Whether you’re planning a large luxurious extravaganza or a small, intimate affair, smart budgeting will ensure your thoughts on the big day will be all about enjoying the occasion rather than worrying about the financial cost of it all.

Start planning early

It’s never too early to start your wedding budget (even if it’s the day after the engagement). Given that the average Australian wedding costs $36,200 *, the sooner you understand what you’re budget will be, the sooner you can focus your dollars on making the wedding day special. This may apply as much to the families as the happy couple themselves. The first step in setting up a budget is to take stock of your income and expenditure. Knowing these financial basics is essential for calculating the maximum you can afford to spend on the wedding – and your ideal cost scenario.

Talk to your family

If you’re part of the bride’s or groom’s family and want to contribute, let them know. Family members may contribute a set figure, fund a specific part of the ceremony, such as the flowers or venue, or simply agree to cover a fraction of the whole cost. Just make sure it’s discussed with the couple early so they can factor it into their budget.

Know your limit

Once you have established your ceiling, it’s time to research typical wedding costs. This can also help you firm up what you are (and are NOT) willing to compromise on. Want a live band but don’t need fancy table decorations? Aren’t fussed about a three-course dinner but must have a great cake?

Agreeing on your priorities upfront can help you clarify which aspects to save for and which to downplay or skip altogether.

Research hidden costs

Don’t forget about hidden costs. Aside from big-ticket expenses such as hiring a venue, serving food and alcohol, and buying or renting wedding clothes, other costs you may not have thought of such as insurance, corkage and the marriage licence can also add up.

Start a spreadsheet

Once you have an idea of your budget and priorities, it’s time to dive into the details. An online wedding budget calculator or plain old Excel spreadsheet will certainly come in handy.

Agree on your maximum cost for every item from bouquet to band and compare it with the vendors’ quotes as they start coming in. Again, you may be able to spend more on one thing if you’ve saved on another.

It’s also a good idea to set aside 5% of your budget for unexpected or emergency costs

Stick to your budget

It’s important you stay accountable to your budget. Keep your spreadsheet up to date, set up a wedding-expenses-only bank account, and stick to your guns as far as your limits and priorities are concerned. But there will always be something unexpected that might come up at the last minute- so keep some money aside for contingencies.

Now hack your wedding budget If you’ve created your budget and despair of affording it any time soon, don’t worry. Here are some final tips to help you reign in your costs.

• limit your guest list to your favourite people: At $100 per head, every 10 guests cost you $1,000. This can be a tricky exercise when families all want a say in who should be invited!

• think outside the box when picking a wedding venue: A park, garden, art gallery or friend’s house may be more affordable than a hotel, and the natural ambience can save you money on decorations

• book an out-of-season wedding: It can be cheaper to schedule a wedding in winter, on a weeknight or a Sunday morning

• keep your menu simple: Stick with the specialties of the season and region, consider canapes or buffets over three-course meals, and ask for house spirits (not top-shelf varieties) or beer and wine.

Planning a wedding can be a daunting and expensive task. And without a well thought-out financial plan, it’s easy to go over budget. So, while you may call upon a wedding planner to help you organise your special day, a financial planner may be just as important. At RI Advice, our job is to help you navigate through all the major milestones in your life– so you can focus on the important things, like celebrating with the people you love!

This article can be found in our latest quarterly InTouch magazine for clients of RI Advice. If you want to subscribe to this magazine or wish to talk with your local RI Advice contact, please call us on 1300 380 880 or visit www.youradvicepartners.com.au

* Australian Securities and Investments Commission, ‘How much can a wedding cost?’. MoneySmart. Available at:

https://www.moneysmart.gov.au/managing-yourmoney/budgeting/simple-ways-to-savemoney/how-much-can-a-wedding-cost

RI Advice Group Pty Limited
ABN 23 001 774 125, AFSL 238429.

The information provided in this document is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should seek personal advice from a qualified financial adviser. The information is current at time of writing but is subject to change.