With the average Australian wedding costing over $65,000, is it more financially savvy to say ‘I do’ or ‘I don’t’ to a big-budget wedding?
When it comes to planning a wedding, every couple has their dream day in mind, which often includes extravagant flowers, a swanky venue, custom-made wedding attire, unlimited alcohol, vintage wedding cars and the list goes on. While digging deep into your pockets to give your guests a party they’ll never forget is a tempting idea, many couples are choosing to curb their wedding budget in order to spare their financial future.
If owning a home, buying a new car, starting a business or having children are important milestones you’d like to tick off once you tie the knot, planning a cheaper, more affordable wedding can make financial sense and, you’ll be happy to know, is easier than you think.
To start, create an overview of the general costs you’ll have to cover in planning your wedding. This may include:
A list, like the one above, may help you and your partner better understand what your wedding could cost and how to approach budgeting for it.
Spending within your means is the first rule of planning a wedding, but can be hard to do, especially when there are so many beautiful luxuries available for modern weddings. Luckily, there are ways to create DIY indulgences and save some much-needed dollars without blowing the budget. For example:
The important thing to remember is that your wedding day is just one day out of the rest of your life as a married couple. Of course, it should be memorable, of course, it should be unique, but you don’t need to spend an arm and a leg to achieve that. At the end of the day, your guests will appreciate the venue, the food and the love between you and your partner most. They won’t really notice the custom-made napkin holders, the diamante-encrusted chandelier, the personalised stationery, or the engraved bonbonniere.
Planning the wedding of your dreams within a realistic budget is the first step towards achieving a dream life that includes financial security.
Working with one of our Drakkar Group financial planners can help you to achieve your life and financial goals. Contact us now to see how we can help you budget and prepare for your big day.