It is the biggest day of your life. You have dreamed about it for years. You want everything to be perfect. But it is also one of the most expensive single events you're likely to pay for.

The average wedding in 2003, including a honeymoon (which is usually the biggest extravagance at £2,695) will cost more than £15,000.

But, as couples marry later in life - and with a huge proportion (86%) living together first - more and more people are being forced to fund their own weddings.

And it seems that lack of money is one of the primary reasons for people not taking the plunge. Research has shown that 53% of young Scottish couples living together admit that lack of funds is the only barrier to them walking up the aisle. In the UK in general 32% of men and 39% of women would rather not get married if they can't afford to do it properly.

Therefore, it is not surprising that Halifax Personal Loans estimate that they lend in the region of £50 million a year to make wedding dreams come true.

Peter Jackson, head of Halifax Personal Loans, says that as times and traditions change many couples are looking at other ways to fund their big day.

He said: "Traditionally, the parents of the bride footed the wedding bill having spent years saving for their daughter's big day. But times have changed. The average bride is now 27 and, therefore, usually has a career and her independence, and 86% of couples already live together by the time they get married.”

"The trend now, especially with such a buoyant property market, is for parents to help their children with a deposit for a house instead. And while research shows that 51% of couples still get some sort of help from their families, 37% now pay for their own nuptials. We believe that, with a certain amount of budget planning, wedding finances can be managed without causing too much strife."

One of the bonuses of inviting your friends and family your special day is the mountain of wedding gifts you receive, but Halifax is also warning couples that those same gifts can make your home a target for burglars while you are on honeymoon.

The bank is urging newlyweds to check their home insurance policies because, while Halifax General Insurance offers unlimited cover on its Home Insurance policies, many companies will only extend the cover for a month either side of a wedding, or will put a limit on the extra amount covered.

The Halifax guide to wedding budgets:

• Choose the sort of wedding you want - church or civil ceremony, wedding breakfast (including number of guests), evening reception, transport, outfits/dress.
• Make a list of everything that needs to be paid for - helpful guides can be found in wedding magazines and websites so you don't forget anything.
• Research the cost (especially the reception and associated items such as entertainment, decoration, and accommodation) and allocate a budget to each item.
• Prioritise the items that are most important to you and come up with a realistic budget, allowing for an overspend of about 10%.
• If your parents are helping to pay for the wedding ask for a budget from them or ask them to pay for certain items.
• When you have a final figure for your part of the wedding budget assess how you are going to pay for it. Credit cards and overdrafts may not be the most sensible option as they allow you to stray from your budget. A loan will provide you with a sum that you can allocate to different items as appropriate.
• Keep records of everything that is paid, deposits made etc. If you make savings or overspend on certain items you need to reassess your budgets.

While Halifax offers a typical APR of 9.9% on a loan of £7,000 spread over four years, couples borrowing the full £15,000 to pay for their 'special day' could pay just 8.9%.