Wedding budget tips: how to save for your big day

Wedding plans can be as expensive as they are exciting. From booking the venue to planning your outfits, organising your special day can come with plenty of high – and sometimes, unexpected – costs.

With the right budgeting, however, you may just ease the financial stress and even enjoy the planning process. Below, we break down the common wedding costs in Australia and the ways to potentially achieve your dream event without having to break the bank.

What is the average wedding cost in Australia?

According to survey findings by Easy Weddings^[1] and Moneysmart^[2], the average wedding spend in Australia can range between $32,000 to $36,000 per couple. However, the past year has also seen a rise in smaller ceremonies and shorter guestlists due to COVID-19 restrictions^[1].

How do I save for a wedding?

Determine the key costs

• Services: From marriage celebrants to three-course catering – be sure to consider the types of services you wish to have at your wedding. Prioritisation is key; so take care in differentiating the “must-haves” from the “nice-to-haves” (i.e. perhaps you’d rather save costs on flowers to invest more in food, or skip the need for a DJ in favour of your own sound system).
• Venue: This typically forms the largest chunk of wedding budgets, with 43%^[3] of most couples’ expenses invested in the venue alone. Costs vary greatly depending on location, so it pays to weigh out your available choices and the services each may have on offer.
• Clothing: Whether it’s picking out your best suit, your dream bridal gown, or planning the outfits for your bridesmaids and groomsmen; be sure to set aside the appropriate budget for clothes and accessories. Expenses will also vary depending on your wedding theme and whether you opt to rent, purchase, or have your clothing custom-made.
• Wedding rings: A longstanding tradition among weddings, your rings will typically cost between hundreds to thousands of dollars depending on the make, the brand, and the stones it holds.
• The honeymoon: Planning to travel interstate – or even out of the country? Be sure to plan for you and your soon-to-be-spouse’s getaway by deciding on the destination, planning for travel costs, and booking the accommodation and activities in advance.

Do your research

Before diving into reservations and clothing expenses, take the time to shop around for good deals.

You may be able to save on costs by avoiding peak seasons – these usually being the spring and autumn months. Based on findings by Easy Weddings^[3], the least popular months for weddings are around June to August; with the least popular days typically being weekdays (though this may change in future reports, as 56% of couples are now considering weekday weddings).

It also helps to consider the elements worth doing yourself. Certain decorations, such as table centrepieces, backdrops, doilies, and placemats may be worth taking the DIY route for, helping you save on unnecessary expenses.

Plan out your guestlist

As with planning for your main event costs, prioritising is critical when organising your guest list.

As of 2021, the average cost of a wedding per head sits at about $174 AUD^[4]​. Take the time to discuss with your partner on whether you both wish (and can afford) to host a large event or a small, intimate celebration – then tailor your guest list as necessary.

Additionally, take note of whether your budget can accommodate “plus-ones”. Try to be specific on your wedding invites and set boundaries where needed, helping you avoid any unwanted surprises on your special day.

Have a savings account

Finally, it’s worth considering opening a high interest savings account while planning out your wedding budget. It could be an efficient way of monitoring your wedding-related finances and may even motivate you to save. For example, our Qudos Bank Bonus Saver has $0 account keeping fees, with interest being calculated daily. At the last day of the calendar month, this interest will be credited to your account.

Like canvassing for the right venue, services, and event hires – exploring your options when it comes to high interest savings account could be a massive aid to your budget. It’s generally best to start early and with a large deposit, which could give you more time to grow your savings.

Budgeting for your dream wedding?

Choosing a savings account could have a critical impact on your wedding budget.

The Qudos Bank Bonus Saver may be worth considering in helping you save up for your dream wedding. While the account doesn’t have access to a card, funds are easily accessible through online banking, the Mobile App, telephone banking or by simply visiting your nearest branch. Additionally, it involves no minimum balance to set up.

Looking to explore other savings accounts? Explore our range of savings accounts today.

 

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 Published October 2020