Are wedding bells ringing?
The time leading up to your wedding is an exciting time, but it can be easy to lose track of how much of your savings are being spent on that one special day.
It's time to talk money
Talking about money with your partner and your family can sometimes be uncomfortable – especially when you're discussing the thousands of dollars it can take to pay for a wedding. But knowing exactly how much you can afford to spend on your wedding, and how much – if any – your parents might contribute is the first step to knowing how you can distribute your wedding budget.
Use our Budget Planner Calculator to see how much you can set aside from your own everyday budget, and how much you can save before you need to start making deposits to your vendors. It is also a good idea to keep your wedding funds aside in a separate savings account.
How to afford the wedding you want
A marriage is built on compromise, and the first place to start is often your wedding. The key to being able to afford the wedding you want is to prioritise your costs. If it's all about location for you and your partner, but you're not very fussed by wedding cars, adjust your budget to suit. If you're looking forward to an extended honeymoon, maybe you can decide to cut back on your decorations and flowers.
Even if you have cut back on aspects that you'd like but don't "need", by identifying the things that are most important to you and your partner your wedding will still feel like your dream day. At the end of the day, so long as you're married it will be the perfect wedding.
Don't rely too heavily on credit
A credit card or a personal loan can be a lifesaver when all of your wedding vendors want deposits – or final payments – at the same time. But try not to rely on it too heavily if possible. Unless you know you can make your repayments in a timely manner, the interest and debt might outweigh the benefits. You could be starting your marriage with unwanted financial stress, which is a very unwelcome wedding guest.
Prepare for your future
Although your thoughts might be focused on paying for your wedding, now is also the time to start thinking how your finances will look after your honeymoon is over and the reality of being part of a married couple sets in.
You will probably have already discussed whether you will be starting a family as well as the financial goals you have set for the upcoming few years. Now is the time to go one step further and put actions in place to have a secure financial footing. Arrange a consultation with a financial planner if you find you need some extra advice. It may also be a good time to create or adjust your Will to suit your new family.
Your wedding day is a special occasion. With all the planning done, remember to relax and enjoy yourself on your big day.