What is the best way to fund a wedding?
Your big day can come at a big cost. In our guide, we explore the different ways you can fund your wedding
Key takeaways
The average UK wedding cost stood at £20,775 in 2024, data from wedding planners Bridebook revealed
Couples should consider their financial situation and credit score when choosing the best method to fund their wedding
Consider the potential impact on relationships when borrowing from family members and the financial implications of using overdrafts
On average, MoneySuperMarket customers take out a loan of £8000
^ to finance, or part-finance, a wedding
Weddings are a celebration of love, commitment, and the start of a new life together. However, the financial aspect of planning your special day can often feel overwhelming.
With wedding costs rising and the average price of tying the knot increasing year on year, it's essential to understand your options for funding your big day and how to save money where you can.
How much will a wedding cost me?
According to Bridebook's UK Wedding Report 2024, the average price of a wedding has risen to £20,775 in 2024. But that goes up to £25,952 when you take into account the cost of the wedding ring and a honeymoon too.
Live in Wales or Scotland? The average cost of a wedding in those locations stands at £19,387 and £15,529 respectively. While opting for an overseas wedding costs an average of £17.572.
And if you live in London, the average wedding spend is a whopping £36,778. That's enough for a more than decent-sized house deposit in much of the country.
Whichever way you look at it then, weddings can be an expensive business. So you'll want to save money where you can and fund your big day in the most cost-effective way.
What factors influence wedding costs?
When it comes to wedding planning, the price tag can vary widely. Factors such as the chosen date, the venue's location, and the attire all play a significant role in the overall cost.
Opting for a summer wedding, for example, might set you back more than if you were to say 'I do' in the winter months.
Using savings for your wedding
If you've got money set aside, using your savings to pay for your wedding could be the cheapest option because you won’t be charged any interest for borrowing.
If your wedding is many months or years away, you can even use the time to come up with a budget – so you have enough money to save without needing to borrow.
Combining your savings with your partner in a joint savings account could also help reach your savings goal quicker, as well as doubling up your cash.
Although using savings to pay for a wedding means you won’t get into debt or pay interest, there are some things to bear in mind:
If you're saving for a house deposit, it may be better to keep your savings intact
If you have the option to borrow interest-free, it might be more beneficial to let your savings earn interest
Can I use a credit card to fund a wedding?
Yes, you can use your credit card to fund your wedding. There are different types of credit cards on the market, and some are more suitable than others for borrowing money for a wedding.
The major advantage of using a credit card is the consumer protection offered under Section 75 of the Consumer Credit Act.
This means any purchase you make which costs between £100 and £30,000 is protected, and you could get your money back from your card provider if something goes wrong.
Rewards credit cards
Used by savvy shoppers, rewards credit cards reward you for everyday spending. With a rewards credit card, you can earn cashback, Airmiles, vouchers, or other interest-free perks.
You need to pay the balance each month to avoid interest charges that could outweigh the benefits and potentially harm your credit score.
0% interest purchase credit cards
A 0% APR purchase credit card is a type of interest-free credit card. These cards allow you to make significant purchases without having to pay any interest for a set amount of time – sometimes up to two years or longer.
However, there are some drawbacks to consider:
It can be hard to be accepted for this type of credit card if you don’t have a good credit score.
The credit limit you’re offered might not cover your total wedding costs.
If you don’t manage to pay off your credit card balance before the 0% period is over, you’ll be charged interest on your remaining balance every month, which can prolong your debt.
Taking out a loan for your wedding
Wedding loans are usually unsecured personal loans. These loans have a fixed rate of interest, and you agree to pay back your debt, plus the interest, over a set term.
As with all types of personal loans, the higher your credit score – the cheaper your wedding loan is likely to be. However, there are potential downsides:
MoneySuperMarket customers borrow £8000
^ on average to finance, or part-finance, a wedding.Missing repayments will negatively affect your credit rating, which will make it harder to borrow in the future.
Early repayment charges can also be expensive if you want to pay off your wedding loan before the term is over.
Using an overdraft to fund a wedding
Overdrafts are a feature of most current accounts, allowing you to spend an agreed amount above what you have in your account.
However, due to their high-interest fees and the limited amount of money they offer compared to personal loans, they are not suitable for long-term wedding financing.
Borrowing from friends and family
Weddings are special events that often involve different generations of families, so borrowing from loved ones can sometimes be an option.
Depending on your relationship, borrowing from family and friends could even be interest-free and therefore cheaper than a traditional credit agreement.
It’s important to remember that borrowing from your nearest and dearest could put a strain on your relationship, especially if repayment is delayed or not fulfilled.
Other useful guides
If you want to learn more about loans, we have a range of guides you can read:
Compare loans with MoneySuperMarket
MoneySuperMarket is here to assist in finding loans from UK providers without affecting your credit scores. It shows the likelihood of loan acceptance, allowing you to apply with confidence.
Remember, MoneySuperMarket is a credit broker and does not charge customers for its service. It earns fees from lenders, but this does not influence how products are presented to customers.
MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead, we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.
Author
Victoria Russell
General Manager - Commercial
Vikki has worked across financial services for over 20years, and for the last 15 years, created and nurtured a career within MoneySuperMarket Group, leading to her current role as General Manager for...
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Jonathan Leggett
Former Senior Content Editor
With over 15 years of experience in online content and journalism, Jonathan is a former MoneySuperMarket’s editor at large and works across our Broadband, Mobiles, Energy and Money channels. Along...
