Money Makeover: Couple Saving For Wedding

A money makeover in the Independent gives financial advice to a thirtysomething couple who are getting married in August.

The pair need to save another £5,000 to cover the cost of the £16k wedding, but I would have thought on a joint income of more than £80,000 per year, this shouldn’t be too difficult. She contributes a whopping £500 per month to her pension, which is great, but unfortunately he has not yet started contributing to his.

They currently have some savings held in the HSBC Premier account, which pays 2.96%, and it is suggested that they consider moving this into a cash ISA for the tax advantages and higher interest rates ISAs can pay.

They both have loans outstanding, although one, costing £700 per month, will be paid off by April, and it is suggested that the other loan is transferred to a cheaper rate if possible.

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