Published on: 31 Jan 2017
You’ve met the love of your life and you’ve set your mind to celebrate, or even propose on Valentine’s Day. The key to a happy future is to budget and live within your means. But if you are going to splash out and need to borrow money, try to do it the cheapest way. Here are some tips to keep you and your loved one happy and MoneyFit.
You want it to be special and memorable but you don’t need to break the bank to achieve this.
Hopefully you’ve been saving up for this moment, but if not, some soft lighting, candles, nice music and a home-cooked meal can do the trick. See more Money-saving tips for Valentine’s Day.
How much to spend on the ring? Advice varies from one month’s salary to three months’ salary. In 2016 the average cost of an engagement ring in the UK was £573.
Basically, it’s up to you and what you can afford. Your fiancé/fiancée won’t love you more if you get into serious debt before you’ve even started on the wedding planning!
Take a look on Rewards for Forces for Forces discounts on jewellery and eating out, theatre or spa breaks. [Purely Diamonds are offering a 10% discount for members.]
This will definitely cost a lot of money. Last year the average cost of a wedding in the UK was £27,000, reaching to £38,000 in London* (excluding the honeymoon). So the key thing is to set a budget and try to stick to it (we know it’s not easy).
There are lots of free online wedding budget planning tools – use one. Take a look at Cost of wedding and MoneySavingExperts Cheap Wedding Tips.
If you need to borrow money for any of the above, check out Deciding on the best type of credit.
Once you’re married you can apply for Service Family Accommodation. It’s cheaper than renting a home on civvy street and gives you an opportunity to save for your own home. The Forces Help to Buy scheme can help you get on the property ladder with an interest-free advance of salary. Launched in April 2014, it will run until 2018.
Managing the family money and looking after a family while you’re away with your work can be stressful on your spouse. Take time to discuss money issues and be prepared for life’s ups and downs. Take a look at our Life and Family section for tips on managing money, having a baby, childcare and schooling.
All, the best and have a Happy and MoneyFit Valentine’s Day!
Setting up a joint account
Saving for emergencies
* Bridebook.co.uk website
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