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
Based on your current budget, how long would it take you and your partner to save enough to afford the wedding? You can use our Savings Calculator to figure this out. Then create a savings goal using Goal Tracker* in the CommBank app. We’ll break it down into weekly targets and help you set up automatic payments from your everyday account into your goal.
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.
* Requires a GoalSaver or NetBank Saver in your name only.