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How much will your wedding set you back?

How much will your wedding set you back?

Category: Money

Updated: 23/06/2016
First Published: 22/06/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Your wedding day will be one of the most memorable days of your life, but it can also be one of the most expensive. Estimates as to the cost of a big day vary wildly, but Ocean Finance has taken a closer look – and it seems like it typically clocks in at £8,000.

This may surprise you given that research can often reveal average prices of anything from £20,000+, but as it's the median cost of a wedding – rather than an average – the results aren't skewed by a small number of extremely expensive weddings. This gives a better indication of what people are really paying for their big day, says Ocean Finance, and it'll probably come as welcome news for those struggling to see how they can come up with a budget of £20,000!

In even better news, the majority of people pay even less than that, with 44% of respondents having spent between £100 and £5,000 – including 23% who spent less than £2,000 – while 27% spent £5,001 to £10,000. A further 12% had a slightly higher budget of between £10,001 and £15,000, while 8% spent £15,001 to £20,000, 4% spent between £20,001 and £25,000, and a particularly flush 5% spent more than £25,000 on their big day.

But just how did they pay for the whole affair? Well, 52% said they covered the cost with money they already had saved up, while 34% received financial help from parents or other family members. Contrary to popular belief, turning to credit isn't that common, with only 7% using credit cards and even fewer (6%) taking out a personal loan to cover their nuptials.

Given the costs involved – from the venue itself to the food, entertainment and all-important dress – it's little wonder that 37% of recent newlyweds said that keeping costs down was the most stressful part of planning a wedding, but it seems that most have a responsible view of the whole thing. The fact that so many use their hard-earned savings is welcome news, and suggests that the majority won't be getting themselves into unnecessary debt – debt that could make the beginning of married life significantly harder.

"The wedding industry is an expensive business," commented Ian Williams, Ocean's spokesperson. "While you undoubtedly want to make it a memorable day, remember to only spend or borrow what you can afford. It's all well and good having the perfect day, but if you're left in a financial slump as a result of this, it may not be worth it in the long term."

What next?

Start your married life free from debt by paying for the wedding with your savings – but make sure you've got the right savings account to help you reach your goal quicker

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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