Saving for a wedding
Wedding season is well and truly upon us and if you are between 25 and 35 and attending more than four weddings this year, you are probably going to be getting married yourself pretty soon. We don’t just feel peer pressure at school; there is great pressure on us, not just from our families but also from our friends to get married, especially if we have announced our engagement. But weddings now cost around £11,000, on average, in the UK, so saving for this when you have other bills to pay is a pretty big ask. So how do you muster up the money to tie the knot?

Right now is not the best time to be saving. The Bank of England’s interest rate is at an all-time low, which is inevitably affecting savings rates. Add to this above-target inflation and you need to find pretty decent savings rates just to counteract the costs of setting up an account. However, there are still options available to you to help save up for your big day.
If you have a few years to go, then the best place to put your money is in investments. The potential to earn higher returns are greater, however, there is an increased level of risk. You can manage this risk depending on the kind of returns you are after. It is a balancing act between trying to generate more interest whilst mediating the level of risk.

If you are new to investments and therefore don’t want to risk it all, a Guaranteed Investment product is the safest bet. These guarantee your money will be retuned at the end of the term. Depending on the type of product you choose you can confirm other guarantees too such as a regular income at a set level or a minimum level of growth in addition to the return of your capital.
If you want more risk and therefore the potential to earn big profits, but also risk losing money, then invest in Non-Guaranteed Investment products. These need to be looked at over a longer term, as there a fluctuations in return rates so in the short term you may loose money.

If you have just a year or less to go, then put your cash in an ISA. Each year we get an ISA allowance of £10,200 of which 50% can be in cash. Therefore you can save £5,100 and not pay any tax on the interest you earn. Rates are around 2.5% to 3% depending on the amount you can save.

Santander has a great range of savings accounts with some of the best rates on the market.