Money Matters

FINANCIAL PLANNING for a wedding

The average cost of a UK wedding rose to £17,300 in 2021, with many couples spending more than they’d planned. So, to help you plan for your big day, Lisa de Silva has put together a guide to making an effective wedding budget

Congratulations, you’re getting married. It’s an exciting time as you plan your once-in-a-lifetime wedding day. Yet in all the excitement, it’s important to consider your priorities, the many costs involved and how you plan to save for them.

WHAT TYPE OF WEDDING DO YOU WANT? The type of wedding you choose will have a huge impact on the overall cost of the big day. Sit down with your partner and be honest about what you both want, whether that’s a big grand hotel wedding, a rural barn, urban chic, casual and rustic or a destination wedding abroad. COSTS TO CONSIDER There is an endless list of costs associated with getting married, but the bulk of your money will usually be spent on the venue hire, catering, and photographer. Here’s a summary of costs to consider:

• Number of guests • Venue hire • Catering – food and drink throughout the day • Photographer • Ceremony and rings • Outfits – bridal gown, bridesmaid’s dresses, groom and usher attire • Accessories • Hair and make-up • Band/DJ • Wedding cake • Flowers • Decorations • Stationery • Transport • Hotel accommodation/honeymoon • Thank you gifts

PRIORITISE AND DECIDE WHERE YOU CAN MAKE SAVINGS Once you’ve got a list of all the elements involved in your dream wedding, think about your priorities. This will help you to highlight where any savings can be made. If you’ve set your heart on a barn wedding, would you consider marrying off-peak to save money? Hiring a barn on a Saturday in the height of summer is likely to cost between £10-11,000. If you’re happy to marry in January or February and/or on a weekday, the price drops to around £3-4,000.

Other potential savings could include renting all the wedding outfits or buying preloved garments, which is also kinder to the environment. Or hiring a venue

that allows you to bring your own alcohol, putting a limit on the bar tab or only serving beer and wine. Could you or a relative bake the wedding cake? Do also consider using dummy cake tiers with just a couple of edible tiers to cut costs.

Could you make your own wedding stationery? Or perhaps buy your flowers wholesale and make your own bouquets, buttonholes, and decorations? Can you By deciding what is important to you both, you should be able to identify where you can make savings

make your own table decorations and thank you gifts? Finally, and possibly the most difficult decision involves how many people to invite. Feeding and accommodating 100 guests is obviously far more expensive than 50 guests.

By deciding what is important to you both, you should be able to identify where you can make savings.

SAVING FOR THE BIG DAY Now you have defined what you want for the big day, do your research and shop around for prices. Then consider how much financial help your family may be able to provide and what you can afford to comfortably save each month.

If you need to save £12,000 and can afford to save £500 a month, that will take two years. If this isn’t possible, consider downsizing the wedding or delaying it, to give you more time to save and always have a 10-15% contingency in your budget for any unforeseen costs. Once you’ve got a savings plan decide whether having easy access to the money or a higher interest rate is more important. This will help you to decide what sort of savings account to use.

It is also worth getting a 0% credit card for making payments, as paying with a credit card offers protection if suppliers go out of business. Alternatively, you might want to consider a wedding insurance policy to protect you against cancellations and the financial failure of any suppliers. l

Why is a will important?

Making a will means you can be sure that your property will be properly taken care of when you die. The executors and trustees will be chosen by you.

If you don’t prepare a will – if you leave it to chance – this may result in unsuitable people dealing with your estate after your death. Do you want to make sure your children and dependants are provided for – or to appoint legal guardians for your children? What about if you are an unmarried couple? We are able advise you so that you are able to make provision for your partner on your death. Do you want advice on inheritance tax or making a gift to charity? Again, we can help. You may want to set up a trust in your will (e.g for a disabled beneficiary). We are able to advise on all aspects of trusts and setting up a trust in your will.

Don’t leave it to chance. Speak to a professional while you can.

If you would like further information, please do not hesitate to contact Aileen Francis at Percy Walker. Aileen is a solicitor and specialist in this area of law and a full member of the Society of Trust and Estate Practitioners.

Percy Walker & Co LLP

Robertson Chambers, The Memorial, Hastings TN34 1JB T: 01424 721234 F: 01424 721376 enquiries@percywalker.co.uk www.percywalker.co.uk

• Wills & trusts • Probate & estates • Power of attorney • Conveyancing • Court of protection

This firm is authorised and regulated by The Solicitors Regulation Authority (SRA Number 662900).