21st June 2024
If you are planning a wedding, then your wedding budget will be the first big decision you and your partner will make for your big day. While wedding spending decreased during Covid, it has begun to steadily climb again in the years since. Wedding budgets have supersized during the 21st century. It is now more common than ever for couples to intentionally take on “wedding debt”. Indeed, the average Brit goes into £3,958 of debt for their wedding day.
It is possible that so called “wedding debt” will not remain the norm. Each generation has their own views on marriage, and how parties should be thrown. In the USA, Gen Z are already bucking the pricey wedding trend. Of those surveyed by Newsweek, 25% of participants in that age group said that $10,000-$20,000 was plenty for a wedding. By contrast, 21% of millennials thought that weddings should cost over $50,000. In the same survey, 30% of Gen X voted in favour of a wedding budget between $5,000-$10,000.
So, is wedding debt a product of a generational obsession with being “Insta-worthy”? Could it be that the prevalence of aesthetic based social media is driving a millennial will to accept financial instability in return for the wedding of their dreams? Or, is wedding debt a direct product of inflation?
According to Hitched’s wedding survey, the average cost for a wedding in the UK was £20,700 in 2023. This is up 12.5% from 2022, when the average UK wedding cost £18,400. While this is much lower than the 2019 average of £31,974, it is still a significant cost in comparison with the average UK salary (which is £29,669).
The average does not represent everyone, and many marry for much less. You don’t have to spend huge amounts of money to get married at all. Check out our guide on how to have a £1000 wedding for some more thrifty ideas.
This is a tricky question to answer, because it ultimately comes down to your priorities. At the risk of sounding cliché, you only live once. You will also (hopefully) only get married once. When you spread the cost of your wedding across your whole life, it suddenly doesn’t sound like so much money. On the other hand, all that is needed for a marriage to be legal is the proper protocol and documentation. A lavish wedding is undoubtedly a choice, and there are several tiers available for you in between a quickie at the registry office and a blowout in a castle.
Viewers were stunned when Netflix released the series Marriage or Mortgage. The show saw real couples deciding between spending their savings on their dream wedding (with supplier discounts and freebies) or their first home (with perks like free appliances). To many, it seemed unbelievable that anyone would choose to spend their life savings on an event rather than a home. However, many couples did make that choice!
The show had Redditors divided. Some empathised with the couples who chose the wedding, arguing that $25-30k was not really enough for a house deposit in many areas. However, others could not get beyond the fact that a house is forever while a wedding is a one day event.
It really boils down to one thing. You should only spend your savings on an event like this if it is really what you want. If you have the means to throw a lavish party, and the drive, then you should do it. If you are struggling financially, or if the marriage is more important to you than the wedding, then avoid the flashy celebration!
Thanks to the rising cost of living and inflation, each aspect of a wedding is getting pricier by the year. Around 30% of couples had to increase their budget while planning to allow for this. Not only that, but a staggering 59% of UK couples admit to going over budget for their dream wedding day.
A UK couple interviewed by The Guardian detailed how they blew their own wedding budget. Their initial wedding budget was £10,000, but this quickly became a final figure of £14,700. This almost 50% increase to their initial planned budget was possible even with the majority of items on their wedding list being paid for by family, or packaged together in money saving deals. The biggest spend on their big day was the venue, which set the couple back £9000. This figure sounds high, but as it included catering, alcohol, venue décor, and a wedding planner, it was actually a steal in comparison to other wedding venues.
If you turn to Reddit, it is easy to see that no matter the starting budget, couples still manage to accrue wedding debt. The most common reason cited for this is post-Covid price hikes. Other factors such as changes of plans, additional guests, and wedding mishaps can all add to the bottom line.
The best tips for avoiding wedding debt are the simplest.
One: be prepared to sacrifice small details, or even big details, to remain within budget. If your supplier has upped their prices and taken you over the budgetary line, then it’s best to find a new supplier. Failing that, you may be able to renegotiate what you want from them.
Two: create your wedding budget with a debt buffer. Plan your wedding to a budget around £4-5k under what you have saved. Then you can feel confident that you will remain within your budget. This accounts for incidental extra expenses, or things you may have forgotten.
Some other tips for keeping your wedding costs down:
The best advice we have heard for keeping your wedding budget in check is to avoid social media. There is a tendency online for people to overstate the importance of certain aspects of weddings, and a growing culture of bride shaming on apps like TikTok, where users take to their phones to lament choices others have made about their wedding days. Sure, you could worry about being the subject of a video complaining about the lack of expensive catering or bridesmaid gifts at your event. But your wedding day should be all about you and the love you are celebrating.
Before you decide how to allocate your budget, sit down with your partner and make a list of non negotiables for your wedding day. This doesn’t need to be a strictly practical list. It is important that you feel like your wedding day is everything you dreamed of. So, if your heart is set on expensive peonies because they remind you of your grandma, then don’t discount them because they are pricier than tulips. You get to decide how and where your budget is spent, and it’s okay to make some decadent decisions.
When discussing your overall budget, it’s good to keep these things in mind. Ask yourself whether the item in question will improve your day, or make your guests have an unforgettable experience. You might decide it is worth the splurge. Some items such as wedding rings will stay on your finger for the rest of your life, so budgeting accordingly for things like that is highly recommended. Another good example of this is your outfit. The dress may only get one wear, but those shoes you’ve been eyeing up could be worn for plenty of future occasions.
At the end of the day, your wedding day is all about you. It is never worth going into unmanageable debt to throw a party, no matter what milestone you are celebrating. Any loans or financial assistance that you may wish to take out to support your wedding budget should be carefully considered. Communicate with your partner and loved ones to ensure that you are putting your money in the most important places. Take a moment to relax, and enjoy the experience of getting married to the love of your life. That’s what it’s all about!
FULLY INSURED DELIVERY
Buy online with confidence, with our excellent service
ORDER SAMPLES
A boutique experience from the comfort of your own home
UNBEATABLE VALUE
Up to 50% cheaper than the high street
Samples
Book Showroom