CAKE - Financial Services Compensation Scheme

CUTTING THE
WEDDING CAKE
LIFE&STYLE PROMOTION
in partnership with Financial Services
Compensation Scheme
The average cost of a UK wedding is now a startling
£22,000 – with three out of four couples relying on
the bank of mum and dad to foot an average of more
than 50 per cent of the bill, according to new research
by the Financial Services Compensation Scheme
(FSCS). But just where does all that money go?
average wedding’s booze bill is
DRINK The
around £1,300 but it can easily soar
much higher. If you’re looking to save cash, don’t
be afraid to ask guests to pay for some, if not all,
of their drinks themselves – for instance, after
11pm. Although be aware that the subject of
free or pay bars can be a source of contention
between the happy couple and their respective
parents, especially if they are helping to foot the bill.
According to research by FSCS, 11 per cent of
recently married couples admitted to some
dispute with their folks over the ‘drinks
arrangement’.
HONEYMOON
The average UK couple now spend around £3,500 on their honeymoon, with
the Maldives the current No.1 honeymoon hot spot, according to travel firm
Kuoni. But you don’t have to foot the entire bill yourselves – it’s increasingly
common to suggest guests contribute money towards the honeymoon instead
of a gift, helping you free up the budget for just the big day costs.
an average of
PHOTOGRAPHY Costing
£1,100, a professional
average £305 spend on
CAKE The
a wedding cake may seem
ROSIE
SCOT
T
photographer is vital if you want a permanent record of
your day. You can save cash by reducing the amount of
time the photographer is there for. For example, a couple
of hours to capture the ceremony and group shots is cheaper
than hiring someone for the whole day. And at the reception,
leave cheap disposable cameras on every table and ask your
guests to snap away.
steep for a bit of sponge and icing but as
the centrepiece of the reception, it tends to
be one item on which couples don’t want
to skimp. ‘It may seem an obvious tip but
serving your wedding cake as dessert is absolutely
OK to do,’ advises weddingsite.co.uk. ‘In fact,
many wedding cakes are made up of
individual pieces such as cupcakes
or profiteroles, making
serving your guests easy.’
further £570 is
ENTERTAINMENT Aspent
on bands,
DJs or other entertainment to keep guests happy and
dancing as the night progresses. You could easily ditch a
live band in favour of creating your own MP3 playlist,
including many of those favourite tunes that have
special meaning for the pair of you. Twenty-seven
per cent of recently wed couples polled by FSCS
revealed they had put parental contributions
towards paying for the entertainment.
guests chomp
FOOD Wedding
their way through some
£3,500 worth of food at the average
wedding, according to Wedding
Planner magazine. With such a high
price tag, it’s no surprise FSCS
research reveals catering to be the
top item in terms of parental
contributions – with 54 per cent of
recently wed couples confessing they
used the bank of mum and dad to
help pay for cuisine. This contribution
can come with a hidden price, as the
same research reveals 12 per cent of
recently married couples confess to
disagreeing
with their
folks over
the wedding
reception
menu – only
‘guest list’, at
21 per cent,
scores higher
as a source of
contention.
can prove pretty costly,
FLOWERS Flowers
at an average of £550. Forget
vintage cars to
CARS Hiring
ferry the bride to and
old-fashioned roses – trendy hydrangeas and gerberas are the two
most popular choices of bouquet these days, according to Interflora.
Save money by opting for chic but simple single stem bouquets and
choosing flowers that are currently in season.
from the church is a staple of the
modern wedding despite an average
cost of £265. To save money, rack your
brains for any friends with a cool car
who might be willing to lend it to
you for a day. And wedding website
Confetti.co.uk suggests: ‘If you live
close to your venue, do the traditional
thing and walk to your wedding with
your bridal party and all your guests
following – which makes for an
amazing wedding photo.’
an average price of
DRESS At£1,400,
the wedding
dress might be the biggest singleitem outlay you’ll have. Several highstreet stores, including Monsoon,
Debenhams and BHS, do have bridal
ranges, offering dresses for as little
as £100. Charity shops are also worth
a look: Oxfam receives many excatwalk dresses and designer
wedding frocks, and sells them
through specialist bridalwear shops.
hire for the day is
VENUE Venue
often your main expense and can set you
back an average of £4,600. According to new research by FSCS,
almost one in two venues are part paid for by the bank of mum
and dad, with 48 per cent of recently wed couples revealing
parental contributions towards reception venues and 45 per cent
towards wedding venues. You can cut costs by 20 per cent or
more by opting to get married out of season or on a weekday,
according to wedding planning website Confetti.co.uk.
Alternatively, look for a local community hall, which can cost
from around £100 to hire and is likely to allow self-catering.
PROTECTING YOUR SAVINGS
If you’re putting money aside for your wedding or honeymoon, or if you’re placing wedding gift money into
a savings account, make sure your money is protected by the Financial Services Compensation Scheme (FSCS).
■ The Financial Services
Compensation Scheme (FSCS) was
set up by the UK government and
protects your savings up to £85,000
(up to £170,000 for joint savings).
■ If your bank, building society
or credit union goes bust, FSCS
will compensate you up to that
savings limit.
■ It’s automatic and free, and
in most cases, savings will be
refunded within seven days.
■ Your savings are protected in over
900 banks, building societies or
credit unions authorised by the
Prudential Regulation Authority
(PRA) – including all the big highstreet names.
■ Your savings might not be
FSCS protected if you have more
than the compensation limit
in one account, or across
different accounts or organisations
which share a banking
authorisation.
FSCS also protects investments, insurance
and mortgages, with different limits. Find
more out at www.fscs.org.uk or call
Freephone 0800 678 1100.
Check your savings are protected
at www.fscs.org.uk/protected