How to save for a wedding
Family finances
How to pay for a wedding
For many, a wedding will be one of the most memorable and magical days of their life. For most people, it will also be one of the most expensive. So it really pays to start planning as early as possible, and to give thought to how you plan to cover the expenses so you get the most for your money. Here are some things worth considering as you start to plan for that special day.
Use your savings
For most people, paying for a wedding through using their savings may be the cheapest option. This will allow you to avoid paying interest and fees associated with borrowing money.
If you don’t already have money set aside, the sooner you can start saving for your wedding, the more you can set aside. This will also allow you more time for booking venues and services.
If you are planning to save for the big day, a good place to start is a savings account or a joint current account that’s exclusively dedicated to your wedding. With a dedicated wedding savings account, you can set up automatic transfers on a monthly basis from your existing account. That way, you’ll be setting money aside without having to think about it.
You can find a range of practical money-saving advice on how to save for your wedding. You can also check out how to how to plan and stick to a budget. You’ll find lots of practical tips for managing money and creating a wedding budget so you reach your financial goal for that special day.
Taking out a loan
If you can’t save enough to cover the full cost of the special day, taking out a loan could be your best alternative. Personal loans aren’t the cheapest option. But they will allow you to repay your wedding tab in fixed monthly instalments over a set number of years. That way, you’ll be able to budget accordingly, and know exactly what’s owed.
If you are considering taking out a loan or getting a credit card to finance your wedding, this might be a good time to check your credit score. It’s free, easy to do, and could give you an idea of how much you might be able to borrow.
Get help from friends and family
Traditionally, the family of the bride paid for the nuptials. But times have changed, and couples usually have to cover some or all of their wedding. However, if you are fortunate enough to have family or friends who can help, you could avoid putting a significant dent in your own nest egg. These days, since so many couples are already living together when they marry, they accept cash gifts against their wedding in lieu of more traditional wedding presents. That could also help pay for the big event.
How to get the most from a credit card
Given the many and varied costs associated with a wedding, there can be some advantages to using a credit card – whether you’re planning to repay the spending immediately or over a longer period of time. All UK credit cards might offer purchase protection, so you may be able to get your money back if something goes wrong. Depending on the card, this could include protection in the event of damage, theft, defaults or cancellations.
Given the long lead times in planning a wedding, this could be a life-saver if a venue or supplier goes out of business.
Just make sure to read the fine print when you’re shopping for a credit card – so you know exactly what is protected and what isn’t.
Platinum credit card
As the costs of your wedding may begin to mount up, Barclaycard could help you spread the costs and give you more flexibility with our Platinum credit card.
This could help benefit you with 0% interest on purchases for up to 21 months and 20 months for balance transfers from the date you open your account.
For balance transfers, these must be made within 60 days to benefit from the 0% offer. That means if, for example, you don’t take it out for 60 days you’ll have 2 months less of the 0% rate. Due to the way we’ll calculate your credit limit, it might go down if you don’t complete a balance transfer within 60 days of opening the account. Each balance transfer made has a transfer fee of 3.45%, so only spend what you can afford to repay.
When your 0% offer ends you’ll be charged interest at your standard rate for anything new you buy and for any outstanding balance on your card.
Purchase credit card
If you choose a purchase credit card with a 0% interest offer, you can make purchases without paying any interest on the balance for a certain length of time. This is the introductory period, and can vary considerably.
Representative example
- Representative APR
- 24.9% APR (variable)
- Purchase rate
- 24.9% p.a. (variable)
- £1,200 credit limit
- Annual fee
- No annual fee
Based on a
To avoid unhappy surprises and lingering credit card debt, make sure you understand how long the introductory period is, and exactly how much you’ll have to pay in interest once it expires. It’s important to remember that you’ll still have to make your monthly minimum payments and stay within your credit limit. You’ll only keep the 0% interest offer if you make at least the minimum repayments each month and keep within your credit limit.
Once the promotional period has finished, you’ll start being charged interest at the standard rate on any remaining balance. Getting a purchase credit card is of course subject to application, financial circumstances and borrowing history.
Rewards credit card
When it comes to spending for your own wedding, using a rewards credit card really can pay off. Typically, most rewards credit cards allow you to earn cash back on all your purchases. Some rewards credit cards also offer benefits for signing up. That can all add up when you consider the cost of many weddings.
Representative example - most accepted customers get
- Representative APR
- 29.9% APR (variable)
- Purchase rate
- 29.9% p.a. (variable)
- £1,200 credit limit
- Annual fee
- No annual fee
Based on a
The approval of your application depends on financial circumstances and borrowing history. The interest rates, may differ from those shown.
However, if you can’t afford to pay off the balance every month, your interest payments may wipe out the value of the rewards. So this card isn’t for everyone, and it’s important to seriously consider your budget when choosing the right credit card. Also keep in mind that they are subject to application, financial circumstances and borrowing history. To help you pick the right one, use our eligibility checker to find out which one you’re eligible for without affecting your credit score.
What's next?
Looking for a credit card to help keep on top of your wedding planning?
* Subject to individual eligibility criteria, suitability and terms and conditions. Interest in line with current rates will still be charged.
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