Starting on the right foot
Getting married is an exciting time but, with so many things to
think about, it can be easy to put off thinking about how you will
manage your money together after your wedding day. Taking
time before you say "I do" to agree on how you will deal with your
finances as a married couple will pay off in the long run.
Plan your wedding
Weddings can be very expensive. Our wedding infographic shows
the average Australian wedding costs over $36,000. But there are
lots of ways to keeps the costs of your wedding down without
spoiling the magic of the day.
Follow these steps to keep the wedding costs under control:
- Work out how much money you need - decide
how much you want to spend on each item - including food and
drinks, venue, cake, cars and music - and come up with a total
- Start saving for your wedding now - open
account or a term deposit to earn a high interest rate on
your savings. Use the savings goals calculator to work out how much
you'll need to save each week.
- Look for ways to cut costs - research
online or ask around and find out how other people have saved money
on their weddings.
- Avoid using your credit card wherever
possible - try to pay for big items, like the wedding
dress or reception venue, in instalments so you aren't left with
huge debts that can take years to pay off.
Relationships can run into trouble if people have different
saving and spending habits, so it's important to decide whether you
want to share a joint account, keep separate accounts, or have
Having a joint account can make it easier to pay shared bills,
but there are risks with pooling all of your money
into one account.
Work out who is going to pay which bills. Being clear about this
means you won't incur late fees or accidentally pay the same bill
Some couples prefer to keep their own separate bank accounts and
transfer a set amount each payday into a joint account to cover
shared bills. This can be a good option if you have very different
incomes or if you just want your own spending money.
Some people simply keep their own separate bank accounts and
work out who is responsible for each type of payment, rather than
setting up a joint account. Every couple is different, so talk to
each other about which system will work best for you.
See our page on joint bank accounts for more
Discuss your financial
People sometimes don't realise that their partner has completely
different financial goals. For example, one person may think paying
off the mortgage as soon as possible is the most important goal,
while the other wants to save money for an overseas holiday.
The best thing to do is sit down and work out the goals you want
to save for together. Whatever your plans are for the future, talk
about them with your partner so you are both clear on what you want
and when. Then you can work together to achieve your goals.
Work out how long it will take to meet your savings targets.
Savings goals calculator
Organise your will, insurance
Now that you're officially a family, anything that happens to
you will directly affect your partner. So it is important to update
your will, insurance policies and superannuation to reflect your
new married status.
The single best thing you can do to keep your
finances on track as a couple is to keep talking to each other. By
having regular conversations about your bills and your savings, you
will both know whether you're on track to achieve your goals, or if
you need to adjust your plans.
Last updated: 04 Feb 2019