Use your savings

This could be the cheapest option because you won't be charged interest for borrowing.

Before you decide to empty your account, ask yourself these questions:

  • Are you saving for a house deposit? If you're saving for a new home, consider holding onto your money because you can't use a loan or credit cards to pay for a deposit.

  • What savings rate are you getting? If you can borrow interest free, you might be better off leaving your savings to earn some interest.

If you're planning your wedding day a few years in advance, you might have time to set a budget and save enough to pay for it without borrowing a penny.

If you don't have any money saved up, there are other ways you can pay for your wedding.

Get a new credit card

A credit card can be an affordable way to borrow the money you need to pay for your wedding, if you're sensible.

Spread the cost and pay no interest

0% purchase credit cards let you spend without paying interest for a set number of months.

For example, a card with 28 months interest free means you will not be charged any interest on anything you buy for that period as long as you meet the terms of the card.

This means you can spread the cost over the interest free term, and if you pay off the balance before the term is over you can borrow interest free.

However, you may only be accepted for this type of card if you have a good credit record, and the credit limit you're offered may not cover all your wedding costs.

Earn rewards

If you've managed to save the money you need to pay for your wedding, buying everything with a rewards credit card could be a great way to gain some extra perks.

As long as you clear the balance in full each month with your savings, you could earn cashback, airmiles or other rewards without paying any interest.

However, if you can't pay off the balance, the interest you get charged could cost you more than the perks you get in return.

Credit card spending is protected

A benefit of spending on your credit card is that it comes with protection under Section 75 of the Consumer Credit Act.

Any purchase you make between 100 and 30,000 is covered, and you could get your money back from the card provider if something goes wrong.

Even if you just pay for the deposit using your credit card, the total amount will be covered under Section 75.

For example, if you paid a deposit of 100 on your credit card for your venue, and you pay off the balance of 2,500 with your savings, the total of 2,600 would be covered.

Get a personal loan

This can be an expensive way to pay for your wedding, but it could cover all your costs and let you pay it back in monthly instalments.

You could borrow up to 25,000 over one to seven years with a personal loan, with some available at interest rates of less than 3%.

The annual percentage rate (APR) is the interest you pay on the total value of your loan. So, the lower your APR, the less interest you'll pay on what you borrow.

You should only get a loan if you don't have enough savings to cover the costs, or you can't get a 0% purchase credit card with a large enough balance.

Get help from friends and family

If you're lucky enough to have family and friends willing to help with the cost of your wedding, it can ease the strain.

Traditionally, the bride's family foots the bill, but nowadays it's usually down to you to cover most of the costs. Here's more about lending money to friends and family.

Protect what you spend

Before you spend anything, think about getting a wedding insurance policy.

This could cover you if something goes wrong and you have to cancel, like your venue goes out of business or one of your wedding party falls ill.