Wedding saving and budgeting
Happily ever after
Your wedding is one of the happiest days of your life. But you
don't want to get into so much debt that you're still paying it off
2 years later. There are lots of ways you can keep costs down and
still make sure your big day is memorable.
Work out how much money you
Decide what kind of wedding you want and can afford. You may
plan for only a handful of guests with a no-frills ceremony and
small reception but even a small event can cost thousands of
The cost of a wedding will depend on the:
Do your research on the internet or ask friends how much they
spent on their weddings.
- Number of guests
- Venue of ceremony and reception
- Bridal party dress and hair and makeup
- Food and drinks
- Wedding cake
Try and work out how much you want to spend on each item to come
up with a total cost. Use the savings plan to write down each cost and how
you plan to save for it. If your parents or friends offer to
contribute, take this into account.
See our case study on bridesmaid's
costs where Lisa from MoneySmart talks about her
experience of being a bridesmaid.
Start saving now
Try to start saving as early as possible for your big day. Open
account or a term deposit to earn a high interest rate
on your savings. Learn more about the compound interest you could earn on a
savings account. Don't be tempted to use the money for anything
Work out how much you'll need to save each week to reach
Savings goals calculator
If you can, try and pay for big items like the wedding
dress or reception in instalments, and avoid using your credit card
Visualise your progress towards achieving your
wedding savings goal.
Case study: Peggy and Denis prepare for their big day
and Denis are getting married in six months. They worked out that
they could afford to spend $30,000 on the wedding. A year ago
they put $15,000 in an online savings account paying 5% interest.
They also made deposits of $750 a month into the account. With not
long to go before their big day, they have saved $25,000 and are
well on track.
Find ways to reduce costs
There are many ways you can reduce the cost of your wedding.
For instance, you can:
- Make your own invitations
- Ask friends who are good photographers to take the photos
- Think about buying the wedding dress and tuxedos second-hand or
- Make your own wedding cake
See our top wedding tips for more
ways to save and read our infographic to find out how
much a wedding can cost.
Start saving early and look for ways to cut
costs. You want your wedding day to leave happy memories, not huge
debts that will take years to pay off.
Last updated: 31 Jan 2017