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What are the best ways to pay for your wedding?

Your wedding will be an amazing day, but an expensive one. Choosing the right way to pay for your big day could help you come in on budget.

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An interracial couple of newlyweds walks along the shore of a mountain river.

It's no secret that everyone wants their wedding day to be memorable. Unfortunately, often that can mean that weddings are expensive affairs. But that doesn't mean that you can't have the wedding you've always dream of.

There are many ways to finance a wedding, which is why you need to have a clear plan on how much your wedding might cost and how you can pay for it.

Use your savings

If you've got a tidy sum set aside, it could be the cheapest option because you won't be charged interest for borrowing.

But before you decide to drain your savings, 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.

Use a 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.

Here's how to use a credit card to pay interest free

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.

Here's how reward credit cards work

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.

Here's how Section 75 can protect your credit card spending

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.

Should you get a credit card or loan?

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.

Here's how wedding insurance works, and what it covers

Compare loans

Need a loan? Compare loan lenders side by side to find one that is cheap to pay back, lets you borrow what you need and has repayments you can afford.