The average cost of an Australian wedding - and how you can save big bucks
According to the Australian Securities and Investments Commission (ASIC)'s latest data, the average wedding in Australia costs $36,200, with the bulk of funds going towards food and alcohol. Results indicate that most couples use their savings to cover wedding costs (82%), with more than half (56%) relying on contributions from their parents to pay for their big day. 60% had to take out a loan to afford their entry into marital bliss, while 18% used their credit card - no doubt accruing interest on their "I do's."
Survey results also revealed that only 43% of newlyweds stayed within their wedding budget, while 18% didn't even have a budget to begin with!
Wedding spend sacrifices
What these findings indicate is that weddings are an expensive business. From butterflies to bagpipes, couples are forking out more than ever before to cover the rising costs of getting hitched. Soon-to-be bride and grooms are also moving back in with parents, delaying plans and limiting their social lives to shoulder the financial burden of getting married. According to a MoneySmart survey, 6% of couples decided not to get married due to the financial strain.
Ways to reduce wedding spend
So, how can you have your (wedding) cake and eat it too? We look at ways to reduce your spend when walking down the aisle, and begin your marital life on a solid foundation of love, trust and financial stability.
Our top wedding savings tips:
- Have the conversation about money with all contributors upfront - talk to your parents, partner and anyone else contributing to your big day about what their investment is. This forms the foundation for a realistic wedding budget.
- Start saving early - get your timeline in place and consider how much you can (truthfully) save each week.
- Make a wedding budget based on what you can afford and stick to it - nominate your and your partner's priorities. Choose two big-ticket items each that are most important to you for your wedding day. Everything else is up for compromise.
- Shop around - it pays to do your research. Sourcing inexpensive wedding details including cheap wedding favours, low-cost wedding stationery and discounted decorations helps to bring down your budget's bottom line.
- Consider out-of-season or weekday weddings - this can halve your venue and supplier costs.
- Cut your guest list - if numbers are your biggest source of financial wedding stress, relook at your guest list and decide whether every person on it plays a significant role in your or your partner's life. If there is no possible way to reduce numbers, consider a smaller ceremony and plan a big party later on where you can invite everyone.
Marital bliss for less
By following these savings secrets, you will be able to begin your life of marital bliss without the hefty price tag. For inexpensive, quality details to make your wedding even more wonderful, shop personalisedfavours.com.au