedding invitations

Use free design apps to create your invitations and send them via WhatsApp or email.

2. Throw a party and do the legal bit another day 

Hold an imitation wedding celebration in a garden, invite guests to listen to your promises, and then go to a registry office another day to make your marriage legal.

3. Get married in the evening 

The later you get married, the less food and drink you need to provide for your guests.

4. Borrow or hire your wedding dress 

You’ll only get one wear of your a wedding dress and you won’t know what to do with it afterwards, so consider borrowing or renting a dress to save yourself money.

5. Do your own hair and makeup

Professional hair and makeup can cost a small fortune – practice doing it yourself using YouTube videos or ask for a free consultation at a makeup counter on the high street.

6. Ask your bridesmaids and groomsman to wear their favourite outfit 

Your bridesmaids and groomsman do not need to match – their friendship is all that matters.

7. You don’t have to buy a new wedding ring 

There’s no law to say you have to wear a wedding ring. If you don’t usually wear rings, or you already own a ring you love, skip buying new rings.

8. Reduce the number of guests 

Once upon a time, it was traditional to invite the whole family when Mum and Dad were footing the bill, but with more couples paying for their wedding, it’s important to invite the people you see regularly, who are a large part of your lives.

9. BYO booze 

If you’re celebrating at an unlicensed venue, ask your guests to bring their own booze. That way, they get to drink their preferred tipple, and you’ll save yourself a fortune.

10. Skip the wedding cake 

If your caterers are providing pudding, your guests don’t need cake on top. Or why not have your guests to bring the dessert, have fun with it and run a competition to see which guest can bake the best cake and serve it at your wedding party.

Spokesperson at Reassured comments on the findings “We understand that weddings can be a significant financial burden, and our study highlights the challenges faced by couples in the UK. To help engaged couples, we’ve teamed up with Choosewisely.co.uk to provide practical tips on organising a wedding that won’t break the bank. By thinking outside the box, being creative, and considering alternative options, couples can have an amazing and memorable wedding without sacrificing their financial well-being.”