Don't Get Hitched Without Reading This!

It's a leap year! But before you propose, make sure you're prepared for the remarkable costs of getting hitched...

It's a leap year this year, and that means, ladies, it's your one and only chance to propose - or wait another four years for February 29th to come around again. If you're reading this, thinking: "Surely no one seriously follows that tradition in this day and age?" then you'd be wrong. According to Alliance & Leicester, 29% of women -- presumably only those in stable relationships -- are "considering" popping the question this February 29th. Very romantic, I'm sure, but how much will that proposal cost you? A Costly Celebration According to wedding insurer Weddingplan the answer is: £18,490, rising to £23,143 in London. That seems a lot doesn't it? But is that figure really accurate? And if it is, how on earth does the average couple manage to pay for it? We surveyed more than 1,000 Fool readers to try and find out. Fools `Fess Up According to our research, the typical wedding actually only costs £4,968 on average. But around a quarter of you are prepared to spend £8,000 or more. Surprisingly, we found men will put aside more than women for the wedding dress - 21% of them said they would be prepared to spend more than £1,000 on it, compared to just 12% of women. At the other end of the scale, 20% of readers surveyed eschewed romance and glamour in favour of money in the bank, confessing they would spend £100 or less on that once-in-a-lifetime dress. A thrifty decision indeed, considering the average spend was £898. How about the venue? Fools are willing to cough up £3,247, on average. And finally, we come of the ring. Research by Halifax shows the majority of British men (69%) expect to spend around £2,811 on an engagement ring. In addition, almost one in 10 (9%) men believe that it would be reasonable to spend even more than one month's salary on the ring. If that doesn't bring a sparkle to the eye of your beloved, I don't know what will. Love Is In The Air So who is paying for all this? The man or the woman? The parents and in-laws - or the guests? When it comes to getting hitched, double standards are still alive and kicking. While 17% of the men we surveyed are prepared to cough up all the money without asking their partner for a contribution, just 5% of women would expect to have to pay for the wedding by themselves. More than a third of couples, however, plan to split the costs or ask family for help. Interestingly, around eight times as many couples will turn to the father of the bride for money rather than the father of the groom. One must pay for the privilege of making that key speech, it seems! A Small Price To Pay? So now we know who's paying for the wedding, how about the method of payment? Sensibly, the vast majority (85%) of you plan to use your savings to pay for the wedding. But that leaves 15% planning to pay for it using other means. Worryingly, one in ten Fools surveyed will either take out a personal loan to pay for the wedding or stick the whole thing on a credit card. And nearly 3% will remortgage or take out a secured loan to cover their costs. This deeply concerns me. You are putting your home at risk when you consolidate debt into a mortgage or secured loan. And with house prices stagnating at the moment, the more you borrow, the more likely you are to fall into negative equity (when you owe your lender more than your home is worth). Instead of taking this drastic step, you could always ask your guests to pay for your wedding. While this leaves a bad taste in the mouths of 99% of the people we surveyed, it is becoming more common. Financial Advice For Foolish Romantics All this information is very well, but how can The Fool help you prepare for the huge costs involved with a wedding? If you're saving for the big day, the first step is to ensure you have got the very best rate and are using up your full tax-free savings allowance. There are some fantastic instant access savings accounts available on The Fool, and also some market-leading ISAs. For example, last week, I recommended IceSave's Cash Isa to my other half because, as well as paying a generous 6.1% interest, Icesave guarantees to beat the Base Rate by at least 0.30% until 31 January 2011. You should always try to use a credit card for large purchases - such as the ring or deposit on the venue - because you are protected by Section 75 of the Consumer Credit Act (if the goods fail to arrive, are damaged or faulty, or don't meet their description, then you can pursue the lender for breach of contract, as well as the retailer). If you can afford to pay for your purchases in full every month, opt for a cashback credit card. This will enable you to earn up to 5% cashback on all your purchases - which, if you are spending £4,000, puts £200 in your pocket. If, on the other hand, it will be some months before you will pay for all your wedding purchases, it's a good idea to take out a credit card offering 0% interest on new purchases. It's also worth reassessing your home insurance policy. Make sure it includes personal possessions cover, as this should protect your engagement and wedding rings outside your home. Finally, you may wish to consider weddings insurance. Around a quarter of the Fools we surveyed took out this type of policy and, if you are planning a lavish wedding, it may provide you with some peace of mind. It's not very romantic but the fact is, while money may not be able to buy you love, love sure can cost you a lot of money. Here's hoping you manage to keep the costs down as much as possible - but still get to have the wedding of your dreams!