You want your memories of your wedding to last a lifetime, not the debt that comes with it. According to the Australian Government’s MoneySmart website, the average wedding in Australia costs $36,200.
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. Reducing the number of guests or compromising on the venue, for example, can offer big savings. You could also consider delaying your honeymoon.
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. Just bear in mind 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.
Many couples ask for cash gifts instead of homewares as presents at their wedding; this can help you repay any debt you take on. Again, the more you’re able to save up before the wedding, the less of this money you’ll have to use on making repayments and the more you can put towards setting up your new life as a married couple.