It’s a day like no other, so you want it to be perfect. And with the average Australian wedding sitting at $36,200, it’s probably the most expensive party you’ll ever throw. So is it possible to have your ideal celebration without drowning in debt or ditching your dreams?
Here are our top five tips to saving for one of the happiest days of your life.
Talk to your partner
You’re engaged. Congratulations! It’s an extremely exciting time. Once you come down from the clouds, it’s important to sit with your partner and talk about the type of wedding you would like. Having a discussion early on about your plans and how you are going to finance your wedding is key. Create a Pinterest board that can house a range of online sources of inspiration. A shared board will get your partner involved in the process so you can create a cohesive vision of what your day will be like.
Have discussions about what tasks can be delegated to your partner and family members – a team effort can really help lower stress levels as the count down to the big day begins. Plus, they would probably all love to be involved!
Cost your day
Once you’ve identified a wish list of must-haves, it’s wise to get an idea of the approximate cost so you can estimate your wedding-day outlay. Alternatively, you can set a maximum budget and plan your wedding around it. Either way, you will need to know solid prices. In taking control of the situation, you give yourself the greatest opportunity to have the wedding you want. A spreadsheet with all budgeted costs as well as the actual costs will keep you on track with your budgeting and saving. Include all important dates like deposit deadlines, meetings and RSVPs so it's all housed in one convenient location.
Give yourself time
Most weddings take a long time to plan. It’s the biggest event you will ever organise, after all! By giving yourself a year or more to get your day together, you also give yourself time to get your finances in shape. The more time you have to save, the easier it is and the more you can contribute. A long engagement can also help you when it comes to paying all of your suppliers. With proper planning you can pay them over a period of time so that bills are spread out and not due at once.
You will find many popular venues and suppliers are booked out for months ahead, so being prepared means you are more likely to get your first choice.
If you want to have a hassle free day doing the leg work early on is important. These days you don't need to hire a wedding planner to do things for you, you can just download an app! Wedding Happy is a free app that will help you keep tabs of information on the go, create to do lists and stay on track.
Other online tools such as Evernote can help you gather a whole range of media and information online in a collaborative format, so you, your friends and family can all contribute to the plan. But if you're a little old school you can rely on stationary to keep you organised. Kikki.K have an amazing range of wedding planning binders and templates. Just grab a pen and get scribbling!
Create a savings plan
With loans and credit often incurring huge amounts of interest, it’s not a great idea to pay for your wedding on plastic. Instead, avoid incurring debt at the start of your marriage by saving for your wedding day. Create a strict savings plan, and reward yourself when you achieve each monthly savings goal. Download our savings plan template, and get started!
Find the best savings account
If you are going to be stashing away money, you want to put it in the best savings account possible. While the interest rate on offer is a major factor, other considerations such as account fees, minimum deposit conditions and withdrawal restrictions must also be weighed up. Term deposits (where your money is invested for a fixed term and you get a fixed rate of interest over that term) are often a good way to save, as you can get a slighter higher rate of return than a standard savings account, especially when your engagement is over a long period of time.
From the very outset of your wedding plans, ensure you budget appropriately. This will allow you to have the celebration you always imagined.