Using gift card to save for cake?!?

lisajane8482

My fiance and I are getting Married in July 2013. We (I) have been looking around getting prices for everything so we have a basic idea of what we will need to save.

As we will be paying for the wedding ourselves I have been looking at ways of cutting as much costs as possible so we have more to spend on our reception.

I was looking on Marks and Spencer’s and saw they did wedding cakes so have decided to buy a single tier cake to cut and then several cake bars to be served thus reducing the cost of the cake by at least half. Anyhow back to my question, I was thinking of getting a gift card and putting money on it each month until we had enough for the cake but I wasn’t completely sure this was the best idea. I’ve asked the other half and he just says whatever you think is best, so anyone’s thoughts on the matter would be greatly appreciated.

Thank you

Lisa

lollyb84

Hi Lisa,

I'd be wary of this as the gift cards quite often have expiry dates on them (ie if not used in the last x, the card will expire) and I'm not sure if adding money to a card counts towards this.

Could you not set up a seperate savings account that you could put the money in (and all the rest of the wedding money)? That way you could be earning interest on it too!

HTH

Lolly

Minimoo24

ohh you have given me and idea! it might be best to ask in store i dont think you will have to worry about them going under tho as they are big...but u never know so with that, it might be better to put the money in a pot? As Lollyb84 says, i rang my bank and set up a new bank account 45 mins on the phone and i could see it on my online banking right away! I sell on ebay and transfer into there saving up the pennies! Its nice to look at it cheers me up lol x x

RainbowDrops

It's a great idea if it has no expiry.
And I can totally vouch for the M&S cake - we had a sponge / fruit combo & everyone complemented it.

bubbles0169

id go with an ISA too, you will earn interest on your savings and wont get charged tax at the end of the financial year, martin does a table of the best ones to go for, even if youve done it with your bank they may not be the best rate

Spencer_Li

We're not getting married until July 2013 as well.

I've set up an ISA for my "wedding fund" and am putting any "spare" money into that when I can.

Mine's with Halifax, but have a look and see which has got the best rate for you.

Piggo_2

Definitely go with the bank account or isa idea, that way you'll earn a little extra interest on everything you save as well. Think Yorkshire Building Society have some good ISA rates too.

lollipop80

The m&s giftcard is valid for 2 years from the last time it is used. If you top up it up then you automatically given 2 years from that date to spend it. If for any reason you do not need to spend the money, then if you go into store and ask for a printed balance enquire then this will start your 2 years again. I.E Balance enquiry on 2nd September 2011 in-store, the card would expire on 2nd September 2013.

M&S occasionally have 3 for 2 on their wedding cake tiers so keep an eye out for those, although I think you would have to wait until 2013 to order, not sure how far in advance you can place them.

Best of luck x

lisajane8482

Thanks guys, I've taken your advice and are looking into an ISA

NKLK

If your really on a budget why not buy your cake from tescos? Plain ices fruit or sponge, 3 tiers then buy some decoration?
We bought cupcakes for ours, £50ish for 100 and a small fruit cake for top layer think it was about £10.

lisajane8482

Naffito wrote: »

If your really on a budget why not buy your cake from tescos? Plain ices fruit or sponge, 3 tiers then buy some decoration?
We bought cupcakes for ours, £50ish for 100 and a small fruit cake for top layer think it was about £10.

I shall look in to that closer to the date thank you