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With Perth's fabulous autumn wedding season in full swing and the much-anticipated Royal nuptials having recently captured the world's attention, wedding bells are well and truly ringing loudly.
Millions of people worldwide tuned in to watch the wedding of Prince Harry to Meghan Markle at Windsor Castle on May 19. Their extravagant big day has been estimated to have topped AUD$45million, with a significant proportion of this going towards security.
While it’s safe to assume your wedding won’t cost millions, your special day will presumably be the most expensive party you'll ever host. It’s important to work out a budget before you start making plans so that you'll remember your special day for all the right reasons.
According to ASIC’s Moneysmart website, the average Australian wedding costs $36,200 and includes:
So it's easy to see that costs can run away without a disciplined approach.
Couples should keep an eye on the ‘other’ costs when putting together their wedding budgets - these hidden expenses are generally not included in the costs outlined above, and have the potential to blow out your overall budget by thousands of dollars.
Your honeymoon is another added cost which you may not have factored into your big day. If costs are an issue, consider a short, close by break right after the wedding, and enjoy a bigger holiday a couple of months later. Not only will it give you more time to save money, but you can probably accrue more annual leave as well to plan a longer trip.
A great first step to plan how much you can set aside for the wedding is to use P&N’s budget planner calculator.
Once you’ve got your budget you can maximise your savings by utilising a dedicated savings account such as P&N’s Hi Saver to squeeze that little bit more into your big day.
But most of all, with a sensible approach to planning, you'll not only start married life with a perfect wedding day but you'll be creating special memories for a lifetime.
Source: IBISWorld, 'IBISWorld Industry Report X002 Weddings in Australia', April 2012
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