5 ways to plan and budget for your wedding day.

Saying, “I do” at the alter can sometimes mean saying “I do” to debt – and that doesn’t always end in happily ever after. But with the pressures of hosting the perfect wedding, more and more Aussies are overspending for their big day.

However, with some savvy planning and a smart savings strategy, you can have your wedding cake and eat it, too. Here’s how:

1. Decipher wants and needs.

Are a dozen white doves really necessary? Arriving by helicopter? Dom Pérignon on tap? Probably not. Your wedding wants and needs are two very different things. So listing them will give you an idea of what’s realistic, what’s important and what you can go without.

Genuinely speaking, some key wedding ‘must haves’ include:

• Invitations
• Wedding dress and suit
• Hair and makeup
• Venue and reception
• Celebrant
• Food and drinks
• Wedding cake
• Decorations/flowers
• Band or DJ
• Photographer
• Honeymoon

Wedding tip: Once you’ve listed all your wedding needs, choose a splurge item as a treat. This will stop you feeling deprived and from getting caught up in any unnecessary wedding items.

2. Create your wedding budget.

Now you know what you need to pay for, look at your current finances and work out how much you can save before the big day. (Remember that saving often means compromise or cutting back until you reach your goal – so extravagant dinners, a cheeky holiday to Byron Bay or Friday night martinis may be put on hold for a while). Then get some quotes so you can get an idea of how much things will cost.

Wedding tip: Get at least three quotes – and don’t say it’s for a wedding as suppliers often jack up the price.

3. Set up a dedicated savings account.

It’s too tempting (and easy) to dip into your everyday account. Instead, create a joint savings account with your fiancé to help you reach your goals. Our SaveME account has no account fees or confusing bonus criteria – now that’s love at first sight!
 
Wedding tip: Set up a direct debit to have a portion of your income deposited into your savings account each month – out of sight, out of mind.

4. Consider DIY.

If you look amongst your friendship circle and family, you’d be surprised just how many talented people you know. You could save thousands by:

• Asking your MasterChef-obsessed friend to bake your wedding cake.
• Going to the market and buying your own flowers for table arrangements, and using mason jars from Ikea for vases.
• Creating a free wedding website with options to RSVP and details about the big day. This will reduce printing and posting costs.
• Purchasing a pre-owned wedding gown from dedicated sites like Still White, Evermore and Easy Weddings (remember, these dresses have only been worn once so are still in perfect nick).
• Having a off-season wedding, in winter or autumn, or celebrating on a weekday (your guests will love a reason to have a day off from work) – but be mindful of the travel factor for guests.
• Keep the bar menu simple – no spirits, just stick to wine, beer, champagne and soft drinks.

Wedding tip: What’s the rush? If you can’t reach your savings goals in time, set a wedding date that gives you more time to save.

5. Something borrowed.

Well, according to the traditional wedding rhyme, it’s good luck to borrow something. If you can’t quite reach your budget in time, consider borrowing an item for the day (especially from friends who are already married). Items could include:

• Jewellery or accessories (e.g. cufflinks and earrings).
• Headbands or stylish hairclips for the bridesmaids.
• Bowties or ties for the grooms.
• A fancy car to chauffeur you to and from the ceremony.
• Wedding day shoes.
• A clutch (for the bride) to hide tissues and lippy.

Saving for your big day should be less stressful than an episode of Married at First Sight. With some careful planning, budgeting and a realistic goal, you and your bank account will live happily ever after.

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