Many young girls dream of their wedding day – a beautiful bride in a flowing white gown, surrounded by every family member and friend they love, extravagant flowers, cars and decorations fit for a queen to marry their prince. This dream can be realized, however it does come at a cost.

wedding costs(Source: moneysmart.gov.au)

The ‘IBISWorld Industry Report X002 Weddings in Australia’ released in April 2012 estimates the average Australian wedding to cost $36 200. The below image depicts how these costs are distributed across the wedding must haves’. Note this does not include a honeymoon so don’t forget to factor that in.

Couples may be fortunate to have monetary input from their parents, however in an increasingly independent monetary environment, many young couples see themselves footing their marital bills. This can mean using savings, getting a loan or probably the worst option, putting the expense onto credit.

It is important to plan ahead and create a savings plan if planning your wedding. The last thing you want heading into a new marriage is a looming debt hanging over your marital bliss – and as you can see, those costs can add up to a substantial debt.

TIPS FOR SAVING FOR YOUR WEDDING:

  • Plan ahead – start that savings plan as soon as possible
  • Create a wedding budget – outline all your expected costs, create a maximum expenditure for each item and stick to it!
  • Get multiple quotes for the essentials – weddings can add an extra surcharge for no known reason – ensure you are not being taken for a wedding ride!
  • Be realistic – do you really need those rare flowers that are only propagated in the artic? Probably not – set realistic expectations
  • Invite those nearest and dearest to you – don’t be concerned about who will be upset if Aunt Paddy’s neighbour’s uncle isn’t invited – it’s your day.
  • Remember your wedding day will be gone in a flash – your memories of the day are what really count. Your guests will remember more about you and your partner’s happiness than the exquisite gold plated champagne glasses and truffles.
  • Enjoy your day – it may be one of the best of your life.