What do you think? Let us know in the comments below and by emailing [email protected]†
You can also (anonymously) ask us all your questions via the e-mail address above.
Moral money from last week: ‘My fiancé wants to spend the down payment on our house for a big wedding – what can I do?’
Dear moral money,
My partner and I are planning our wedding while at the same time looking for our first home together. Juggling the two has become fraught as property prices continue to rise despite frequent warnings that a crash is imminent.
Right now it seems like a utopia to get up the house ladder. Now my fiancé is trying to convince me to spend a large portion of the deposit on the wedding instead.
Buying a home has always been a higher priority for me than having a big wedding, but my significant other says that since we can’t afford a house for years, we should go out and “enjoy the moment”.
She’s got a point, we can’t live for tomorrow, but I can’t help but believe that buying a house, which is a lifetime investment, is much more important than one day, no matter how beautiful it is. What should I do?
IF, via email
Unfortunately, early adulthood often means discussing how to spend limited savings on a combination of first properties, weddings, and children.
Due to the sharp rise in real estate prices, which – as you say – have not yet showed any real sign of slowing downmany couples decide to prioritize saving over a big wedding, or decide not to get married at all.
The average cost of a british wedding last year, according to wedding website Hitched, it was £17,500, while the average house price in April this year was around £300,000, the Office for National Statistics says. And it’s getting harder and harder to find bargains. Traditionally cheaper rural areas have grown much more — a 29 percent increase in the past five years, according to Nationwide — than cities, according to Nationwide.
Wrap up the big day – and you’re halfway there with a 10 pc deposit. It’s not hard to see why you don’t like going out with your fiancé.
That said, most of us who have struggled with Covid for the past two years can sympathize with your fiancé. We all deserve a party and you may have already postponed the wedding. A good wedding is for everyone and you may feel like you want to do something for your friends and family instead of spending all your money on bricks and mortar.
Maybe it doesn’t have to be a choice between home or wedding. A simple solution could be to have a much smaller wedding than you originally planned. Many people who were forced to have up to 30 guests during the pandemic said they actually preferred the extra intimacy.
If you really pull everything back, you and your fiancé are the only people who should be there. Focus on yourself and you may find that the finances fall into place.
Survey Results: Should our reader spend a down payment on the house for a big wedding?
Yes – it’s worth it for an unforgettable day – 1 pc
Yes – but only a limited number and if the wedding is much smaller – 23 pcs
No – his fiancee should find another way to pay for a big wedding – 9pc
No – buying a house is a much higher priority – 67 st