Saying I do without the financial heartache

IRISH couples are spending 10% more on their big day than last year that’s according to a WeddingsOnline.ie survey. In January 2019, the average budget spend on weddings including honeymoon is now €28,462 (Source: WeddingsOnline.ie, Jan 2019).

With this level of spending it’s important to plan how you are going to finance it as it is to plan the day itself. Whether you save and /or borrow when it comes to financial planning your local credit union has a number of options available to you.

Speaking to Helen Courtney Power from Chapter 23 Credit Unions “The first thing is to open a joint credit union account if you don’t have one opened already, this is a good idea not just for your wedding but to help you throughout your married life when purchasing cars and with home and family related expenses”.

If you plan on saving for your wedding a lot of credit unions have electronic banking facilities and have regular savings electronically going into your account, handy for couples living outside the county or abroad.

With your credit union, your savings are eligible for a dividend and free Life Insurance cover, so you are making your savings work for you.

If you need to borrow, credit union wedding loans are also very popular. Helen says “Not only are our rates competitive but you’ll also find our loans very flexible in our repayment options. You don’t have to draw down your loan all at once, you can draw it down in small amounts when required, so you’ll pay less interest. You also have the flexibility to repay your loan in the weeks and months after your wedding without any penalty. There are no fees and charges, and your loan is also insured with free life cover. So for couples planning their wedding day, it’s well worth speaking to your credit union and let us help you, financially plan your wedding day”.

Top Tips from from your local credit union to help get prepared for your big day and avoid some financial pitfalls:

#1 Prepare a wedding budget (and stick to it!) #2 Keep saving (even after the wedding!) #3 Clear debts

#4 Keep account of your wedding spending #5 Borrow wisely

#6 Insurance (of all types!)

#7 After the wedding

If you are changing address or moving house after the wedding, make sure to bring your new address identification into the credit union (a utility bill, bank statement, Revenue document etc). If you wish to change the name on the account from maiden name to married name (bring in marriage certificate also) and photographic ID such as a passport or driver’s licence.

For more information on your local credit union visit www.creditunion.ie