Wedding insurance and other costs underestimated by newlyweds

27 June 2008 / by Rachael Stiles
They say that the best things in life are free – like love – but tying the knot can be expensive and British couple underestimate the cost of getting married according to research from Alliance & Leicester.

The survey found that a lot of couple do not realise the total cost of getting hitched, once all the different costs are factored in, such as the dresses, catering, venues, flowers, wedding insurance, cars and photographer.

The total cost of an average wedding is £19,400, but the average amount that newlyweds-to-be budget for on their big day is £16,000, a shortfall of 22 per cent – almost £3,500.

Couples underestimate the cost of the ceremony itself by almost £1,000, under-budget for the reception by almost £3,000, and they put aside £700 less than they need for the average cost of a honeymoon.

"Money can't buy you everything for the perfect wedding, with the weather being unpredictable at best." said Richard Al-Dabbagh, head of personal loans at Alliance & Leicester. "This was best illustrated in the recent Rooney wedding, where even a total spend of £5 million on their Italian nuptials could not stop the day being a wash-out.

"Most Brits can only dream of a budget like Wayne and Coleen's, so it is unsurprising that we have lower expectations of what a wedding will cost. Even so it appears that the actual cost of the Big Day is greatly underestimated, and it is essential to assess finances when budgeting for your special day. It may be sensible to opt for a low-rate personal loan to help with wedding day finances."

The most sought after wedding day gift is good weather, the survey found, with 76 per cent of respondents naming this as them top 'must have' to achieve their dream wedding. Other things that Brits long for include picturesque venue, a vintage wedding car, a famous band, stunning flowers, designer dress, and a string quartet – things that don't come cheap.

Carol Richardson from wedding website explained that the secret to the perfect wedding day is good planning. "Most couples only expect to get married once, and naturally they want this to be the best occasion of their lives." she said. "However, a good wedding is one where both parties are happy and relaxed. Careful planning means setting a realistic budget from the outset, shopping around for a low rate loan, as well as the best deals on products and services."

Many couples end up having to take out a loan to cover their wedding expenses when they realise that money can't buy happiness but it does buy flowers, dresses, rings, honeymoons and all the other things they want in order to make their wedding the happiest day of their lives.

© Fair Investment Company Ltd