Cost of "newlywed nesting" causes financial strain

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 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, made to invest in the marital home, are often 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 eighteen months of marriage.

Other costly items that Brits also commit to spending during their eighteen months 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."

To find out more about AA Personal Loans visit theAA.com/loans