Couples say ‘I don’t’ to credit cards and loans
Cost-conscious brides and grooms are getting creative to finance their big day without resorting to credit cards and loans, according to new research from cashback website Quidco.com.
Just one in four engaged or recently married couples surveyed by Quidco.com said they were using credit cards or a loan to fund their wedding, with most people relying on savings (84%) or getting a contribution from family or friends (60%).
Three in ten had asked friends and family to make contributions in kind, such as making the cake or wedding invitations, and one in four had raised extra cash by selling things they no longer needed.
Almost half (46%) of the brides and grooms surveyed said they had taken advantage of cashback and other online discounts to save hundreds of pounds on everything from the wedding dress to flowers, gifts, the honeymoon and engagement rings.
But although the average cost of a wedding has risen to more than £20,000, just one in three people had bought an insurance policy for their big day. Wedding insurance could cover costs if, for example, the ceremony had to be postponed or cancelled, adverse weather stopped most guests from attending, the venue or a supplier went out of business ahead of the wedding, or the rings were lost.
People who had bought insurance spent £46 on average, or less than a quarter of one per cent of the average wedding cost.
Nicola Frame from Quidco.com says:
“Rather than start married life in debt, brides and grooms on a budget are thinking creatively to keep their wedding costs down, by selling things on eBay, getting cashback on their spending and asking friends and family to chip in with homemade cakes and invites. But even on a tight budget, the big day is usually a major financial investment which involves a myriad of suppliers, so the small amount you save not buying insurance could turn out to be a false economy.”
* Survey of 1,079 GB adults aged 18 - 64 who had either married in the previous 12 months or were engaged to be married, April 2010.
