Wednesday, September 23, 2009
Category:
Secured Loans
According research conducted by AA Savings, more than 30 percent of engaged couples have saved less than £100 towards the cost of their big day.
This comes despite the fact that the average cost of a wedding stands at £21,000.
However, AA Savings also found that couples seem to be opting for less extravagant weddings, and are thereby more inclined to spend under £7,500. The research uncovered that 66 percent will spend under this amount, whilst 24.6 percent are planning to spend a maximum of £2,000.
Director of AA Savings, Mark Huggins, commented: "Your wedding day marks a promise made for a lifetime and many couples seem to agree that this is far more important than frills that last only a day.
"Our research shows that 71% of couples are saving up for their great day and although a third said they had so far put aside only £100, on average savvy couples have already saved more than £2,000.
"But planning ahead and making the most of your money is vital - whether you're going to spend £2,000 or £20,000, it's important to make sure you're earning a good interest rate on your savings."
With regard to sources of funding, it has been revealed that 16 percent of couples expect the bride’s parents to step in as per tradition, whilst 21 percent anticipate receiving support from both sets of parents. Furthermore, 8 percent will sell possessions, 6 percent will sell a car, and 9 percent will embark upon a second job.
In terms of venues, findings show that 80 percent of couples will get married in the UK. Of those who decide to marry abroad, a quarter admitted to going down this route to save money amid the recession.
…………………………………………………………………………………………………..
Married homeowners who are still repaying the cost of their dream wedding could consider taking out a
secured loan to consolidate their debts. A secured loan for debt consolidation is one of many finance options available, and could be used to reduce numerous monthly repayments down to just one. In addition to changing multiple repayments into one, the single monthly repayment could even be lower than current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
