Forum home The wedding budget

Wedding Bank Account and Wedding Budget - advice needed!

I've only been engaged for a week. But H2b and I are thinking maybe we need to open a separate bank account just for the wedding. Has anybody else done this? What kind of bank account did you open? Who with? I don't really understand things like interest rates - so should I go for a savings account? But I obviously will need to sraw money from it regualrly to pay for wedding bits.



Also, what is everyone's budgets? And how do you set a realistic budget?



Any advice would be greatly appreciated



xxx

Posts

  • cebpickle1cebpickle1 Posts: 6,786
    A realistic budget comes from how much you are willing to pay, how much you can save and will it cover what you really want.



    We are spending under 10,000 on ours, and this is for 85 in the day for wedding breakfast, an additional 30 at night, church wedding, 2 week all inclusive honeymoon to Cuba etc.



    If you get a savings account it needs to be an instant access one, often you can get online savings accounts attached to your bank account and the rate isn't bad, post office is pretty good too
  • shelleyf30shelleyf30 Posts: 3,971
    A realistic budget is what you can afford. we said no more then 10k and worked out how long it would take to save it and then set a date, we put the money into our joint account each month.



    It doesn't matter how much you do or don't spend, at the end of the day your marrying the man of your dreams and setting your future security. every wedding is different and unique, best not to sweat the small bits and pieces
  • We have a joint current account for everything wedding. Into this goes monthly savings amounts from H2B and me. Out of this goes deposit cheques for suppliers, and any other things I buy for the wedding - stationery, table decorations etc.



    We also have our own separate savings accounts, and in each we have the money our parents have given us towards our wedding. We'll be keeping this money as savings until a month or so before the big day when it will be used to pay final balances for all our suppliers. That way the lump sums should earn a bit of money in interst (not much mind with rates atm!).



    So I guess we are managing our wedding funds three ways - one current account and two savings accounts (though we had these already anyway).



    Current account is for deposits and things which need to be paid now. Savings accounts are to hold the lump sums until we transfer the money to the wedding current account to pay the balances to all our suppliers.



    It's working pretty well so far image It's very useful having only one place where wedding money is coming out of, makes it a lot easier to keep tabs on spending, and also what we have to organise.

  • mrsrhmrsrh Posts: 433
    We've got most of our wedding money in an instant access savings account that i already had set up with the bank. I have a card to withdraw money from that account at a cash machine, but cannot use it as a credit/debit card so i use it to withdraw small amounts (ie. if i've been picking up bits for the invitations that i've made, etc) and have transferred money into my 'day to day' bank account so i can use my debit card or a cheque to pay for deposits, etc.

    Are you intending to have the money sat there until the wedding is due to be paid off nearer the time or do you want to be able to dip in & out of it? Once you know that, you'll be better prepared to ask your/any bank to open an account. Depending on what money you have available now it may be worth putting most of it into a high interest account that you can't touch for 6 months, a year or whatever (as in if you've got a lump sum that would pay off the venue/catering that wouldn't be due til 2 weeks or a month beforehand).



    As for a budget - what savings/money have you currently got that you are willing to put towards the wedding? And how much can you afford to save each week/fortnight/month from wages, without leaving yourselves short between now & your big day? That then gives you what you can afford. The next step is setting up an account, followed by sitting down with paper/pen to make a list of how you are going to budget that money across the whole day. You'll either find that your budget fits well with what you want or there are compromises to be made.



    Bear in mind that most things will need to have been paid for at least 2 weeks prior to the big day (ie for the big things like church/register office/civil ceremony, reception venue/catering/entertainment, dress, suits, rings).

    If either set of parents have offered any financial help (i think it's very rude to ask, but that's me), then you need to be clear about how much & when you will receive it.



    Hope all that helps image

  • Do you bank with the same peeople or have a joint account?
  • We set up a joint saving account and each of us set up a standing order each month to go into that account. We put in the same amount as each other since we earn roughly the same.



    It's linked to my accounts on online banking. As I'm in charge of all finance & administration for our wedding it means I can make online transfers to my current account in order to make debit card payments to suppliers.



    In terms of setting a budget, we looked at how much we were prepared to save each months and how many months to go. I then set up a budget spreadsheet with 'average' costs to see how far our savings would go.



    We also agreed to fund incidentals out of income as we went along. I have put these into the budget spreadsheet too.



    We then looked at what our priorities were and reset elements of the budget accordingly. e.g. flowers are not important to us but a fab honeymoon is so we juggled there.



    One of the biggest expenses will be the reception. Costs depend on venue and guest numbers so be realistic about what you want and what you are prepared to spend. Get your venue to give a written quote. Ensure VAT is included in the quote - you have to pay it - it's 17.5% now and goes up to 20% in the New Year!



    I have kept a track of everything we've spent so far and have a column for projected spend for each item - update as each thing becomes a definite sum so you know exactly where you are up to.



    I don't want to disclose how much our total is but I'm pleased to say that with just over 5 weeks to go, I expect us to come in under budget.



    Good luck!!



    love ECB

    xx image











  • LJSxxLJSxx Posts: 116
    I've got all ours in a savings account which is instant access. But have paid for just about everything on a seperate credit card, this way you've got more protection when paying for things if anything happened to the company before the day your covered. x And also means I collect poins so I will be able to treat myself after the wedding (think I'll need cheering up after its all over lol)
  • We opened an account especially for the wedding, we have had quite a long engagment so have been able to transfer money from our wages directly into each month and then we know what we have to spend image xx
Sign In or Register to comment.