Financing a wedding is not an easy task, especially when you and your partner must pay for everything. With the average cost of a wedding in Australia being somewhere between $26,180 and to $53,168, how do you fund your big day?
Traditionally, the bride’s parents were responsible for paying the most significant share for wedding expenses, but this rule no longer applies to modern weddings. Beating the budget blues when planning a wedding mightn’t be enough when you’re not receiving contributions, so it’s important to look at other avenues for funding the day.
Here are 3 key ways you can get enough money together to have your cake and eat it too..
#1 – Start saving early
Starting to save early certainly sounds like a simple and straight-forward approach to preparing for any large expense. However why is saving so difficult in reality?
Saving for a wedding is not an impossible task, but you’ll need a detailed budget and to take action months before the big day. And, it will require you to make significant sacrifices to ensure you save enough. Simply cutting back on your monthly expenses can save you thousands of dollars over a few months. For instance, curbing back on after work drinks once a week can save you anywhere upward of $50-$100 per week.
While you mightn’t be able to give up other expenses like your smartphone plan to save cash, you can change or cancel data plans to make them more affordable. Likewise, turning off unnecessary subscription services or cancelling club memberships is another smart way to save hundreds of dollars for your marriage ceremony.
#2 – Be clever with credit
As long as you are saving and have a monthly repayment plan, there’s nothing wrong with using a credit card to help fund your wedding. The main thing you need to be cautious about is carrying a balance on your credit card. You don’t want to start a marriage with debt!
Making reservations for venues and vendors while saving can be overwhelming, so instead of stressing about how you will fund early bookings, utilise your credit card. Also, paying wedding expenses using credit cards can help you earn reward points. This can be used for honeymoon shopping, hotel bookings, or air travel.
Another form of credit is to actually take out a loan that is specifically designed for weddings. This is a service offered by companies such as Plenti. There’s a slight advantage to taking out a loan for a specific purpose because the lender is more likely to understand your circumstances and will pay you more attention. These are unsecured loans, so it’s important to calculate how much you really need to borrow so you don’t end up paying too much interest.
#3 – Get a side hustle and save the extra income
It may not be fun, but earning extra income is an excellent way to finance a wedding. There are many simple ways to make more money and save depending on your schedule. Consider working extra hours in your current workplace or apply for a part-time job. Alternatively, you can offer freelance services or sell items like clothes or books online to make extra cash.
While it’s possible to save extra money by cutting back on expenses and working part-time, you need to be realistic about your budget. Let’s face it: if saving for a $50,000 wedding will make your life unbearable, reevaluate!
Simple ways of reducing the cost of a wedding budget include: cutting items you don’t need, looking for affordable alternatives, extending the wedding date, and doing some things yourself (such as the invitations, decorations.)
Taken together, saving + realistic budgeting will help you create an enjoyable and debt-free wedding that still ticks all the boxes.