Your wedding promises to be one of the most beautiful and memorable days of your life. Unfortunately, it also going to be one of the most expensive.
If you find yourself overwhelmed by the potential cost of getting married, you’re not alone. One study conducted by Wedded Wonderland found that the average Australian wedding costs $53,168. With figures like this, it’s no wonder that a growing number of people are postponing their special day until they can afford the wedding they desire.
The good news is, there are plenty of options when planning your wedding that can help you financially. These include:
It’s possible to set (and stick to) a realistic wedding budget, and by following some of the tips listed below your dream wedding could be a reality sooner than you’d think.
The average Australian couple spends around $5,500 more than they initially expected to on their wedding. If you’re on a tight budget, you will need to make some tough choices. The best way to avoid overspending is to prioritise what is really important to you both. One way to do this is to create 3 separate lists.
You and your future spouse will both need to agree because your wedding day is for both of you. You could consult with a wedding planner if you need guidance, and if your budget permits. As an example, the cost of the venue, photographer, food and a DJ or band would probably be placed on the must-have list. An open bar for your guests would probably go on the nice-to-have list, while extravagant gifts for bridesmaids could potentially be less important to either of you.
Many Australians already live week to week, which can make it difficult to save for a major expense like a wedding. In saying this, you shouldn’t try to pretend that you are living as frugally as possible if you’re not because you could end up missing an opportunity to save for your wedding faster.
The truth is, there are likely plenty of ways that you can reduce your everyday spending. You could save almost $100 a month if you and your significant other both skipped your takeaway coffee every second day. If you’re buying your lunch every day, prepare in advance to bring a packed lunch a few days a week and there’s another $100 you can save a month.
Another thing to consider would be reviewing what your regular bills are and if you’re able to cut back any services. You might have multiple streaming subscriptions that you aren’t using anymore, or your phone bill or insurances might not be on the best plans to suit you. By contacting your service provider and asking what’s available you might be able to get a cheaper deal, which will all add up in the long run.
You might be skeptical about taking on debt with a personal loan to pay for your wedding, however it could be a helpful option to consider if you want to get married sooner and you’re in a good financial position to be able to repay the loan.
According to 9Honey, the wedding loan has seen a 400% rise in the last year. The loans can generally cover most essentials, including the venue, dresses, suits, celebrant, food and drinks, a band or DJ, photographer, decorations and even the honeymoon!
A lot of money can potentially be saved if you swap out expensive wedding venues for alternatives, and it can also make your big day a lot more special by getting married somewhere that's more personal. This might be the place that you met the love of your life, or if you both love the beach, that might be your dream place to tie the knot.
Another option becoming increasingly popular is destination weddings. One of the reasons is because they can be more memorable, and another is that destination weddings can be cheaper for the hosts, especially if you only invite those really close to you to share your special day.
However, you still need to consider some of the downsides of a destination wedding. One of the biggest factors to consider is whether your loved ones will be able to attend or not due to the additional out of pocket expenses. If the chances of your friends and family being able to attend seem unlikely, this type of wedding might not be for you.
Whatever wedding planning options suit you, make sure that you and your future husband or wife take the time to decide exactly what suits the both of you so that your special day will be perfect!
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