It’s easy to get swept along in the magic of planning the ideal ceremony for you and your partner—an idyllic location, the perfect outfits, the extravagant cake.
There’s a lot that goes into celebrating your love, but the costs can get lost behind the bouquets and open bars. Planning a wedding begins to moment you choose that engagement ring—it pays to think about all the costs that fall outside of the big day.
What’s the average cost of an engagement ring?
The average engagement ring price in the UK based on what people spend is £1,865, based on a 2020 survey by Diamonds Factory.
However, the old adage of an engagement ring being worth two- or three months’ salary still exists today. While thought of as tradition, this concept originates from an old advertising campaign conjured by De Beers. One of those advertisements read: “2 months’ salary showed the future Mrs. Smith what the future will be like.”
De Beers campaigns are also responsible for the link between diamond rings and marriage. Even in the mid-40s only 10% of engagement rings contained diamonds—a number that rose to 80% by the end of the 20th century.
Traditions are often divorced from reality, and the cost of a ring changes based on where you look and who you ask. Forbes cited £3629.48 ($5,000) as the average engagement ring price. Economies change, and so do costs, but more importantly, it’s your marriage, ring, and stone of choice (if any.)
What’s the average suit hire cost for weddings?
The average suit hire cost for a wedding is between £40 to £135, not including deposits. This may vary depending on the number of groomsmen you have in your wedding party and the type of suit you choose to hire.
In reality, your ideal wedding may not include groomsmen, or you might choose to do things your way. Or perhaps the costs aren’t realistic for you. There’s no shame in speaking honestly with friends and family who you would like to be involved. Nothing says you need suits at all—the most important thing to consider is it’s your day – there’s no reason why tradition can’t take a back seat to your happiness.
If you’re looking at costing it up before you decide, speak to providers to weigh up the costs.
What’s the average wedding insurance cost in the UK?
Some people choose to take out wedding insurance for peace of mind on their big day - it’s easier to be carefree and enjoy the celebrations when you’re not worried about the suit hire damages, illness or venue cancellation. It’s potential issues like this, both running up to and during the big day, that most policies tend to cover.
It’s difficult to determine the average wedding insurance cost, but it’s usually a one-off payment from £20 up to £300 for more extravagant events. There may be additional costs to consider, such as cancellation cover or protection for outdoor arrangements like marquees. Cover isn’t a necessity, but if you think you’d benefit from the security it brings it may be something to consider when drawing up your wedding plan.
How much does a wedding photographer cost?
While you’ll never forget the big day, it’s unlikely you’ll want to rely on your memory alone to relive those cherished moments. For most of us, it’s not as easy as getting your cousin to visit with their Nikon.
Professional photographers aren’t hard to find—but comparing packages and choosing which is right for you might be. You may want to consider if you want a local photographer or to look outside your area if a more suitable snapper is available. You may not need a photographer for the whole day, or you may want an additional photographer on the clock to capture more of the celebration. There are also the costs of printed photo albums vs private cloud storage to consider. If you’re after more candid shots, you may not need a wedding photographer at all.
These are just a few things that will determine if you pay less or more. A good photographer isn’t reserved for those with a large budget either. Thinking carefully about what you need can help you adjust the cost to best suit you. Professional photographers can go from under £500 all the way to over £3,000. Before anything though it’s essential to make sure their style suits you – check out their online galleries to get a feel for their work.
How much should we spend on the honeymoon?
Your honeymoon is entirely your choice - it’s about what suits you both the best. There’s no cost or timescale that you should adhere to. If you want to go right from your ceremony, do it! If you’d like to save and go on a longer holiday in the year, then do that. It’s all about what makes you happy.
A popular holiday for newlyweds in recent years is the “mini-moon,” a short but memorable break. You might even decide to put your wedding funds into an all-out honeymoon to celebrate your love or trot the globe. Everyone’s opinions on costing, desires, and duration will vary.
The only important thing is to make sure you’re happy and that you’re financially stable in your decision.
Can I get a wedding loan?
A personal loan can help to cover the costs of the big day, and give you the financial security to make it a truly memorable day. The amount you can borrow will depend on your personal circumstances and credit score. It’s vital only to borrow what you can afford to repay - that’s why it’s important not to let all those hidden costs fall between the gaps, allowing you to effectively budget for your wedding.
You can find out more about marriage and other money matters with the Norton Finance Know How hub.
Sources
https://www.bbc.co.uk/news/magazine-27371208
https://www.forbes.com/sites/sleasca/2017/07/27/engagement-ring-average-cost/
https://www.hitched.co.uk/wedding-planning/photography/wedding-photography-prices/
https://www.weddingplaninsurance.co.uk/wedding-insurance-faqs
https://www.hitched.co.uk/wedding-planning/organising-and-planning/wedding-insurance/
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