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Cost of Marriage
COST OF “NEWLYWED NESTING” CAUSES FINANCIAL STRAIN FOR 3.4 MILLION BRITS “Just marrieds” underestimate financial demands after walking down the aisle Newlyweds should be considering more than just the cost of their wedding day to avoid seeing the honeymoon period cut short, says AA Personal Loans. Research released today suggests that despite the majority of couples (87 per cent) paying off the expense of saying ‘I do’ straightaway, the costs of setting up home together afterwards are often forgotten and poorly planned for. Half of those questioned admitted facing financial issues within the first eighteen months of marriage with 3.4 million saying it put pressure on their relationship. Large purchases, often made to invest in the marital home, are the cause of this financial strain. Domestic appliances such as washing machines and dishwashers are the most significant purchase, with forty per cent admitting to buying them within the first 18 months of marriage. Other costly items that Brits also commit to spending during their first year together include: - Home decorations 36% - Buying a home 31% - Holidays 21% - Having a baby 20% However, with the help of some good planning and awareness of these other costs, AA Personal Loans feel that young couples can avoid any nasty financial surprises. Mark Huggins, Head of AA Personal Loans says: “The true cost of marriage is often underestimated by couples focussed on their wedding day and forgetting about the other financial demands the first year of marriage can bring. Many people who end up buying domestic appliances simply don’t have the cash and will take a high interest payment plan offered from the retailer. However, being ready and aware of extra pay outs, couples can be smarter with their money. For example, by researching a lower interest personal loan before rushing ahead on any payment plans that retailers may offer, can often make newlyweds a saving,” Terry Prendergast, the Chief Executive of Marriage Care says: “Getting married is one of the most joyous experiences for a couple, however, the cost of weddings, honeymoons and stocking the new house all bear a cost and for many, the reality of this spending is sometimes lost in the ecstasy of romance”. “Therefore it is important that couples are prepared for the first year to eighteen months of married life. At Marriage Care we help couples prepare their relationship for times of both profit and loss, giving them a solid investment for the future.” Katy, 31 from New Malden, Surrey married her long term boyfriend in November 2007.They had bought a house less than a year before the wedding, which has added to the financial strain of their first year of marriage. “We decided to have a holiday of a lifetime for our honeymoon, and had the most amazing time; however we are still paying for it now. Having bought our first home together in the run-up to the wedding, it meant we have had less money set aside for unforeseen problems which come with owning your own home. We recently had to fork out a large sum to get our guttering replaced. Because of this extra expense plus the honeymoon debt we have really had to cut back and budget hard. “The first year of marriage can be an extended honeymoon period, however I think people should also take into consideration the financial consequences of setting up a new life together. We have learnt that it is always important to plan ahead with our finances leaving us to focus on the more important business of enjoying each other’s company”. Click here to find out more about AA Personal Loans
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