Beating the stag do hangover

It would have been a contender for stag weekend disaster of all time but Stephen Mallone managed to make it to the church in time in the end…

The 25-year-old, from Tenbury Wells in Worcestershire, went to Bratislava for his stag weekend with 13 friends and ended up in jail facing a two-month sentence after stripping off and jumping in a fountain! Luckily for him, he was released early by the Slovakian authorities and made it home for his £20,000 wedding to Kerry!!

However, anyone who has gone on a stag or hen do recently – and there’s an awful lot of them around – will know they’re an expensive business.

Of course not everyone spends on their weddings like Premiership stars. Gary Neville is reckoned to have spent £1 million on his recent wedding while Stephen Gerrard splashed out £750,000. Chelsea and England’s John Terry went to Albufeira for his stag weekend ahead of his £1 million wedding.

Counting the cost

Stag and hen parties are reckoned to cost as much as £430 million a year with revellers spending around £550 each on trips away.

The old traditional night out is long gone – people jet off all round the world on stag and hen dos – with around a third going overseas!

Research shows around four per cent of men on stag dos end up getting arrested which certainly adds to the fun and to the cost.

But it’s definitely big business with around 154,000 weddings a year and most of the brides and grooms going for (at the very least) a big night out.

Paying the bills

When one friend gets married it seems that they all do and so many of us can end up with three or even four stag or hen dos in a year. At £550 a time the cost can easily stack up.

The typical cost of getting married is reckoned to be around £19,500 a time now so it’s no surprise many of us are feeling the strain. MoneyExpert.com can help you sort out the finances for the stag or hen.

Play your cards right

Average credit card rates are 16 per cent if you’re not on a special deal. That’s nearly THREE times the Bank of England rate.

If you spend £1,500 on trips away for a stag or hen and don’t clear the bills then you’ll end up paying as much as £240 in interest. And you’ll still not have paid off the bill.

So look for a zero per cent deal to ease your borrowing pain. If you know you’ve got a few big trips coming up then you should sort out a new card as soon as possible.

Don’t be a loan loser

If you can afford not to borrow then good for you but if you are borrowing then do it sensibly. People looking to borrow less than £5,000 are finding affordable loans increasingly difficult to come by, according to MoneyExpert.com. Average rates for personal loans of less than £5,000 have increased dramatically in the past six months while rates for £5,000 or more have fallen or barely moved.

MoneyExpert.com analysis shows that average rates on loan values under £5,000 have increased in real terms by around 1.4 per cent in just six months.

The average APR of a £1,000 loan has increased from 14.63 per cent in November 2006 to 16.1 per cent now. A typical £2,500 loan used to cost on average 14.13 per cent but now costs around 15.41 per cent, and rates on a £3,000 advance have risen from 12.35 per cent to 13.8 per cent.

Rates above £5,000 have increased so if you are borrowing take as much cash as possible and focus on clearing your debt.

Compare loans now

Insure a good time

Around one in four of us every year go on trips abroad without travel insurance. It’s particularly the case with short trips such as stag or hen weekends.

You do save by not paying for travel insurance and if nothing goes wrong then you might think you’ve been clever.

But things can go wrong on stag or hen dos so it’s better to be safe than sorry. Of course insurance can’t get you out of jail free or cure the hangover.

Compare travel insurance today

Click through to MoneyExpert for more money saving tips

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