Saving to get married

It's the day you dream of your whole life and of course you want it to be perfect. But what price does perfection come at? Your credit card? Your entire bank balance? And then some?

Beginning married life, submerged in debt is not a great start, so before you press ‘send’ on the "we just got engaged!" e-mail, have a good long look at your finances.

Set a budget

Often what we want our big day to be doesn't marry with the reality of what we can afford. Start on the right foot and get honest with your finances. What is the current balance of your accounts? Are there any mini windfalls on the way? How much can you set aside each month? Use our budget planner to work out how much you’re spending each month and where you can make extra savings. The total balance will give you your wedding budget.Have conversations early with family members to determine if they would like to help you out financially. It's tradition that the bride’s parents will foot the dress bill, or the groom’s parents the flowers. Don't be afraid to check this avenue, get a read on their interest and most importantly the dollars attached. 

Save, Save, Save

Before you even consider bridesmaids, set up a high interest savings account, complete with a Regular Savings Plan of automatic monthly deposits to this account.

You may also want to consider opening a joint account. With the two of you adding funds to the one account, you can reach your savings goals sooner.

Remember, once you have set your budget try and stick to it as you are making your planning decisions based on these figures.

Three: The magic number

It's easy when you're planning your big day to blow out on every cost. However, the sensible option is to choose three things that you are happy to splurge on, whether that's cars, food, dress or entertainment – but the trick is to then economise on the rest. By moving money to the most important areas you will feel like you've had your day, but you won't be left with huge bills at the end.

Liz, an office worker, says, "Despite all my dreams, it was apparent I was planning a $50,000 wedding versus our actual budget of $25,000. I soon realised that if I opted for the expensive dress, wedding ring (well it's the only thing that lasts beyond the day) and an eleven piece band, I would actually get the wedding of my dreams. The rest I scaled back and we came in bang on budget."

Economise

When it comes to planning a wedding, your suppliers will try and "up-sell" you to a bigger cake, more flowers, larger venue. Look at what you need and research your options. Some simple and smart decisions could reap huge benefits. For example, look at recycling your flowers. Move the ones you have booked at the church to the reception venue if the church allows this. Instead of serving dessert, serve your wedding cake and fork out for cakeage. You'll be amazed how much you can save by ditching a course. Don't pay for expensive wine throughout the meal. Instead, pour the expensive champagne on arrival, then move to a cheaper substitute. Your guests won't know the difference! Finally, remember that opting for flowers or menus that are in season could knock thousands off the end bill.

Suppliers

Make sure you shop around, compare quotes and sample the wares before you commit your dollars. Research hidden extras such as travel, incidentals, meals or refreshments and document them all in a professional quote. Also consider lateral ideas such as budding dress makers, newly built venues or trainee pastry chefs.

Nikki, 30 says, "When I got married I realised that the photographer really wasn't that important to me, yet it was a huge chunk of the budget. In the end we hired a student photographer who was just starting out. The pictures were fantastic and we were able to negotiate knock down rates on prints and negatives. We saved thousands on this approach and it worked."

Remember, while we all want that perfect day, it doesn't need to come at any price.

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• Important information
  The advice on this website has been prepared without considering your objectives, financial situation or needs.  Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF 68KB).
  
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