“Loved-up couples are waltzing up the aisle with a £20,000 ball and chain of debt strapped to their ankles” states Managing Director of Kensington Financial Management Consultants Stuart Parkin.
Including interest, couples borrow on average £26,000 to fund their weddings, which can take 16 years to pay off.
This is over £2,000 more than the UK’s national average salary.
Unfortunately the marriage only lasts 11.5 years, leaving them paying off £8,060 for five years after the divorce, he said.
“All of this is ludicrous to think that a wedding certificate can be bought with the change in your back pocket – £3.50” said Mr Parkin.
Funding fairytale weddings is big business.
UK weddings are currently running at a whopping £60 per minute, said Julie Tooby, the UK Wedding Planner of the Year 2009.
One in 10 couples take extra jobs to pay for the union, she said.
Wedding loans quadrupled from £113 million in the first four months of 2005 in the same period of 2009.
This is despite the UK national, personal debt of over £1.4bn, poor credit rates and rising unemployment.
Divorces are expected to rise year as the recession worsens.
A third of current divorce related inquiries are linked to the credit crunch.
Starting married life in debt places a strain on the marriage” states Stuart Parkin, “massively reducing its chance of survival.”
“67 percent of brides are struggling with the stress of organising without overspending” states wedding Julie Tooby, Managing Director of Essentially You.
“So many couples think that the only way to get a dream wedding is to buy it and that’s not the case”
“A wedding where the couple has put thought, rather than cash, into everything is so much more impressive to guests” she said.
It’s natural that brides want ‘something different’ for their big day.
“What everyone seems to have forgotten is that the best way to achieve that is to use their personalities, rather than their purse” said Julie Tooby.
Julie Tooby encourages brides to think about their hobbies and interests and not price.
A wedding dress may cost around the £1,000 it’s the incidentals that can break the bank.
Common overspends include the £20 rolls of ribbon, £25 on cards for the bridal party, £50 for mums’ bouquets or £50 on mini cameras for the tables.
Internet browsing encourages impulse purchases.
Reduce guest numbers and have an intimate day. Many a true friend will happily come to the church even if they can’t be invited to the reception.
Get talented friends to help make the decorations. The comraderie of the preparations can be a real buzz.
Julie Tooby offers a few other suggestions:
1. Check out a wedding planner. Many have negotiating power with suppliers.
2. Use your bouquet to decorate the bridal table.
3. Move the church flower arrangements to the reception.
5. Use your cake as dessert to cut costs. Supermarket wedding cakes can look great and cost less.
6. Some hotel venues will give the bride and groom a complimentary room on the night so negotiate in advance.
7. Some venues offer deals on weekday weddings.
8. If you don’t want incidental snaps, pay the photographer by the hour.
9. If a supplier’s contract stipulates that you’ve got to feed them, a bar meal or a plate of sandwiches is cheaper.
10. Print free ‘clip art’ instead of buying colouring books for the kids activity bags.
The money saved can be put toward building a long and happy marriage.
A wedding is for a day – a marraige is for a lifetime. Plan for a life free of financial burden and filled with love.
