How to plan for life’s major milestone events
Getting married and moving house are arguably two of the most life-changing, stressful and expensive milestones the average person can experience.
But if you are tying the knot and buying a new home within a short space of time, the pressure on your personal life and pocket can be even more intense.
Latest figures show that the average cost of a house in the UK currently stands at an average of £215,811 – and an average wedding will set you back £20,500.
Circumstances may mean that the wedding and house moving days are close together – so how do you prepare, save and budget for these two major events?
Most people will have a long lead in time for the big day, with lists of what needs doing and paying for when followed pretty much to the letter.
Su Snaith, head of estate agency here at The Nottingham, says: “As well as the dress, the venue, the photographer and the honeymoon, there are all the little extras along the way.
“Whatever stage you are at with your wedding plans, saving a little each month – with the right account – can soon build up. The same can apply to saving for a deposit on a house.
“The start of the process can seem daunting and in some cases beyond reach. However, with the right financial and estate agency advice, the journey can be smoother than the buyer may first think.
“Forward planning and getting the right financial advice can help enormously.”
Sacrificing some small luxuries can also make a big difference when it comes to saving. Why not try:
- Swapping a night out at the cinema for a DVD or film in front of the TV.
- Looking again at that gym membership – are you getting your money’s worth?
- Organising a ‘date night’ at home instead of going out for an expensive meal and drinks. You will also save on the taxi fare home!
- Arranging a dinner party and asking friends to bring over a different course to cut down the food shopping bill.
- Spring is great time to de-clutter. Sell any unwanted clothing or other items via auction websites.
- If you have old mobile phones that you no longer use, there are specialist websites where you can sell them on.
- Don’t be afraid to ask for money! If you have a wedding gift list or people offer to buy you presents, politely suggest they give you the monetary equivalent to go towards your savings.
We recently carried out research into what people save for and found:
- 66 per cent of parents are currently saving for their children compared to just 44 per cent of grandparents.
- Paying for a wedding has slipped down the rankings of things to save for – coming fifth, with only nine per cent of parents surveyed putting aside money for their son or daughter’s big day.
Whether saving for a deposit on the house, a wedding or other priority items or projects, we can help with a range of savings accounts whatever your age or level of saving.