Between the flowers, the food and that perfect dress, the costs of your dream wedding can quickly add up. According to the Australian Securities and Investments Commission (ASIC), the average wedding in Australia costs around $36,200¹. Other research suggests we should then add around another 25% for the honeymoon..
Regardless of the actual figure of any individual wedding day, it’s clear that – as well as being the happiest day of your life – your wedding can also be one of the most eye wateringly expensive. But it doesn’t have to be. Let’s have a look at the various costs associated with weddings, and some tips to help you manage against blowouts to your big-day budget.
When it comes to the day itself, some essentials are expected. These 'nuptial necessities' usually include clothing, photography, venue, food, flowers and music. The average amount spent on a wedding gown in Australia is $1,320 with flowers, photography and music each easily reaching into the thousands². However, it's the venue that is almost always the most expensive element of the celebration, and along with food and beverage, usually takes more than half the wedding budget³.
The 'bells and whistles' of your wedding can be endless. With so many alluring options for add-ons, it’s tempting to keep purchasing (and it can be hard to know when to stop). Luxuries that Australians are spending their money on include limousines or other more unusual types of transport (horse-drawn carriages, anyone?), premium invitations (think letterpress, hand addressed or custom made), technology (same-day wedding video edits, drone video/photos from above) and even lavish party favours [gifts] for guests.
How’s it all covered?
Today, according to Sydney Morning Herald, almost 50 per cent of couples are forgoing gift registries, asking guests for cash instead as it could help pay for the wedding. A survey by moneysmart.gov.au reveals how Australian couples pay for their wedding:
- 18 per cent use their credit cards.
- 56 per cent rely on contributions from their parents.
- 60 per cent get a loan.
- 82 per cent use their savings.
How do I make it happen?
Your wedding is one of the most important milestones in your life and you deserve to have it the way you always imagined it to be! For those looking to celebrate in a budget, these quick tips may help you cut down on some expenses, or help you save a little extra for your big day:
- Consider having the wedding off-season and not on a weekend, as venue costs will typically be cheaper.
- Ask friends and family to use their talents for services at your wedding. You may be able to save costs on music by getting someone you know to DJ, or get discounted prices for the wedding cake if you have a friend who can bake!
- Flowers could amount to a big chunk of your wedding budget, talk to your florist about what’s in season, or if your favourite flowers aren’t in season, find substitutes look-alikes.
- Look into crafting your own wedding favours and including a personalised message – it’s a way of saving money while still adding your own unique touch.
- Consider a venue that allow you to source your own alcohol vendors or bring your own booze. This can save you heaps of money compared to paying for each drink your guests consume.
- Skip the custom-printed invitations and design your own, especially if you’re planning on a big wedding.
Can you get a loan for your wedding? A personal loan may be one of the options available for you to fund your wedding but do make sure it is the right fit for you. Only take on debts you can easily manage to repay.
Before you decide to apply for a personal loan, why not read these handy tips ‘5 important questions to ask about a personal loan’.
This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77.