The wedding season comes around very quickly every year, but we all know it takes years of preparation and saving. From booking venues to customising invitations and flower arrangements, newlyweds end up spending what seems like a fortune on their special day.
According to the UK Wedding Report, tying the knot can be as expensive as £16,005 on average. Marrying couples end up spending 25% or more of their salaries covering all their wedding expenses if they’re paying themselves.
A wedding dress, engagement ring, and dreamy honeymoon will have the happy couple spending even more. So, how long will it take to save up this much money? We’ve got the answer.
Beauty experts Cosmetify researched ONS data on median salaries to determine where it takes the shortest time to save for a wedding in London. So, we’ve put together an article to let you know what areas are best to put money in your wedding fund.
What are the London boroughs that would take the shortest time to save for a wedding?
The London boroughs that would take the shortest time to save for a wedding are:
- Camden and City of London
- Kensington & Chelsea and Hammersmith & Fulham
- Tower Hamlets
- Lewisham and Southwark
- Haringey and Islington
- Merton, Kingston upon Thames, and Sutton
If marrying couples living in these areas put aside 10% of their household income, it can take them as little as five years to save for their wedding day.
London’s boroughs are the best places in the UK to save for a wedding. In fact, according to Cosmetify’s research, out of the 20 areas that would take less time to save up in the UK, 70% are London boroughs.
Wandsworth district is one of the best areas to save for a wedding. After tax, its high average income of £28,623.60 helps couples save money quicker than any other area in the top 20.
The bride and groom can save up money for their wedding in just over 11 years if they put aside as little as 5% of one of their wages. That will quickly add up to £1,431.18 per year.
Yet, if they want to save more, 10% of their joint yearly income (5% each) will get them ready for their special day in about five and a half years. They’ll be able to save £2,862.36 per year, which makes all the difference.
Westminster’s salaries are just as great for saving money for a wedding. The average salary in London’s central borough is £28,378.80 per year, making Westminster the second-best borough for saving up.
If a couple saves up 5% of their yearly income from just one of their salaries, this will add up to £1,418.94. In this case, it can take them 11 and a half years to save for their special day.
When both couples save 5% of their wages, it can take only five years and a half to gather enough money for a wedding. They will have saved £2,837.88 in one year.
Camden and City of London
Camden and City of London are the third-best districts for average salaries, meaning couples will not have to wait too long to plan their wedding. In these areas, the average wage of £27,799.40 helps quickly save up money.
If only one person saves 5% of their income in a year, that can add up to £1,389.97. The couple would then save up for 11 and a half years.
However, if the couple saves 10% of their household’s income, they can dramatically cut the wait. They would have put £2,779.94 aside each year, which means the couple can start planning their wedding in five years and nine months.
Kensington & Chelsea and Hammersmith & Fulham
In Kensington & Chelsea and Hammersmith & Fulham, the average salary is £27,370 per year. These areas are great for wedding planning since couples can put enough money into their wedding fund in under six years.
When a couple saves 5% of their household income, they’ll manage to save up to £1,357.33 every year. With these savings, they’ll be looking at just over 11 years and nine months waiting for their special day.
Yet, when they save 10% of their wages, it only takes five years and a little over nine months since they’ll put aside £2,714.66 per year.
Lambeth is another London borough where residents don’t have to wait too long to save for a wedding. Although it takes longer for Lambeth residents to save than in other areas, it’s still a great place for saving money, when you look at the average income.
If one person saves 5% of their income, they can put aside £1,270.02 every year. They would then need to wait 12 and a half years to tie the knot, at an average-costing wedding.
If the couple saves 10% of their joint yearly wage, it should take them just over six years to save enough for their big day since they’d be putting aside £2,540.04 every year.
In Tower Hamlets, residents could be rushing down the aisle in as little as just over six years.
In Tower Hamlets, a person who saves 5% of their wage in a year is left with £1,254.11. It would take a couple about 12 years and nine months to save up for the big day at this rate.
Yet, if both save 5% of each wage, that adds up to £2,508.22 a year. The wait is also halved, leaving the bride and groom to be saving for just about six years and four months.
In Bromley, a person who saves 5% can have £1,252.48 in their bank at the end of the year. If they’re paying for the wedding alone, saving up for it can take 12 years and nine months, too, just like in Tower Hamlets.
Then, if both partners save up 5% each, or 10% of their combined household income, they can save up to £2,504.95 every year.
If they’re both saving up in Bromley, it would only take the bride and groom to be six years and four months to save enough for their wedding.
Lewisham and Southwark
Love birds in Lewisham and Southwark are well placed to save up for their nuptials.
If a couple saves 5% of their combined annual income, they can save up enough for an average wedding in just over 13 years. Their savings would add up to £1,220.24 in a year.
Yet, if they save 10% of their yearly wages, the time frame for halves. They can expect to be ready to celebrate their love in six and a half years. Their savings would add up to £2,440.49 per year.
Haringey and Islington
Couples get a similar experience saving for their wedding in Haringey and Islington.
If one puts aside 5% of their income a year, that amounts to £1,205.96. So, in just over 13 years, they’ll have saved enough for a wedding.
When both partners save up, they can have the wedding in just over six and a half years. If they put away 10% of their combined income, that quickly adds up to £2,411.93 a year.
Merton, Kingston upon Thames, and Sutton
Not far from the other London districts, Merton, Kingston upon Thames, and Sutton are great places to save for a wedding.
If a couple saves up 5% of their income, they’ll likely take a bit longer to save enough for their wedding. £1,198.21 money put aside every year will mean they have to save up for over 13 years.
Yet, when they put aside 10% of their joint income, the £2,396.42 they save every year helps hurry the process. Therefore, the bride and groom to be will be saving for a bit over six and a half years.
It’s no secret that weddings can be costly. The costs add up quickly, and before you know it, you’re saving up for years on end. It’s helpful and sensible to know just how long it can take, so here you have it: London boroughs take the shortest amount of time to save up for a wedding.