Couples planning to tie the knot in one of the Church of England’s busiest dioceses for weddings could be handed a leaflet giving them budgeting tips for paying for their big day and offering them free credit union membership.
More than 5,000 leaflets on financial planning for a wedding including a voucher entitling couples to free credit union membership have been printed in the Lichfield Diocese to be distributed amongst clergy.
The leaflet can be given to couples when they book their wedding along with information from their local credit union. The leaflet suggests that couples set a budget, work out how much they can save every month towards their wedding and are realistic about what they can afford. With many couples booking one or two years ahead, starting to save regularly can make a significant difference to their ability to meet the final costs.
Opening a separate credit union account can keep savings safe and separate from a current account and friends and family who want to make a contribution to the wedding expenses could pay directly into the account, the leaflet says.
Where couples feel they cannot avoid taking out a loan to pay for their wedding, the leaflet warns against the dangers of high cost credit including payday loans.
The Rev David Primrose, Director of Transforming Communities for the Diocese of Lichfield, said clergy in the diocese take more than 2,000 weddings a year.
By the time a couple books a church for a wedding they typically have already decided on key expenditure such as where they will hold the reception and how many guests they will invite, he said.
“Paying hundreds of pounds in interest for a wedding can have a severe impact on a couple’s finances, and can cause considerable stress and strain just as they begin their married life,” he said.
“The Church of England is well placed to help couples think about their financial planning at this key moment in their lives. Establishing good financial habits at the start can be a great support for when financial pressures hit later in life.”
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