So you’re getting married. Congratulations!
Did you know the average cost of a wedding in Australia is roughly $39,000 which is made up of
- Food alcohol and venue – $20,000
- Wedding clothes and accessories – $5,000
- Photography – $4,000
- Entertainment – $3,000
- Flowers and decorations – $3,000
- Ceremony – $1,000
- Other (Cars, hair, makeup, accommodation, stationery) – $3,000
It’s a fair bit of money and it’s not unreasonable to try and cut the costs as much as possible. Here are some tips that might help
Set a budget
Money differences are one of the major contributors to marital stress, so start talking about your wedding costs early. You don’t want to start married life with a huge debt and lots of money worries, so get planning early.
Work out how much you can realistically afford, taking into account any contributions your parents may be willing to make. Make this your wedding budget and stick to it. Remember, too, that if you don’t have the money saved then you’ll need to work out how much per week you’ll need to put aside to cover the costs.
Work out your priorities
Work out together what your most important dreams for the wedding are. Use your budget to cater for your priorities. For instance, you may want to invite a lot of people so will cut back on the food and alcohol expenses to cater for that. However if you want a lavish and expensive catering package you might have to cut back on the number of guests
Spend less on drinks (but still have a good time!)
You might save if you can find a venue that offers a food and drinks package that is all-inclusive. It might pay to steer away from paying for alcohol on consumption as the cost can get out of hand on the night. Remember your budget!
Finding a restaurant or venue that lets’ you bring your own drinks is also an effective way to keep costs down. Look for liquor sales on the lead up to the wedding to get the best deals.
Spread out the bills
When you book the various aspects of your wedding, try to arrange to make payments for various items at different times. For example, you might arrange to pay for the wedding dress in one month, the venue deposit in another and car bookings in another. This eases the stress and reduces the urge to put everything on credit.
Consider a home or outdoors wedding
You can make your wedding very cost effective by organising to have it at your house, a friends backyard or at a local outdoor venue. Apart from being less costly than a formal venue, these types of weddings can be very memorable as you can control the way things are done and apply your own personal touch.
Compare quotes on things such as marquees and caterers. You might be better of buying rather than hiring some items and you might also be able to borrow from your network of family and friends.
Get married out of season
A Friday wedding is often cheaper than a traditional Saturday wedding. It may even give you and your guests the excuse to take a long weekend!
If you are committed to having your wedding at a wedding venue perhaps you could consider getting married in Winter rather than Summer. Costs can be dramatically lower out of season and venues are often more available out of season
Cut your other costs
Photographers and videographers can cost a lot, so consider if you have a friend with a flair for photography. You can also think about creating a hashtag for your wedding and urge your guests to tag their photos. Often these photos taken by friends and loved ones can be more natural, less staged and more fun.
- Can you save on car costs by asking a friend or family member with a nice car to do the driving?
- Think about skipping floral table centrepieces at the reception and use tea lights or candles instead.
- Scrap the dessert course and just have your wedding cake as dessert? (many people have full stomachs by the time dessert rolls around anyway)
- When buying things for the wedding, try not to give away that they are for a wedding. Suppliers often add a premium for wedding items.
Whatever your plan and budget, your wedding day should be fun and filled with happiness and the company of people you value. Ease the financial stress by considering a few of these tips and it might feel even better.
Start a conversation with us today if you’d like some guidance to make your big day financial stress free.
Post by Steve May
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Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
