If you’ve just said “yes” to an engagement you’re likely already stuck into planning your wedding. Even if you’d love to throw a lavish reception for hundreds of guests, economic realities soon set in. Hiring a venue, catering, flowers, a planner, a band or DJ, clothes such as dresses and suits, photographers and videographers, accommodation, can all add up very quickly. It’s common for the average ceremony to cost between $36,000 to $51,000. So how can you keep costs down while still having a day to remember? Can you finance a wedding? You’ll find out in this article. 

Set a strict budget

Creating a budget may not be the most loving part of your wedding, but it will show you how much everything will cost upfront. It also helps you save for your wedding and honeymoon. Once you have a budget, you’ll be reluctant to overspend, especially if you opt for wedding finance (more on that later).

2023 03 27 0069

Keeping things simple

A wedding isn’t memorable just because people spend a whole lot of money on it. Some more intimate or pared-back weddings are just as loving and tender as lavish ceremonies. For example, opt to hire dresses instead of purchasing them to save money. Consider alternatives to “traditional” wedding accessories. Create stationery yourself using online apps like Canva and print in bulk. Buy second-hand items from Gumtree or Facebook Marketplace and pass them on to friends to save money. To save even more, you may want to opt to combine the ceremony and reception in one venue and serve finger food or canapes instead of a three-course meal with unlimited alcohol. 

Investing in quality

There are some parts of your wedding you shouldn’t skimp on, such as photography or videography. However, you can have near zero-cost entertainment by setting up your own DJ booth using a laptop and your own music or Spotify account (just spring for the premium version for a month so you and your guests don’t hear ads.) Decide what you absolutely cannot afford to compromise on and spread out those costs on things you don’t mind cutting back on.

How to pay for your wedding

Few of us can rely on the bank of Mum and Dad to finance a wedding, especially in today’s high inflation climate. We may be saving for a wedding but also trying to balance that with saving for a first home or other expenses. This is where you may want to consider your wedding finance options. Wedding or personal loans may save you money over time, especially when compared with credit card interest rates which can be double or triple that of a personal loan. 

Taking out a loan hand you and your planners that strict budget we mentioned, preventing blowouts and impulse buying decisions. According to ASIC MoneySmart, 60% of surveyed couples said they took out a loan, compared with just 18% who used a credit card.

Following a few simple steps can lead you toward a beautiful, magical wedding without spending too much!