There are many things in life we want to save up for. Holidays come top of the list, but others include new cars, anniversary gifts, and gadgets. We also regularly add to our pension pots and may even use an ISA to pay off the mortgage early.
One of our largest expenses in life is a wedding. It needn’t be our own. We may be paying for our daughter’s wedding. There are many ways to save up for a wedding, but we have no idea how much it will cost until closer to the date. Weddings have been increasing in cost dramatically in the last couple of years.
Back in the fifties and sixties, most people put on a homemade buffet and invited a few friends and family to attend. Dresses for the bride and bridesmaids were usually purchased from a local boutique, and the venue was often the local parish church. Expenses were minimal compared to today. Nowadays we like to hire manor houses and treat 100 guests to a sit-down meal and live band.
Most of us can’t afford the ideal, dream wedding we see in movies. When we get engaged and start looking at weddings, we quickly see the enormity of the task ahead of us, from invitations to the honeymoon. Click here to get started from the invitations. If we are to save for a wedding, we need to set a realistic expectation in terms of affordability. While this may disappoint the bride, it would not be a good start to the marriage to be heavily in debt.
Using a high-interest account for a short period of time could see a lesser return than using it over several years. Having a rough idea when you think the wedding may be is helpful when you are thinking of saving up for your daughter’s wedding. It is never too early to start, but often we prioritise other funds and pots.
Being able to afford 10 to 15 quid a week to save up for a child’s wedding 20 years into the future is difficult. There are so many other large expenses that may come up between now and then. Things like university, driving lessons, and even deposits for their first flat could deplete your funds. So what is the solution?
Couples are putting off getting married until other parts of their lives are established. Purchasing a first home, and having an established career often come first on their list of priorities. The cost of a wedding is just too high. People don’t want to spend that kind of money on a single day. Couples are also funding and organising their weddings themselves. Parents are not being asked to pay for more than one or two things, like the dress or the bar tab.
With this in mind, you may be able to set yourself a savings goal. Check your budget thoroughly and see what you can easily afford. Find a good, high-interest savings account or investment to put it in. As wedding costs are rapidly rising, trying to keep ahead of that with the return on your investment could be challenging. Check with your Financial Advisor for some of the best products that may help you.