Wedding Savings

emmzy

Hiya my an my partner plan to get married in the next few years havent really set a date yet but iv already picked a dress lol anyway we have 7,000 sitting in a old current account belonging to his sister and we dont know whats the best thing to do with it were getting 100 a month for the next 5 months from his mum towards it but we cant afford to put much more than 30 a month towards it ourselves so that really rules out alot of the fancy pay in £100 and get xx% interest rate type accounts we also need access to the money as if we finally do agree on a date we will need to start spending it we would also like one that needs to be cosigned so we both make the decision together of spending it as life would be so much easier if we just spent it all on a new cooker carpets an a holiday an last time we got tempted and did this and ended up with very little left im totally useless with this sort of thing and spend most of my life living off a overdraught hence why i spend about half my life on this site trying to better my money sense so any help on this would be much appreciated

welshmoneylover

Never heard of full stops and punctuation dear?
Might make your post easier to understand and you may even get a few replies!

FairyElephant_2

1st you could open a cash ISA fixed for a year with £3600 of it, or both open one if you are not going to need the money for a year.

Alternatively you can always 'drip feed' a monthly saver from the money in the current account, to get a better rate of interest. I'd make sure it was in a c.a. which paid some interest as well though.

I'm guessing if you already have £7k and are wanting to save more, that you want a really big/expensive wedding? Personally I would have a cheaper wedding AND pay for the honeymoon (and probably a new cooker as well!) with what you already have!...but each to their own I suppose.

It CAN be done - I promise you! We had a great wedding 3 years ago, which cost us about £3k in total (Register Office, followed by a lovely private ceremony & meal for 40 guests, followed by BIG party into the wee small hours for about 120 people!), then we spent 2 weeks on luxury all-inclusive honeymoon, another £3k.
It was a great day, and people still comment on what a nice wedding we had!

Hope that you work it all out though, and have fun!

Best wishes,

FE

emmzy

I'm so sorry, I thought this forum was about savings and not my punctuation. !!!!

Robert_Sterling_3

emmzy wrote: »

Hiya my an my partner plan to get married in the next few years havent really set a date yet but iv already picked a dress lol anyway we have 7,000 sitting

I thought this was going to be 7,000 sitting down for a wedding breakfast :eek:

Why is the money sitting in his sister's account?

Reaper

I'm with FairyElephant (that's a phrase I never thought I'd say).
I find it staggering how much money people spend on weddings. We had an inexpensive wedding and it was nicer than expensive ones I've been too. I'd say save the money and have a great honeymoon instead. Here's a site full of ideas:
http://www.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

EDIT: well it would be if the filter hadn't blocked it for some reason. Not sure what it's got against it. Here's a link to a Times article which refers to the same site if you still want to look:
http://women.timesonline.co.uk/tol/life_and_style/women/article4225211.ece

Lokolo

emmzy wrote: »

I'm so sorry, I thought this forum was about savings and not my punctuation. !!!!

lol yes it is indeed but a lot of people look at it and go 'oh stuff this I can't even read it' and go back. It was just a little tip thats all, I'm sure he didn't mean it rudely!

emmzy

thanks to all the replies, the moneys in his sisters account because when he was "away" i couldnt get access to it and i was struggling so she managed to get it transfered it to her account and gave me like an allowance type thing. we never ever bothered to get it back since then as we dont know what to do with it. I know that its alot of money for a wedding but we're not planning on using it all he wants to do driving lessons and get a car as well and the honeymoon. Dont worry we've been looking into all the cheaper options my dress is from ebay his sisters husband is making the invitations for us,hes ont of they printer/advertiser/signmaker people his brothers in catering college so can get friends to do the catering cheap and his wee sis is going to play bagpipes so were probably going to be quite cheap its just what to do with it the now as were both equally rubbish at saving.

angelavdavis

Are you and OH working?

So, you will be in a position to pay £130 over the next 5 months toward the wedding.

Well, you can set up a joint savings account with a view to paying this money in every month. Something that will need a little notice (30 days - 90 days) before you can draw money out (so you write to them notifying them that you wish to draw x amount out on x date after the 30 day or 90 day period).

Alternatively, as interest rates are so lousy currently, you could put it in premium bonds - split 50/50 between you. You never know, you might win some money to spend on a honeymoon and it stops you spending it but you can get it out when you need to!

By the way, OH and I got married in September 2007 and spent less than £5k, here are my tips on how we saved on the wedding.

emmzy

We are getting £100 a month for 5 months then would be paying about £30 a month ourselves after that. I have a instant access savings account with the bank of scotland but it doesnt pay much interest and we tend to save then pay a bill from that rather than keep saving. I dont understand how premium bonds work really if theres any information about it a link would be appreciated. My OH is a trainee joiner and doesnt earn very much and we get income support as im off sick. As i said the catering and dress are going to work out fairly cheap the bridesmaid dresses too as i also liked ones from BHS but we live in a flat so no chance of using our garden as a venue more the pity as the venues we enquired about before were fairly expensive and no one would let us have our own caterers they want to provide it and a bar too. Thanks for the list tho i never even thought about djs or flowers or photo/vidoes yet lol

i saw a link for a site on up your income board a few weeks ago that lets you rent out your wedding dress rather than selling it so will probably do that once its been used too