We all know weddings are expensive, but how much do they cost? And how do you fund them? Find out this, and more, in our post.
Your wedding isn’t going to be cheap. Whilst there’s loads of things you can do to help you save money, ultimately, it’s still going to be costly and you may need to make a loan application to help you. The average wedding in the UK costs around £27,000 – so, even if you can fund a wedding for a fraction of this price, it’s still going to be expensive. The wedding industry is huge in the UK, and sadly it’s going to cost you a lot. But how do you fund your big day?
Well, in this post, we’re going to tell you some wedding finance options, but not before we break down the costs of what your big day could cost (based on the UK average). Yes, we’ll be talking about some possible wedding loans to using your savings. But first, let’s look into the wedding costs.
The Average Costs
So, in this section we break down the average costs of a wedding. We cover everything from the venue, the cake right down to the honeymoon. These are based on national average costs – it’s not a set figure you will or should spend.
On average, the venue for both the ceremony and reception could cost the bride and groom around £5,000. It is usually dependent on the venue itself, what’s included and of course the day you’re going to get married. Weekends are usually popular days for weddings, therefore, the venue will charge more. Some venues may be more expensive than this average cost, but they may have extras included such as drinks and even catering too. So, when it comes to booking your wedding venue, make sure you know what’s included and what isn’t.
The average cost of catering a wedding in the UK is around £5,000 – but again, this is dependent on the number of guests you have and what type of food you have too. Sit down meals are generally more expensive, whilst buffets are a cheaper alternative. However, some choose to go for both. The type of meal you have and the number of people that attend can bump up the price of catering as a whole. Some brides and grooms offer either an open bar or set a bar tab, which can push the costs up even more.
The Dress & Clothing
Clothing on the day is going to cost around £2,700 (on average). The brides dress can be the most costly thing, but most choose to buy their bridesmaids dresses too. Let’s not forget about the groom and the groomsmen – as they’ll also need a suit for the day as well. This can also include things like the shoes, the vale, jewellery and even make up and hair on the day too – it all adds up.
On the day, you’re going to want a photographer to capture your wedding. On average, this can cost around £1,000. Some choose to have the photographer for the entire day. Everything from before the ceremony right up until the reception in the evening. The costs of the photographer not only come from paying their day rate but also editing costs too – and if you want the photos printed into a book. Some want their big day to be filmed as well, which means there is also video costs too.
The Flowers & Décor
Decorating the venue isn’t cheap, and it costs on average around £1,000. This includes everything from flowers for the venue, centre pieces and place cards too. However, this price can vary depending on how many flowers you have, what kind of centre pieces and place cards you have as well.
The Cake & Entertainment
On average, the cake and entertainment can cost around £1,000. Of course, the costs will depend on the size of the cake you choose and the type of entertainment. Live music entertainment tends to be more expensive, but DJs are more expensive than a playlist on Spotify or Apple Music. Most venues may be able to provide you with a sound system and an aux led for you to plug your own music into – however, this may be an additional cost.
If you include the costs of the engagement ring as well as the wedding bands, the average cost is around £3,800. Again, it is dependent on the cost of the engagement ring and the type of wedding bands (silver, gold, white gold etc.)
Finally, after paying for the entire wedding there’s the honeymoon costs too. On average, couples will spend around £5,000 on their honeymoon. Again, this depends on how early you book, how long you go for and where you go to.
Funding the Wedding
Now, whilst some couple’s parents may pay all or a little towards your wedding day, most will have to raise the funds themselves. Some choose to pay for the wedding out of savings, making cut backs out of their monthly budget in order to finance the wedding or use their credit card to pay for the wedding. Some couples may even use a wedding loan – be it a standard or bad credit loan.
For those with good credit, there’s financing options available with low APRs. However, for those with bad credit, there’s the option to use a guarantor loan. Whilst they have a higher APR then a standard loan (available for those with good credit), they are an option of financing your wedding. However, most tend to save up.
Whatever way you finance your wedding there’s easy ways to cut costs down. The averages above are based on what everyone in the country spends typically on a wedding, so it can vary in price.