Your wedding day can be one of the most joyous and memorable occasions shared with family, friends and, of course, your life partner. However, with average wedding costs now sitting above $50,0001 according to an Australian wedding survey, it could also become a huge debt that lasts almost as long as the memories.
The survey also found wedding day costs were up 5% on the previous year. And they’re expected to keep rising with the popularity of themed and once-in-a-lifetime experiences couples are seeking to incorporate into their day. So, to help you save for your wedding day, here are a few handy tips.
1. Set a wedding budget (and stick to it!)
When you start planning your wedding day, a good platform for success can be a budget. Setting out exactly how much you can and are prepared to spend will help you reach your goal and maintain some spending discipline. Understanding all of the associated wedding costs involved will also help. Sourcing quotes from multiple suppliers can form the basis of your budget and provide a clear picture of what you’ll need to budget for and how much you’ll need.
Here are 10 big wedding expenses to consider:
- Wedding dress/bridal party outfits
- Engagement & wedding rings
- Reception venue, food, entertainment
- Celebrant/Church fees
- Hair & makeup
- Wedding cake
2. Start a wedding savings plan
Every good budget has a plan behind it. If you’ve worked out the costs involved in your big day, it’s worth creating a weddings savings plan. Look at your budget and when you need to have the money. You can then see how much you need to save each pay to reach your goal. It’s also worth opening a dedicated wedding savings account to keep your money separate from your everyday account and avoid the temptation of spending it. A simple way to help boost your savings is to use a savings account that pays a competitive interest rate. Some savings accounts don’t charge monthly account or transaction fees, and also offer bonus interest if you regularly deposit your pay into a linked transaction account. Of course, if you’ve left your saving to the last minute, you could always use a competitive personal loan or credit card to help pay for some of the costs. Just make sure you don’t use the credit to go over your budget.
3. Other wedding savings tips
As we mentioned before, always get multiple quotes (at least three) from suppliers to ensure you can accurately compare and budget. It’s also worth keeping in mind that some suppliers’ eyes light up at the mere mention of the word ‘wedding’, adding a lot more to their quote. So where possible, don’t mention it’s a wedding unless they ask. You could also leverage your friends and family where possible to help you save on costs. If someone you know is great with makeup, flowers, decorating or even photography, ask them if they can help you out. Just make sure you and your friend are comfortable with the pressure of dealing with a wedding and that they will deliver for you on the day. Venues and other suppliers can also be cheaper if your wedding is not in the traditional spring wedding season. Look at having your wedding earlier or later in the year, out of school holidays or even on a Friday night instead of a Saturday.
Of course, you don’t have to spend a fortune on your wedding day. After all, it’s about you and your partner celebrating your love for each other surrounded by family and friends. Besides, simple weddings can be just as beautiful as ones with all the trimmings.