Planning a wedding is an exciting journey, but the costs can quickly add up, making it challenging to stay within budget. With the average Irish wedding costing around €36,000, it’s no surprise that many couples feel pressure to save carefully without compromising their financial future.
Smart planning is key to balancing your dream day with a realistic budget, and luckily, there are plenty of practical ways to achieve this without sacrificing what matters most.
Why is financial planning important?
Financial planning helps you reach important life goals—like buying a home, saving for your children’s education, preparing for retirement, or even expecting a baby—without constant money worries. By thoughtfully managing your income, savings and investments, you can easily handle unexpected costs and stay on track for major milestones.
People with a solid financial plan generally build more wealth over time, which provides peace of mind and allows them to enjoy life without financial stress.
Weddings, for instance, can be very expensive, but with a clear plan in place, you can save for your big day without breaking the bank, ensuring that your celebration doesn’t come at the cost of your financial security.
Why Budgeting is Essential for Successful Wedding Savings
Research shows that 38% of couples are going over their wedding budgets, mainly due to the rising cost of living (51%) and higher-than-expected supplier prices (44%).
Additionally, over one-third (36%) say they’re spending more to make the most of this unique celebration. The extra expenses add up for those who exceed their budgets, with couples spending an average of £5,034 beyond their original plans.
Budgeting is essential when saving for your wedding because it sets clear financial boundaries, helping you allocate funds to what matters most while avoiding debt. Creating a detailed budget allows you to track expenses, prioritise key elements like the venue or attire, and plan for unexpected costs.
Strategies to Save for Your Wedding
Here’s a guide to help you save for a wedding without going broke, featuring realistic strategies and relevant stats to keep you on track:
Set a Realistic Budget
The average wedding in Ireland costs about €36,00; however, your budget should fit your financial situation rather than the ideal wedding image. Identify your top priorities—such as venue or photography—and adjust your spending accordingly.
Open a Dedicated Wedding Savings Account
Opening a dedicated wedding savings account is a smart way to keep your wedding fund organised and growing steadily. Watching your savings increase monthly in a separate account keeps you motivated and makes tracking your progress towards your goal easier.
Plus, keeping these funds apart from your regular savings makes you less tempted to dip into them for unrelated expenses. Imagine the excitement of seeing that balance rise as you get closer and closer to the wedding you’ve dreamed of—one month at a time!
Create a Savings Timeline
Calculate a monthly or weekly saving goal based on your timeline. For instance, if your goal is €20,000 over two years, aim to save about €200 weekly. Automate these savings for consistency.
Minimise Debt
Avoid financing your wedding on credit cards, as rates in Ireland can be as high as 22%. Saving in advance or exploring low-interest loans keeps long-term debt manageable.
Trim Everyday Expenses
Ireland’s rising living costs mean small cutbacks—like reducing takeaway or subscriptions—can make a big difference. This lets you channel those extra savings towards your wedding fund.
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Get Creative with the Venue and Timing
The wedding venue is typically the largest expense in your budget, averaging around €15,400 in Ireland. This estimate is based on hosting 140 guests, with food and drinks costing about €110 per person.
Consider off-peak dates, winter weddings, or weekday celebrations to lower expenses. Smaller or unique venues can also create a memorable experience at a lower price.Plan as far in advance as possible: this will give you more time to save, as well as to be realistic about timing.
If you’re searching for a wedding venue, chances are you haven’t set a date yet. When choosing one, remember that weddings have peak (May to September) and low seasons (November to April, excluding Christmas and New Year’s). Summer months are popular, especially in Ireland, as couples hope for good weather and scenic venues in full bloom.
Shop Around for Wedding Suppliers
Compare prices from multiple suppliers for everything from catering to florals. Shopping around can reveal significant cost differences, and don’t be afraid to negotiate for packages or discounts.
DIY and Borrow Where You Can
DIY decorations and digital invitations can save hundreds. Many couples now use free templates for invites, avoiding printed options that can cost €500 or more. Look into websites like Canva.com for beautiful, affordable wedding invitations you can design yourself.
If you have a talented friend or family member, consider asking them to bake your cake, film your wedding, or handle the bridal party’s hair or makeup as a wedding gift.
Limit the Guest List
With catering in Ireland averaging €40-€120 per guest, trimming your list by 10-20 people could save you between €400 and €2,400 on food costs alone.
Smaller gatherings reduce costs on everything from seating to favours.
Plan for Extra Costs
Wedding costs often go over budget, so it’s smart to set aside an extra 10-15% of your budget. Adding around €3,000 as a cushion can help cover surprise expenses and keep your finances on track.
Life Insurance for Newlyweds
Protection is a key part of financial planning, especially as you start building a future together. While life insurance might not be the first thing that comes to mind when planning a wedding or settling into newlywed life, it’s essential for securing your future.
Life insurance offers peace of mind, knowing that if anything unexpected happens, you’re both protected financially. To learn more about how life insurance can support your new life together, read our blog for insights on life insurance for newlyweds.
Get a Financial Planning Quote with LowQuotes
Getting a financial planning quote with us is a significant first step towards confidently achieving your financial goals. Whether planning for a wedding, saving for a home, or securing your future with retirement plans, LowQuotes provides tailored advice to help you make the most of your finances.
Our financial advisors consider your unique situation and goals to create a strategy that suits your needs, taking the guesswork out of saving and investing. With a personalised financial plan in place, you can navigate life’s major milestones with clarity and peace of mind, knowing you’re on the right path.
We also provide various financial services, such as mortgages, serious illness cover, income protection, pensions, life insurance, health insurance, and savings & investments.
Your Path to Financial Security Begins Here
All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.
