The cost of weddings are rocking the boat for many couples!
I’m sure pretty much all of you will have attended at least one wedding this year, and if not then you probably have one or two in the pipeline. There’s no denying weddings make for an amazing day and I for one absolutely love them! However new research by Experian has shown that the cost of weddings are rocking the boat for many couples, and not just the bride and groom!
The survey conducted by Experian concluded that almost one in four couples in the UK have argued with their partner about the cost of attending weddings. They can be expensive affairs and managing your finances and your relationship can sometimes be difficult.
Have you ever argued with a partner about the cost of a wedding over the years? If so then you definitely aren’t the only one! The research went on to reveal that one in 20 guests have had to borrow money in order to attend a wedding.
Of those a massive 44% have had to use their credit card, increasing to a surprising 62% amongst 45-54-year-olds.
17% took out a formal loan, rising to 41% for those aged 25-34-year-olds.
17% extended their overdrafts.
12% have tapped into their savings.
The average cost of attending a wedding may shock some people!
But don’t panic! Although it can be a stressful topic, Experian has highlighted 5 do’s and don’ts for financial harmony from their Money and Relationship Guide:
- Set the ground rules. Do you want a joint account for regular expenses and separate bank accounts for personal spending? Or do you want everything to go together?
- Work out who does what. The more frugal partner could look after the budget, while the more extravagant works out the ‘treats’, like meals out or trips away
- Agree on short and long-term goals and how you’re going to achieve them, and review regularly together
- Be honest about your past. If you have a less-than-perfect history of repaying money you owe, this could affect both of you in the long-term if your credit reports become linked
- Take time together to understand if you need to improve one or both of your credit reports. Do this well in advance of applying for credit together
- Spend all your time together talking about money
- Keep secrets. Research from Experian shows that 29% of people in the UK discovered that their partner was keeping credit card debt from them
- Dig yourself into a hole. If you find yourself in debt, don’t borrow more in the hope of putting things right. Ask for help and be open about it with your partner
- Talk about money issues when you are angry. Arguing about money is never going to be productive
- Expect your partner to completely change. It’s unlikely an extravagant spender will do a complete about-turn and suddenly become frugal