The true cost of marriage
It seems that these days we spend an utter fortune on our big day, which often adds up to a debt of over £20k. The average marriage lasts just 11.5 years which means that in fact on average we’re often left still paying the debt off even after the divorce.
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The True Cost Of Marriage
Some recent research was carried out by Kensington Financial Management Consultants that shows we borrowed a massive £113m in the first 4 months of this year alone to fund the fairytale wedding. What’s more shocking was that in 2005 this figure was massively inflated to £467m. The typical repayments are around £26k (including interest), with a typical payback period of 16.5 years – 5 years longer than the marriage itself!
Sad to say that divorces are on the increase due to the recession increasing the amount of rows over money – the largest reason for couples splitting. This isn’t helped by the huge loans we take on to finance the big day, not a perfect start to married life it has to be said.
Here’s Kensington Financial Management Consultants tips for an affordable wedding:
- Reduce guest numbers and have a more intimate day
- Get your dress on eBay. A second-hand wedding gown has only been worn once. Alternatively look to get married in a more cost effective, but designer dress rather than an expensive white wedding dress
- Involve your family by asking them to handle a small part of the wedding program. This may be from making the cake to making the place names, they'll enjoy playing a part and you'll save a small fortune
- Scrap unnecessary extras like favours or double them up as place settings or seat covers
- Shop for bargains - there's plenty out there at the moment, and never be shy to negotiate
- Email invitations out. No stamps required.
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