Very few couples are able to cover the entire cost of their wedding day on their own. If you are planning your own wedding – or you’re on the hook for a child’s big day – there are ways to cut costs without decimating the guest list.
Firstly, if you have been putting money aside expressly for this purpose, make sure you’re getting the best interest rate possible. Unless you’re planning many years in advance, then investing in any sort of “risky” asset is out, but you may be able to access preferable interest rates by using a regular savings account or a fixed-term deposit account.
Second, consider the date and the time. An easy way to save on a wedding is to schedule it outside of “peak” time (May to September, and December), or on a day other than a Saturday. (If you’re not superstitious, April 1st and Friday 13th weddings are apparently bargain dates.)
As for the timing, another straightforward way to save money is to shift the whole affair to later in the day. This is fairly common practice in America. That way, you can avoid an evening buffet on top of the standard three-course main meal (the wedding breakfast), saving on catering.
Third – location. If you have the ceremony and the evening celebration in the same place, it can save a great deal on venue hire and the cost of transporting guests (and the bride and groom) from one location to another. Package deals offered by hotels and other venues can often be good value, as when you factor in all the added extras – such as linen and glassware – costs can stack up if buying everything individually (not to mention the stress of pulling everything together).
Finally, remember that money given as a wedding or civil partnership gift is exempt from inheritance tax (IHT) – up to £5,000 for a child, £2,500 to a grandchild or great-grandchild and £1,000 for anyone else. The gift must be given on, or shortly before, the date of the ceremony. So if you were planning on adjusting your affairs to be more IHT-efficient, this might be a good way of passing some money on to your children when they really need it.