Top tips on how to save for a wedding

Picture this: you're standing hand in hand with your partner, surrounded by loved ones, as you embark on the journey of a lifetime. It’s finally time to plan the wedding you've dreamed of for so many years. But how do you save for a wedding  and balance your perfect day with your actual budget? Loqbox has some great wedding-saving tips, so let’s jump in! 

Learning how to save up money for a wedding is a great way to practise working on financial goals together. As a couple, that’s a brilliant skill to take forward into your marriage. This is true whether you are exploring how to save for a wedding , or even a house. These planning and budgeting tips will be useful well after you’ve both said “I do”.

Whether you’ve got your heart set on a big traditional wedding, or a small and intimate one, Loqbox looks at the best ways to plan, budget and save money for a wedding fast. Getting to grips with ceremony costs, budgeting tips, and ways of making the most of your ‘big day’ savings, can help to make your wedding a very special one.

How much to save for a wedding

Okay, so the bigger question is: “Will you marry me?” But not long after that’s been answered with a “Yes!”, you’ll soon be asking: “How much money should I  save for a wedding?” Well, taking everything into consideration, from the dress, to the catering, the venue, the rings, the band… you might be surprised at how quickly things add up. 

On average, UK weddings cost as much as £17,300. Couples often  spend more than they intended to as their wedding plans change and grow. It’s natural to not want to scrimp when you’re planning your big day, but how much should you save for a wedding if you’re on a budget? Read on to find out. 

Create a budget and a plan

When you’re planning your big day, it’s important to keep to your budget so that your costs stay in check and you don’t end up with unnecessary debts. But keeping all of your ideas, plans and costs in your head isn’t easy. So it can be a good idea to get everything down on paper (or in a spreadsheet) so that you can keep track of it all.

Create a budget

Write down everything that you need to pay for. Be sure to research the best options for everything on your list — you may find you’re able to find better value prices. Remember to ask for discounts if you’re buying in bulk for things like catering. 

With everything written down, take a total. That’s your target. You may want to bring your costs down further, which is fine. But now you can start to prioritise what’s most important to you for your big day. Seeing everything in one place will help to organise your thoughts and refine your planning.

Be realistic

For many, weddings are about splashing out. But it’s often a good idea to be realistic, too. While planning a wedding beyond your means might feel exciting at first, the pressure to overspend could turn your special day into a financial burden going forward. You might find that setting and hitting manageable targets not only preserves your wedding dreams, but keeps you motivated to keep saving and reach your ultimate goals.

Part of being realistic involves planning ahead. Christmas, birthdays and other life events could make it harder to save towards your monthly target. That’s okay, but plan it in, and consider a contingency fund, so there aren’t any surprises further down the line. 

While you're saving for the big day, you might decide to embrace a few sacrifices here and there to strengthen your wedding budget. Whether it's cutting back on takeaways, or holding off on that weekend getaway, every little bit adds up. Your budget is there to help you make these decisions. 

How much to save per month for a wedding?

With your expenses laid out and a date set for your wedding, you can break down your budget into bite size, monthly savings targets that take you up to the big day. If it doesn’t feel manageable, maybe make some compromises or, if you haven’t set a date yet, consider choosing one that gives you ample time to save.

Read this blog for tips on how to build a budget.

How long does it take to  save for a wedding ?

This really depends on you and your budget. Before you put any deposits down, it can be a good idea to do a trial run of your new savings plan. Start setting money aside for a few months to check if it’s going to work out, then set your wedding date accordingly.

Either way, give yourself time. The earlier you start to save for your wedding, the easier it will be to hit your target. Do the sums and find your comfort level. If you want a £10,000 wedding in 12 months, you’ll need to save £833 per month. If you give yourself two years to plan and save you might find £416 per month easier to achieve.

Do your research

When you’re planning your wedding and building your budget, remember to do your research for every element of your big day. All of these costs add up fast, but the same is true for your savings as well. Don’t just get hitched to the first numbers you’re given. These purchases may not be familiar, so it’s even more important to get more than one quote. You might find that the best way to  save for a wedding is to keep costs down! 

How to save money planning a wedding

So, how much money should you  save for a wedding? Well, before you start saving for a wedding, it’s a good idea to try and get the costs for the day down to a manageable level. Tightening your purse strings doesn’t have to mean compromising on your dream day. Here are some great tips for how to save money planning for a wedding.

Think about when

Your wedding venue choice will probably make up a big part of your budget. But fear not! There are clever ways to trim those costs without missing out on your dream location. Consider tying the knot off-season, typically between November and April, or pick a weekday to celebrate instead of  the weekend. 

Another savvy tip? Ask your dream wedding venue to tell you about any cancellations. You might find that the costs drop considerably if you’re willing to pick up somebody else’s cancelled slot. You may not get a lot of notice but the savings could be head-turning.

Think about where

If switching to off-season doesn’t help to bring the cost of your wedding to an affordable level, you might want to look at alternative wedding venues. Looking beyond traditional spaces can provide great value and even some inspiration for themes. And it could also turn your wedding into a totally unique day to remember.

Think about what’s included

Some wedding venues include a lot of the things that you need for your wedding. That can help you to save on the total cost. But double check what the venue can provide to make sure you don’t get any surprises. Some venues allow you to drop some of the extras, which could save you money if you find more affordable options. 

Think about DIY options

Feeling creative? Why not get crafty with things like your invitations and place settings? While these things may not be the biggest part of your budget, they can all add up. Plus, it can make for a great crafting day with friends.

You might also be able to enlist your friends for things like your wedding entertainment, photography, or hair and make-up. Your friends might give you a hand for free, or at ‘mate’s rates’, as a wedding present. Just remember that they will still want to spend time with you on the big day too! 

Think about going second-hand

Wedding clothing is often single use, with dresses and suits getting tucked away after just one wear. This isn’t great for your budget or for the environment. So why not explore the world of second-hand? It’s better for your pocket and for the planet.

How to start saving for a wedding

Once you’ve created your budget and your plan of action, next it’s time to start actually putting money into your wedding savings jar. So, let’s take a look at how to save money for a wedding fast.

First things first, you might decide to open a dedicated savings account for your wedding fund. Keeping this money separate from the rest of your finances can give you clarity on your progress and avoids your wedding budget getting tangled up with your day-to-day expenses. 

Consider automating your wedding savings. Standing orders are fantastic tools for helping you stay on target. Timing payments to come out just after your payday, can reduce the temptation to spend your money on anything else. 

When you  save for a wedding, compare the benefits of different types of savings accounts to find the right one for you. Many accounts offer interest on your money, meaning you can earn extra on it in return for leaving it in your account over a period of time.

Higher interest savings accounts can be the best way to save for a wedding  if you are planning in advance. But if your wedding savings plan is over a shorter time, like a year, you might be more interested in working towards other financial goals. If you want to use your wedding savings to build your credit score instead, you could get started with Loqbox, and activate Loqbox Save. After all, once you’ve tied the knot you may want to buy a house, or book a honeymoon.

Improvements to your credit score are not guaranteed. 

Improving your credit can help you to get accepted for borrowing and give you the best chance of securing better interest deals. When it comes to a mortgage, better interest rates can save you £1,000s in the long-term. So getting your credit score in great shape can be an important step towards financial freedom in your future together.