Planning your wedding is incredibly fun but it can be stressful as well! Of course, when you think of your dream wedding, stressful evenings in front of spreadsheets and your calculator are the last thing you’d imagine (pinning beautiful dresses – yes, trying on beautiful dresses – hell yes, worrying about where you’ll find the cash for said dress – not so much). But trying to make those Pinterest dreams a reality can come at a cost so it’s no surprise the dreaded budget is one of the biggest wedding worries and areas of contention couples face on their way to the altar.
Weddings can be expensive and regardless of how much cash you have to hand, when it comes to planning, it’s easy to get carried away. From big spends like the wedding venue, catering, entertainment and the wedding dress to little unexpected add-ons like gifts for bridesmaids and best men, alterations, bathroom baskets and celebratory dress shopping drinks (every little thing counts!), the zeros can quickly add up and what’s meant to be one the best days of your life can leave you tossing and turning at night. But you’re not alone, each year we run a wedding survey and ask newlyweds or soon to be wed couples all about their planning journey and last year 38% of those surveyed admitted to going over budget.
In 2016, the average spend for a wedding came in at €22,531 (including honeymoon), up 6% on 2015 and unless you’ve been saving since your first Communion, this kind of cash isn’t something most couples have access to. So what to do? Our 2016 survey broke down how most couples were paying for their Big Day with 28% taking out a loan to help cover the cost, 22% sharing the costs with their parents and 72% using their savings.
72% use their savings
Trying to save 20K in a year to 2 is a big ask! Long engagements are the answer to some couples problems, with several thrifty couples waiting a couple of years to tie the knot so they can get saving.
28% take out a loan to help cover the cost
For those that were keen to get hitched sooner rather than later a popular option was and still is to get a small loan to help cover the costs for the Big Day. Bank of Ireland has loans specifically for wedding couples where you can borrow funds to help you cover your expenses. If you are looking to borrow cash quickly and easily, Bank of Ireland have one of the best interest rates in the market (in some cases better than your local credit union), offering low rates from 7.5% APR*(Annual Percentage Rate – Variable). It means you can have your dream day that little bit sooner and pay for it afterwards (anything between 1 and 5 years). For more information on a Bank of Ireland Wedding Loan and to see how much you can borrow, click here.
22% share the costs with their parents
Another option that popped up was to share the cost with your parents. Understandably, your folks might not be in a position to help you out but if they are, this could be a great way to have your wedding in the not so distant future. But of course if you do go down this route, it can mean relinquishing some of the control (we’ve seen some brides in our forums debating the merits of parents being involved with dad inviting half the Golf Club!). Whatever your thoughts on this one, make sure if you do accept a contribution from your parents, they know when and where they can get involved.
This post is sponsored by Bank of Ireland – For more information on a Bank of Ireland Wedding Loan, click here.
*Rates depend on your individual circumstances and may differ from advertised APR. APR stands for Annual Percentage Rate. Over 18 years and existing Bank of Ireland current account customers only. Lending criteria, terms and conditions apply; rate is dependent on previous account performance and is not available to students. Where applicants do not meet this criteria, alternative rates may apply.
The repayments on a personal loan of €7,000 over 5 years are €139.46 per month based on a variable rate of 7.5% APR. The total cost of credit is €1,367.60.
Variable rates are correct as at 14th September 2016 and are subject to change.
The findings from the weddingsonline survey are based on over 2,000 participants in January 2016.
| WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future |
