Brits cut back on wedding day luxuries

Couples planning their wedding day should also be planning how to pay for it, as research from AA Savings reveals that over 30% of engaged couples have less than £100 saved.

One recent survey put the average cost of a wedding at an eye-watering £21,000 - but findings from AA Savings suggest that couples are cutting out the trimmings before heading up the aisle and are more likely to spend under £7,500.

In fact, more than two thirds (66%) say they will spend below £7,500 on their wedding, with a quarter (24.6%) planning to spend a frugal £2,000 or less.

Mark Huggins, director of AA Savings, says: "Your wedding day marks a promise made for a lifetime and many couples seem to agree that this is far more important than frills that last only a day.

"Our research shows that 71% of couples are saving up for their great day and although a third said they had so far put aside only £100, on average savvy couples have already saved more than £2,000.

"But planning ahead and making the most of your money is vital - whether you're going to spend £2,000 or £20,000, it's important to make sure you're earning a good interest rate on your savings."

The research reveals that couples are finding a variety of ways to fund their wedding with fewer than 16% of couples expecting to follow tradition with the bride's parents paying up, although a fifth (21%) say both sets of parents will chip in.

Selling possessions (8%), selling a car (6%) and taking a second job (9%) are also things couples expect to do to foot the wedding bill.

And, although four out of five (80%) of couples will marry in the UK, a quarter of those opting for an overseas wedding say it's to save money because of the economic climate.

"For many couples, an overseas wedding can be a lot cheaper than one at home, especially as it usually means very few - or even no - guests," suggests Huggins.

Cutting back on the trimmings

Because of the recession, half of couples (48%) say they will spend less on their wedding than they would like to. The top 10 ways of cutting back include:

Making own invitations (45%)
Making own thank you cards (40%)
Inviting fewer guests (36%)
Cutting down on all luxuries (32%)
Getting a friend to do the photography (31%)
Do own hair and make up (26%)
Ask a friend to DJ (23%)
No posh car (22%)
Buffet instead of a sit down meal (19%)
No balloons (18%)

Other findings:

The average bride will spend £751 on her wedding dress
The average wedding venue will set the happy couple back £1,526
Couples will on average spend £1,527 on their honeymoon
On average, savvy couples have already saved £2,337

Huggins says that couples should think about how they save, not just what they can save. "A fixed-rate account can be a good idea as it removes the temptation to raid your savings before the great day. Despite the recession, some accounts are paying good interest rates - for example, the AA's Internet Fixed Rate Savings Account pays 4.35% gross/AER over two years"