Getting hitched? Wedding costs could soar up to over £42k in 10 years!

• Reassured have used a forecast prediction model to work out how much a wedding would cost up to 2032
• In 10 years the average cost of a wedding in the UK is going to be £42,924 that’s a 36% increase!!

With many engaged couples having had to postpone their big day over the past couple of years, it won’t be good news to many that alongside rising living costs, weddings are getting more expensive too.

To find out what couples can expect to spend on their wedding in the next 10 years, Life insurance broker Reassured has used a forecast prediction model based on the average wedding cost of previous years.²

The research reveals that in 10 years’ time couples can expect to spend an average of £42,924. For that price, you could buy that fancy new sports car you always dreamed of!³ This would be a 36% increase in 10 years, as currently, in 2022, the average price for a wedding is expected to be around £32,572. Here’s how much weddings are going to cost in the next 10 years:

Wedding money-saving tips

With weddings becoming more expensive every year, Reassured spoke to 10 newlyweds to reveal their biggest money-saving tips: 

• Instead of hiring a photographer for the full night, arrange disposable or polaroid cameras for your guests to use – some great snaps guaranteed!
• Send your invites online – this doesn’t just make your life easier but also saves a few pennies too. In this digital age, this is totally acceptable.
• Instead of giving wedding favours to each guest, consider donating to charity.
• Decorations don’t always have to be brand-new, check out local charity shops, eBay or Facebook marketplace. This does not only save you money but is also more sustainable.
• Scrap plans for an open bar or drink vouchers – beverages often rock up the highest bill!
• When buying your wedding dress shop around on different sites and don’t shy away from warehouse sales, the abundance of choice might just have the dress of your dreams. Also, when searching online, search for white dresses instead – the choice is yours!
• Make cuts on your guest list. If you’re thinking of inviting someone you haven’t been in touch with over the past year or so, don’t feel bad not inviting that person.
• Start planning your big day as early as possible, so you have more time to compare prices and some service providers may even offer a discount when booking early.
• Have a look at your wedding dates. During the summer months providers often increase their prices and due to demand weddings on weekends are likely to cost more than one during the week.
• To save up for the cost of your wedding you can consider setting up a joint account with your partner where each of you will add in a set amount after payday. This will help you get an overview of your budget as well as keep you from dipping into it to spend it on something else.

A spokesman from Reassured comments on the study: “Being prepared is now more important than ever. Prices are rising and with that saving up for special occasions is made even more difficult for people. However, people shouldn’t miss out on their big day, so being savvy with expenses can be a huge help.

“When getting married or having children it is always wise to plan ahead. Putting life insurance into place is a cost-effective way of ensuring the financial future of loved ones and as the UK’s largest broker, we are on hand to help make sure you get the protection you need quickly and efficiently.”

To find out more about Reassured and about the cost of new traditions like hen and stag dos you can follow this link: https://www.reassured.co.uk/the-average-cost-of-popular-new-traditions/