You’ve popped the question (or said yes!). Now what? With the average Aussie wedding costing $36,200*, saving money on your big day can make all the difference when it comes to starting a financially stress free marriage.
It’s important to have the ‘money talk’ with your partner/parents from the get go. Break out the cheese and wine and decide:
- Who’s invited
- Any ‘must haves’ or expectations (sit down event, church wedding etc.)
- Who’s paying for what
No matter what wedding budget you settle on, there’s always ways to save without compromising the magic of the day.
1. All hands on deck
Ask talented friends to help on the day instead of buying a gift. Or ask if any friends know suppliers who offer ‘mates rates’ to help offset costs.
2. A love for all seasons
Spring means peak wedding season and peak rates! You can consider opting for an off-peak wedding to cut down on costs, or consider having a weekday wedding to snag a considerable bargain.
3. Something old…
Renting a dress or tux can help keep costs down, but if you’ve got your heart set on buying a designer piece, websites like Still White have second hand dresses selling for a fraction of the original price!
4. On your feet
Think outside the box for food and drinks. Grazing tables, wood fired pizzas, a BBQ or even food trucks over a sit-down dinner will be a lot cheaper (and could be more memorable!).
5. Bridal party of… 10?
If you’ve got a big group of friends, there are other ways to involve them, like asking them to do a reading, sing, or help MC. A big bridal party just means more of everything!
6. New traditions
Don’t be afraid to buck tradition if it doesn’t match your personality, or budget. Have a morning wedding, skip the party favours or send out digital invites.
7. To cake it or fake it
A growing trend involves having a few fake layers in your wedding cake. It’s especially good for smaller weddings where you want the impact, without the wastage (and price tag). You could also go for other fun options like a croquembouche, fancy donuts or a tier of cheese wheels.
8. Be financially fit
The lead up to your wedding will no doubt include a lot of catch ups and celebrations. Our in-app tool Free2Spend is one of the best ways to keep on top of your finances while juggling a full social calendar. Your job is to put in a savings goal (like your wedding budget) and a timeline, as well as income and fixed expenses. Free2Spend’s job is to give you a daily number you're free to spend on yourself, all while keeping you on track to hit your #budgetgoals.
We offer a super-competitive interest rate on our USave savings account and you can go a step further and unlock our bonus interest rate when you open a USpend transaction account when you meet the eligibility criteria**. Just like you and your SO, they’re the ultimate duo.
Your wedding day is going to be special no matter what – you’re starting a life together with your favourite person! By using our guide to save on wedding costs, you could avoid the stress of blown out wedding prices, leaving you more time to concentrate on the seating plan, choreographed dance moves and speeches.
* Figure sourced from industry guide: Moneysmart.
**To qualify for the bonus variable interest rate on eligible amounts in your USave account(s) in a calendar month, you must have both a USave and USpend account and deposit $200 or more into your USpend transaction account or your linked USave savings account from non-UBank accounts during the same month. The bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave account(s), including joint accounts. Any remaining balance greater than $250,000 will earn the USave base variable rate. Bonus interest is earned the same month you meet the bonus interest criteria. If you qualify for bonus interest, your interest will be paid in 2 credits. The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month. The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.