Saving and budgets is an all too common downside to planning a wedding. If spreadsheets and budget apps make you glaze over though, you’re in luck. The people at MoneySuperMarket have done all the analysis and number crunching to help you work out, not only how much you’ll need to save for your wedding, but how much to save each day.
This also rises to £116.75 if you only count the 260 working days in a year.
With the average UK wedding cost and the average couple earning a combined £64,974 annually, the ratio of earnings to costs among Brits stands at 2.14:1. This means that for every £2.14 the average couple earns in the UK, £1 is spent on their wedding or civil partnership.
Interestingly, if you apply this same equation to some of the world’s most famous weddings, here’s how much the celebs spent on their weddings:
- Kim Kardashian & Kanye West = £7.88 earned : £1 spent
- Priyanka Chopra & Nick Jonas = £47.95 earned : £1 spent
- Meghan Markle & Prince Harry = £1 earned : £15.30 spent
If you're not a royal or a Kardashian however, how do you save and pay for your wedding? According to MoneySuperMarket, 48% of couples pay with their personal savings, while family and friends, parents and credit cards are also commonly used to help pay for the big day.
Only 6% of Brits who got married in the last 15 years paid with a loan. However, there’s an apparent shift in the trend, with the 19% of those who are not yet married, or who would think about remarrying, would consider getting a loan for their wedding.
Need help pulling off your dream wedding on your budget? Check out our best tips for saving money on your wedding.