Only 20 per cent of newlyweds spent exactly what they thought they would spend on their wedding, according to a new survey
While very few of us have money to burn, we all want a beautiful wedding and a marriage that starts in style. However, it turns out that more and more British couples are blowing the budget not just for their wedding day, but during their first year of marriage, too.
New research from Peachy has found that 70 per cent of couples are spending more than they planned in their first year of marriage, with 18-to-24-year-olds being the most likely to overspend.
So what is the cost of marriage?
It was also revealed that over a third (37 per cent) believed they had spent ‘a lot more than expected’, with women more likely to overspend than men. This said, men were almost four times as likely than women to have no idea how much their first year of marriage should cost.
Having an unstable financial situation at the beginning of a marriage can lead to tension, arguments and stress, says the team at Peachy, which can impact both mental health and quality of life.
On the contrary, having a reliable source of cash flow or robust savings can lead to couples being happier, and more capable of dealing with surprises when they do crop up. Only 20 per cent of couples interviewed managed to spend exactly as they had predicted, however, even this can lead to being caught short when unexpected costs arise.
“We all know how it feels when an unexpected bill arrives or a home repair is required, and you don’t have the funds to cover it until payday,” says the team at Peachy. “With proper planning and financial help, any couple can enjoy a smooth first year of marriage, setting them in good stead for the years to come.”