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Tuesday
Jun072011

Budgets, Debt Advice and Weddings

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This blog post comes all the way from "over the pond". Mark Odojukan talks about budgeting and personal debt but from the point of few of a couples to be married. Thinking about joining finances at/after marriage is great but make sure you consider having conversations about sharing debt as well as each individuals debt levels. I hope you enjoy it :) 

The cost of the average wedding has been the subject of much discussion in recent years, and for some time these costs appear to have been consistently increasing.  Many couples have found themselves accumulating significant debts to pay for their big day.

However, according to research, the number of engaged couples who are saving up to pay for their wedding rather than borrowing heavily to provide the funds they need is increasing.  These same couples are approaching the big event with an eye towards reducing costs, with many setting spending limits of £10,000 or less. 

This more budget conscious approach to weddings might have something do to with the fact that the majority of couples (around two-thirds) are now paying for their own celebrations.  With the increased awareness of the difficulties that can be experienced by getting into too much debt, it is perhaps no surprise that couples are choosing not to begin married life heavily in personal debt.

Wedding budgets vary across the country, with Londoners having the highest average budget of £13,418.  Those in Liverpool are the next, with an average budget of £10,479.  The lowest wedding costs are to be found in Aberdeen, where only £5,070 is spent on average.

The importance of setting a budget when planning a wedding and then sticking to it cannot be overstated.  Costs can easily spiral out of control, leaving the newlywed couple seeking debt advice and searching for debt solutions at the very start of their married lives.  Everything that will need to be paid for should be written down, and the costs of each item added up to make sure that the total amount will not exceed the budget allowed.  It is easy to overlook some of the costs involved and exceed the maximum amount that the couple can afford.

The couple will need to think carefully about what is important to them if the wedding they had planned is going to be over-budget.  Some things that might seem essential at first can often be adjusted or simplified to reduce costs.  As long as the most important parts of the day are in place, sacrifices in other areas might barely be noticed. 

It is not only the bride and groom who need to watch their finances, as the cost of attending a wedding can also be prohibitive.  Many guests buy a new outfit to attend a wedding, and then there is the cost of transport to the venue, a gift and often hotel costs.  Unless there is a free bar, further amounts of money will be spent on drinks throughout the celebration.  There might also be the added cost of a stag or hen do, many of which are increasingly taking place abroad, as well as becoming more elaborate and costly.  While attending weddings is often an expense that is not built into the household budget, it is difficult to avoid the costs once a wedding invite has been received.

For anyone who does find themselves in debt following a wedding it is important to seek debt advice if there are problems anticipated with repaying the money they have borrowed. Also, please visit us for help with personal bankruptcy matters.

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November 16, 2011 | Unregistered Commenterwuxizuoye

Marriages are special occasions and everyone wishes to keep the celebrations at their best. A marriage can turn into a nightmare if one takes on excessive amount of loan for a wedding. Controlling the wedding budget is difficult and the after-effects of spending too much come when the party is over. You may have to go through a financial crunch if you choose to spend ruthlessly for the big day of your life. debt advice

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