THE BILL for today’s Royal wedding is rumoured to be around £32 million, falling to £2m once security is taken out of the equation.

The average couple spends just over £27,000, but having a day to remember need not be that expensive. puts the cost of Harry and Meghan’s nuptials at more than a thousand times what most people pay.

For non-Royal weddings, the biggest outlays tend to be the venue, followed by the ring, reception and bride’s dress.

According to Skipton Building Society, one in five 18-to-34 year olds is saving to get married.

But with the typical cost only £1,500 less than the UK’s average annual salary, it is no wonder many come to regret their choices.

The society said that, despite devoting more than a year to planning, one in 10 people aged 25 to 34 later describe the amount they spent as one of their greatest financial regrets.

Jacqui Bateson, senior proposition manager at Skipton, said: “A big life event, such as a wedding, is a money milestone for many. And it’s easier to save when we focus on that end goal.

“But we also need to see beyond that, and think about the proportion of money we allocate to one-off events, and see if it really stacks up.”

It is possible to slash the cost of getting married without compromising the day.

Discuss with your partner the kind of wedding you both want. Set a budget you are comfortable with and agree your priorities.

Is the most important thing to have a particular reception venue, say, to invite a large number of people or have an exotic honeymoon?

Once the style and format are settled, get estimates from local suppliers or the internet to find out if your dreams and budget can be made to match.

Describing the event as a family celebration, rather than a wedding, will often produce lower quotes.

If you cannot afford everything you want, agree how to cut costs.

For example, while Saturday may be the most popular wedding day, many venues are cheaper on weekdays.

Look at dates outside peak summer season, and do not be afraid to haggle or ask for free extras.

Consider having a picnic or barbeque somewhere free instead, such as a friend or relative’s garden or a favourite beauty spot – but remember to arrange a wet weather option.

Buying vintage or antique rings, or using family heirlooms, can save a small fortune.

Get friends or family to lend cars or, depending on their skills, take pictures or video, bake the cake or do the flowers.

Hiring rather than buying dresses and suits and limiting invitations for the meal to the people who matter most can make a significant difference.

Keep a close eye on seemingly small things, such as stationery, favours and other extras, as they soon add up.

And reduce costs even more by going on a less expensive honeymoon or saving for a special trip later.

If your families are making a contribution, make sure everyone is clear about what they are responsible for and how much it will cost. You could also ask guests to give cash rather than gifts.

Consider taking out wedding insurance in case illness, bad weather or redundancy disrupt your plans.

It will not pay out if you get cold feet, but it should cover supplier failure, retaking photos or video if something goes wrong, and loss or damage to outfits.

Insurance policies start from under £20 and are available to buy from price comparison websites.

Begin saving for your share of the cost right away. You may be able to free up extra cash by cutting back on non-essentials and searching the internet for better deals on utilities and other regular bills.

Only a handful of easy access savings accounts pay more than one per cent interest, but you could raise this to 3% with Santander’s 12-month Regular eSaver.

If savings, or borrowing from relatives, will not cover everything, think carefully before committing to credit.

You could be left with a debt for a single day that takes years to clear, hampering your ability to enjoy married life.

The cheapest way to borrow is using a credit card with an extended zero interest period.

Halifax, Virgin and MBNA charge no interest on purchases for 30 months – visit a comparison site to check the options.

Ms Bateson stressed: “Plan your finances ahead to avoid any later royal regrets.”