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Valentines Day Financial Planning

Hundreds of thousands of couples will tie the knot in 2007 (according to the Office for National Statistics), and on 14 February many more will propose and start to plan for their own wedding day.

The cost of a wedding often kicks off with the purchase of an engagement ring, which in many cases will cost in excess of £1,000.

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Not only does the wedding planning commence soon after Valentines Day, but also because the average cost of the day was calculated in 2006 at around £17,000 according to Alliance & Leicester, you obviously need to think carefully about planning your finances for the big day.

By shopping around and doing your homework, you can soon make a list of all the things you’ll need to pay for, from the wedding dress, the cars, the flowers, the reception, the photographs and of course the honeymoon.

Once you’ve worked out approximately how much it’s going to set you back, then it’s time to work out how you will pay for ‘the biggest day of your life’. Long gone are the days when the bride’s family footed the bill, however some couples will be lucky enough to receive some financial assistance from their parents.

The more you can save towards the wedding the better, but for some people it will be necessary to borrow some money towards the cost of the wedding.

Ideally you’d look to borrow as little as possible, as you don’t want to start your married life saddled with large debts, especially as you will probably be looking to set up home at the same time.

However you decide to pay for your own special day, it may be worth to have a look at some of the best savings accounts and cheap loan deals, as well as access to a really useful budget planner and loan calculator.