Weddings are magical, but they can also be a huge financial undertaking. With some careful planning and smart choices, you can have the wedding of your dreams without starting your married life in a financial hole.
It’s so easy to get swept up in the excitement of getting married and wedding planning that you suddenly find yourself way over budget. Not only is this stressful, it’s not the best financial footing for your next stage in life. Keep reading to learn how to budget effectively, along with some options if you need a bit of extra support.
#1 – Start with a Realistic Budget (and Stick to It)
Before you start booking venues or picking out flowers, you need to figure out how much you can realistically afford. It sounds obvious, but costs can add up fast. Sit down with your partner and talk about:
- How much do you have in savings?
- Are family members contributing? (It might feel awkward to ask, but it’s better to know early.)
- How much are you comfortable spending without stressing yourselves out later?
Once you’ve got a number, set it as your absolute maximum and try to keep a buffer for unexpected costs. Weddings are full of surprises, and not all of them are budget-friendly!
#2 – Break Down Your Expenses
Having a budget is one thing, but breaking it down into categories makes it manageable. Here’s a rough guide:
- Venue and Catering (40%): This is usually the biggest chunk of your budget. If you’re flexible, consider a weekday or off-season wedding-it can save you heaps. I went to a beautiful winter wedding once, and the couple saved thousands just by avoiding peak wedding season.
- Photography and Videography (10-15%): You’ll want to look back on your big day, so invest in quality here. A friend of mine tried to save by hiring a beginner photographer, and while the photos were fine, they weren’t quite what they’d hoped for.
- Attire (7-10%): This includes the wedding dress, suit, and accessories. Consider renting or buying second-hand if you’re open to it. Some of the best-dressed couples I know went this route and looked amazing!
- Entertainment (10%): Whether it’s a DJ, a band, or even just a well-curated playlist, entertainment sets the vibe. If your budget’s tight, you can still create a great atmosphere with a little creativity.
- Flowers and Décor (10%): If you’re into DIY, this is where you can save big. One couple I know used flowers from their own garden and made their own table decorations-it not only looked fantastic but also saved a fortune.
These are just guidelines. If food and drink are super important to you, allocate more there and cut back elsewhere. The key is to spend on what matters most to you.
#3 -Smart Ways to Save Money
Even with the best budgeting, weddings can get expensive. Here are a few practical ways to keep costs down:
- Trim the Guest List: I know, it’s hard! But fewer guests mean lower costs for catering, seating, and favours. If you wouldn’t shout them a coffee on a random Tuesday, they probably don’t need to be at your wedding.
- Opt for Non-Peak Dates: I can’t say this enough. Choosing a Friday, Sunday, or even a weekday can cut costs significantly. Plus, vendors are often more open to negotiation during off-peak times.
- DIY Where It Makes Sense: There’s a balance here-taking on too much can add stress, but a bit of DIY can add personal touches and save money. Just don’t leave it all until the last minute!
- Simplify the Catering: Buffet or shared platters can be more affordable than a formal sit-down meal. I recently went to a wedding with a gourmet grazing table-it looked amazing and didn’t cost a bomb.
#4 – How a Wedding Loan Can Actually Help Your Budget
You might not think “loan” and “budgeting” go hand in hand, but in some cases, they really do. Taking out a wedding loan can actually help you stick to your budget and save money in the long run.
How can a loan help?
- Buy in Bulk: Paying upfront with loan funds allows you to buy items in bulk, which can lead to significant savings. For example, you can purchase all your alcohol when there’s a big sale, or lock in a lower rate for your catering by paying in advance.
- Lock in Discounts: Many vendors offer early bird discounts if you can pay a deposit upfront. With a loan, you don’t have to wait to save up the cash-you can secure those better rates straight away.
- Avoid Last-Minute Costs: Weddings are notorious for last-minute expenses. Having a loan as a safety net means you’re not scrambling to cover costs with a high-interest credit card or dipping into emergency savings.
If a wedding loan sounds like it could help, here are a few options worth considering:
- NAB Personal Loans: They offer flexible terms and no early repayment penalties, which is great if you receive monetary gifts and want to pay off the loan early.
- Plenti Wedding Loans: Known for competitive rates and quick approval times, making them a solid choice for unexpected costs.
- Fair Go Finance: This option stands out because they can help improve your credit score while you’re borrowing. It could be useful if you’re looking to build a better financial future while planning your big day.
- ANZ Personal Loans: They provide personalised rates and fast access to funds, which can be helpful if you need cash quickly.
When considering a loan, always compare interest rates, fees, and repayment terms. The goal is to help, not add financial pressure down the line.
Final thoughts
Your wedding day should be about celebrating love, not worrying about money. With a bit of planning, creative thinking, and smart financial decisions, you can have a beautiful day without blowing your budget. Whether you save up, use a loan wisely, or do a mix of both, staying on top of your finances will help you enjoy your wedding and start married life on the right foot. Remember, the best weddings aren’t the ones with the biggest price tags-they’re the ones filled with joy, love, and a few great stories to tell later. Enjoy every moment!
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