It’s that time of the year again, when romance hangs thick in the air and sends an estimated 275,000 couples in the UK down the aisle to get hitched. According to Alliance & Leicester Personal Loans, the average cost of a modern wedding has now soared to £19,400, which, when put in the context of average earnings of couples, is likely to be more expensive than Wayne and Coleen Rooney’s £5 million bash last month.

But, according to research from financial website Fool, one in 10 people would be prepared to slap the whole cost on a credit card or personal loan in spite of the worsening credit crunch. More worrying still is that, despite house prices falling – by 2% in June, according to Halifax – a further 3% of couples would take out a remortgage or second loan to enable them to foot the bill.

But on the top of a mountain of debt is no way to start married life – so what measures can you take to achieve a perfect day on a less than perfect budget?

1. First off, start saving: Calculate as soon as possible how much you will need to save each month – and for how long – to fund your big day.  If you have no existing savings, the first place to start is with an ISA which will give each of you a tax-free allowance of £3,600. Then, look at competitive savings accounts, such as Regular Savers, which pay a high rate of interest for a minimum monthly contribution and limited withdrawals.

Click here for the best savings rates and products.

2. Get realistic: Contact newly-qualified wedding planners or student photographers and musicians who may work free-of-charge or for a reduced fee to give their portfolios a kick-start. Other cost-cutting measures include swapping expensive flowers for candles, lace and ribbons or investing in a hired wedding dress.

Carol Richardson, at wedding website Confetti, says that the secret of a perfect wedding is in the planning. "Most couples only expect to get married once, and naturally they want this to be the best occasion of their lives. However, a good wedding is one where both parties are happy and relaxed.  This means careful planning, which in turn means setting a realistic budget from the outset."

Consider also a Sunday or weekday wedding, which will cost less at your chosen venue, and giving guest their wedding breakfast in the early evening so you won’t require an evening buffet. And remember, wedding cake can also be used as dessert.

3. Borrow wisely: When you have saved and reduced costs as much as you can, you may still need extra borrowing. But choose it wisely. Even the cheapest of personal loans is now priced above 7%, according to recent Moneyfacts research.

Shop around for the cheapest and most flexible deal and use a loan calculator to be clear about your exact monthly repayments. 

If you are using a credit card, be very careful. Getting carried away and putting the entire £19,400 cost of a wedding on to a credit card that charges a typical 15.9% interest, while making minimum monthly repayments of 2.5%, means you will end up repaying a total sum of £37,396, which will take 33 years and 10 months - not a good option.

However, if they are used in the correct way, credit cards can be useful. For example, if you intend to pay off your card every month, opt for a cashback deal. You will not pay interest and can even make up to 5% per annum of the total spent. If you are not intending to repay the balance as you go, it’s worth considering a card with a long introductory purchase deal.

Click here for the best current deals on the type of card you need.

It's also worth knowing that making initial big purchases (of over £100) with a credit card will also mean you are protected by section 75 of the Consumer Credit Act. This means that if the goods fail to arrive, or are damaged, you can pursue the lender as well as the retailer for breach of contract.

4. Marry abroad: According to Alliance & Leicester research, good weather is the number one ‘must have’ to a perfect wedding day, attracting 76% of respondents’ votes. In this case, jumping on a flight abroad with your loved one could put paid to both weather and financial uncertainties in one fell swoop. Just make sure your parents will still be talking to you on your return.

5. Don’t fall into the 'over-insurance' trap: Although a wedding is often the most expensive 24 hours of your life, don’t overdose on insurance by paying for the same cover twice. Peter Gerrard, head of insurance at Moneysupermarket, says: "Precious items such as the dress, wedding presents and rings can be covered under home insurance, and most insurers will uplift contents insurance polices by around 10% of your current cover during a wedding period. This means that the cost of wedding insurance as a standalone policy may not outweigh the benefits."

6. Take the problem away from your kids: If you decide to start a family, do your kids a favour by giving them a financial head start for their own future weddings. "In order to reach £19,400 by a child’s 18th birthday, parents would only need to save £45 a month into a stakeholder Child Trust Fund," says David White, chief executive of CTF provider The Children’s Mutual. "Saving over the long term is a much more manageable way to afford a child's wedding than finding £20,000 in one swoop."

Laura Howard

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