Weddings are one of the most significant events in a person’s life – and one of the most financially consequential. The average Australian wedding costs tens of thousands of dollars, and many couples start their marriage carrying debt they’re still paying off years later. It doesn’t have to be this way.
The key is treating a wedding like any other major financial goal: establish a realistic budget, start saving early, and make intentional choices about where to spend and where to cut.
Be Open and Honest From the Start
You should have a talk with each other about what you really want. A lot of people just go with the stuff. They pick a venue, a caterer, a band, a florist, a photographer and plan a honeymoon. Without thinking about what really matters to them. They do these things because they think they have to, not because they really want to.
The couples who have the best time at their weddings are the ones who keep things simple and focus on what is really important to them. They do not try to do much and end up feeling tired. Weddings like that are too much. The couples who enjoy their weddings the most have special things that mean a lot, like a beautiful venue or a great band. They do not feel like they have to have everything.
Build Your Budget and Using Savings Accounts
Once you have a sense of priorities, build a realistic budget. Research actual costs in your area – not just averages, but quotes from real vendors. Wedding pricing can vary dramatically by location, season, and day of the week. A Friday or Sunday wedding at the same venue as a Saturday often costs significantly less. Off-peak months can also offer meaningful savings without compromising the experience.
Banks like ING Australia have savings accounts that help you along the way. These savings accounts often have features that help you set goals like saving for a wedding.
Having an account for your wedding savings is a good idea. It keeps your wedding money separate from the money you use every day. This way, you can see how much you have saved for your wedding. You can also set up your account to take money from your paycheck each time you get paid. Then, your wedding savings will grow slowly over time. You will not have to think about it all the time.
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Think About Taking a Personal Loan and Family Contributions
Consider a loan to cover any gap between your savings and the costs. Think carefully about how much you borrow. For example, entering marriage with a debt for a wedding that you both wanted is not the same, as carrying a big loan for a wedding that you felt you had to have. Understand the difference before you agree to it.
When a family member gives you money, it can be very helpful. Sometimes, however, they expect something in return. You should talk about this before you take the money, especially if it is from your parents. It is good to know if there are any conditions before you say yes. This way, you can make a decision about the family contributions, without any confusion. Family contributions can be great. It is important to discuss them openly.
Spend in the Right Areas
Photography and videography are things that most couple are really happy they spent money on. The pictures from that day will be something you have for the rest of your life. On the one hand, a lot of couples say that if they had to do it again, they would spend less money on flowers and fancy things for the tables. They would also cut back on some of the entertainment options. Photography and videography are important to couples because they want to remember the day, so this is perhaps an area where you shouldn’t sacrifice.
Summary
The wedding is one day. The marriage is the rest of your lives. Starting it on sound financial footing – without years of debt as a backdrop to your early years together – is one of the best gifts you can give your future relationship.
