MILLIONS of married couples underestimated their wedding budget – and ended up having to borrow money to pay the difference. Almost two thirds admitted the total cost of their wedding was more than they expected with 70 per cent of those having to look elsewhere to find the money. And 23 per cent said their […]
MILLIONS of married couples underestimated their wedding budget – and ended up having to borrow money to pay the difference.
Almost two thirds admitted the total cost of their wedding was more than they expected with 70 per cent of those having to look elsewhere to find the money.
And 23 per cent said their spending went a whopping £20,000 or more over budget.
Almost two thirds (65 per cent) admitted they were unprepared for how much their wedding was going to set them back.
Paul Went, managing director of Shawbrook Bank, which commissioned the research, said: “Nowadays, weddings are generally a more lavish and costly affair than in years gone by.
“People appear to be spending more and more money to try and create an unforgettable experience but there is a risk of overstretching your finances.
“When planning for your big day it’s important to set a clear, realistic budget, preparing for those unexpected costs you could experience further down the line.
“There are many ways of saving money if you start planning early and avoid being forced into last-minute decisions.
“By taking a slightly different approach, you could reduce the overall cost of your wedding.
“For example, getting married mid-week, during the winter or even overseas could help you stay on budget.
“When considering how to finance your wedding, it’s important to make sure it doesn’t put you or your family under unnecessary financial pressure.
“Understanding your available budget and your options for finance will help you make an informed decision.”
The study of 500 adults who got married within the last five years found the most popular sources for borrowing additional funds were from parents (26 per cent), via credit cards (17 per cent) and through personal loans (14 per cent).
But 44 per cent of those polled felt under pressure from others to spend more than they had planned to or felt comfortable with.
And just under a quarter said pressure came from their family members, while 12 per cent blamed friends or neighbours.
A tenth said their spouse-to-be was the one pushing to spend more.
Cost-conscious Brits are also getting married in winter, on weekdays or overseas to help keep costs down.
Nearly three in 10 respondents in the study held their wedding reception in a hotel, but 18 per cent chose a pub, village hall or community centre.
In other wedding news, we told you how a woman jammed her wedding ring on her finger so hard it went blue.
We also showed you how a vegan bride got slammed after her fiancé proposed by shoving the ring into an avocado.
Plus a mother of the bride appalled the web by wearing a wedding dress to her daughter’s big day.
