Top Tips for Planning your Wedding
Getting married can be one of the most exciting and most expensive times in a person’s life. From venue hire, to floral arrangements, to saying ‘yes’ to the dress, costs can quickly add up, which is why it’s important to take time to agree your budget. The Competition and Consumer Protection Commission (CCPC) has some handy tips to help you plan ahead –
Make a realist wedding budget: With the average Irish wedding costing about €29,000, it’s easy to see how you may struggle to stay within budget and meet the costs of getting married. Look around to see what wedding items (e.g. hotel, band, dress etc.) cost and then decide how much you want to spend on each item and then make a budget. Check out the CCPC’s budget planner at ccpc.ie to help you calculate all your wedding costs, big and small. This should help you decide what is really important for you on the big day and what can be cut out.
Ways to fund your big day: From mortgage repayments to childcare, to college fees – as a couple, your longer term expenses can really add up, so it’s important to consider which finance option works best for you, when it comes to paying for your big day.
- Save: To avoid beginning married life in debt, consider opening a savings account dedicated to your wedding costs. The CCPC’s savings Money Tool will help you compare interest rates on savings accounts from the main financial providers.
- Take out a loan: If you have to take out a loan to help pay for your wedding, borrow as little as possible, to limit your future debt. Check how much a loan will cost you and how long it will take you to repay, using the CCPC’s loan calculator. Resist the temptation to spread the repayments too far into the future, as this will cost you more in interest and could affect your future plans.
- Credit Card: Try to minimise how often you use your credit card to cover wedding costs. The temptation can be to only pay off the minimum balance on your credit card each month, which will cost you a lot in interest and could take several years for you to pay off a large balance.
Be Flexible: Consider getting married off-peak; the month and the day you choose could save you thousands of euros and be open to alternative venues.
Be sure before paying a deposit: When it comes to paying a deposit on bigger items such as the venue, your band or even your wedding dress, be sure of your choice before you say ‘I do’ to your supplier. When paying a deposit you are essentially entering into a contract with the supplier, so the obligations of that contract work both ways. If you change your mind at a later date, the supplier may not be obliged to refund you your deposit, so check the terms and conditions paying a deposit and whether a refund is possible.
What about insurance? Taking out wedding insurance offers you more security if something does go wrong – such as cancellation or failure of companies to deliver a service. Many insurance providers offer wedding insurance, so make sure you know what the policy covers and compare premiums before you buy. You should also consider getting engagement and wedding rings valued and insured as ‘specified items’ on your home content insurance so you are covered for any loss or damage.