6 budgeting tips to help you say ‘I do’ without breaking the bank

Estimated reading time
 6 min

Learn all about

• The cost of weddings in Australia
• What you’ll need to think about when making a wedding budget
• Creative ways you can save money for your wedding day

Getting married can be a wonderful milestone for many couples.

It’s a day that unites two families and celebrates their love with those nearest and dearest. But it’s universally acknowledged that weddings can be expensive – sometimes really expensive.

So what can you do to get married on a budget? And what costs do you need to think about? We’ve got some tips to help you be financially ready before you say ‘I do’.

How much does a wedding cost in Australia?

According to Moneysmart, the average Aussie wedding will set you back around $36,000. And when it comes to how Australian couples are paying for their big day, some dip into their savings to cover the cost of the wedding (82%) while others might take out a personal loan (60%) or use a credit card (18%). How you decide to pay for the wedding comes down to what works for you, your partner and your finances.

So, how much do you need to spend on the big day?

Take a look at your financial situation and work out how much you’re willing to spend. If you have friends or relatives who are recently married, ask them how much they spent on their special day. Think about how that number translated into their ceremony and reception.

At the end of the day, it’s important to do what’s right for you and your partner. If a small, intimate wedding sounds like your jam, then that might be a more cost-effective way to celebrate your love rather than inviting every family member – but if a big wedding is what you both want, then think about how you can be clever with your budget so you can go for it.

What do you need to think about for a wedding budget?

To alleviate some of the stress that often comes with wedding planning, having a budget is a must. Not only will you and your partner be financially aligned on what costs you’ll need to cover, but you’ll both have a better understanding of where your money is going.

Some of the costs you’ll need to think about for your wedding budget include:

• Wedding outfits for the couple and bridal party
• Venue and catering
• Celebrant and entertainment
• Photographer and videographer
• Flowers and décor
• Transport and accommodation
• Hair and makeup

Ace your wedding prep (and avoid planning fallacy!)

After finally saying ‘yes’ or popping the big question, you and your fiancé have decided to start wedding planning. You settle on a specific timeframe for the planning and an amount to cover all wedding expenses before the big day. But along the way, certain tasks take a little bit longer than you planned for, and unexpected expenses pop up. So, in the end, you’ve spent more time than you initially thought sourcing and finalising vendors as well as going over budget because of those unplanned costs.

This is called planning fallacy – a way of thinking where we underestimate the time, cost and resources required to plan an event, complete a task or project. To overcome this, and plan the wedding of your dreams, use a budget to map out what different elements of the wedding will cost and factor in an emergency buffer. This can help combat any unexpected costs that may crop up during the planning. From a planning perspective, don’t rush into things and do your organising in stages. For example, spend one weekend planning your venue and catering, the next weekend focus on entertainment and the celebrant, and so on.

Listen to the wisdom of those who have been through it before, like ANZ customers John and Larissa. “We definitely underestimated how much we would spend. We didn’t leave ourselves any buffer for when other unexpected costs cropped up, so when our car broke down, we had to pull from our wedding to cover it. Even though we made a budget, we weren't realistic about what we could save for in the time we gave ourselves.”

6 hacks for saving money on your wedding

1. Open a separate savings account and dedicate it to your wedding

This can help you and your spouse-to-be, resist any temptation to dip into your wedding funds. Most banks will let you give the account a nickname, which can help you stay motivated and work towards your goal. Want to fast-track your savings? Then choose a high-interest savings account or term deposit to make the most of interest rates.

2. Decide what vendors you actually need

While it can be tempting to have lots of vendors to bring your special day to life, chances are you can get the wedding you want without using all of them (and blowing the budget). To work out what vendors you actually need, think about the role they will play on the day. For example, some people might have both a wedding photographer and a videographer – but for your wedding, do you think you need both?

Knowing what inclusions come with your venue hire can help you be savvy with your money when wedding planning. For instance, if your venue package comes with speakers and table décor, then you can reallocate that money towards something else. On the flip side, if you don’t have speakers or table décor then you’ll need to factor these into your budget.

3. Keep track of your spending

Tracking your wedding spending can help you stay on top of your finances and ensure you’re not overspending in certain areas and underspending on others. Use your bank’s app, a spreadsheet, colour-coded chart or whatever is easiest to do this.

4. Shop around for the best deal possible

When looking at vendors, chances are someone else is doing a better job at a lower cost, so it pays to do your research. Some vendors also offer bundle deals to give you the best outcome possible while saving some cash in the process, like a celebrant doubling as an MC for the reception.

Getting married in June or July^disclaimerduring the off-peak season? It never hurts to ask your vendors for a cheeky off-peak discount. And if they say no, you can always investigate vendors that do offer seasonal discounts.

5. Get your DIY on

There are plenty of ways you can get crafty for your special day. Planning to give out bomboniere to your guests? Why not make cute hand-written notes or propagate succulents for a living gift guests can plant at home? And if you’ve got a flower garden, or have access to wildflowers, how about drying them out and popping them into some mason jars for cost-effective table décor?

You can also get clever well before the big day. There are plenty of online templates to make your save-the-date cards and wedding invitations, which are often more affordable than having someone else make them. Plus, you can add your own flair to the cards or match them with the wedding theme.

6. Thrift your wedding décor

Go on an op-shopping trip to discover hidden gems for your venue’s décor. You might find some quirky vases for table settings or cool photobooth props that you wouldn’t get elsewhere. A bit of pre-loved (and affordable) chic? Yes, please!