You want your memories of your wedding to last a lifetime, not the debt that comes with it.
Even if you’re thinking of having a low-cost wedding, you’re still going to want to put together a plan to minimise the impact on your money.
Step 1: Put together a budget
Think about what you want the day to be like and estimate costs for the following:
- Venue of ceremony and reception
- Food and drinks (including wedding cake)
- Band or DJ
- Decorations and flowers
If you’re happy with the projected amount to cover all this, that’s great. But if it’s looking too expensive, think about where you could cut back.
The Money Smart website run by the Australian Securities and Investments Commission (ASIC) has an infographic detailing average expense amounts and the research shows how the costs can add up.
Step 2: Start a savings plan
If you want to speed up the process you can either consider making some sacrifices with your day-to-day spending and/or reducing the potential cost of your wedding. You may not be able to save the entire amount, but the more you save the less debt you’ll start off your married life with.
Step 3: Look at all your options
If you’re not going to be able to save the entire amount you need, you could consider either putting some costs on a credit card or taking out a personal loan. However, remember that this is something you’ll have to pay back once you’re married, so it’s worth factoring in to your future budget should you decide to go down one of these paths.
Spend Tracker in the CommBank app categorises every debit and credit card transaction, making it easier for you to see where your money is going and the impact your spending decisions have on your everyday finances.