Why tying the knot could cost more than you think

Getting married is exciting, fulfilling…and expensive. We look at how much you can expect to spend on a wedding – plus ways to finance, and save for, your big day.

There can be few more rewarding moments in life than knowing you have found “the one” – the person you want to spend the rest of your life with – and publicly celebrate that commitment with a wedding ceremony.

If 2024 is anything to go by, close to 120,000 couples will tie the knot this year¹.

It’s a massive celebration – an occasion filled with love, joy and lasting memories for everyone.

But a wedding can also see couples lumbered with a solid bill, often at a time when many are buying their first home.

The latest Easy Weddings’ industry report² shows weddings are becoming more expensive.

Couples start with an average budget of $27,000, but by the time they are heading off on the honeymoon, the cost has typically blown out to $35,315. That’s around $8,000 more than most couples budget for their wedding.

As a result, the main source of stress for couples planning a wedding is sticking to a budget.

Fortunately, there are ways to finance – and save for – your wedding to help make the cost more manageable.

Plan ahead 

Weddings can range from simple, low key affairs to no-expense-spared functions with all the bells and whistles.

What matters is that you choose the wedding that reflects your dreams as a couple.

When you know what sort of wedding is right for you, it’s time to budget for the cost.

Our free online Budget Planner can be a great tool here to review your expenses and see where you can free up cash.

Start saving early 

When you know what sort of cost you’re looking at, it’s time to start knuckling down to save for your wedding.

The earlier you start, the less you may need to tuck away on a regular basis.   

Head to our deposit planner to set your wedding savings goal, and discover how much you need to save each pay day to reach your savings goal.

Community First’s Goal Saver Account offers a generous rate of interest, so the returns on your savings can do part of the heavy lifting to pay for your wedding.  

Wedding a long way off?

For some couples it makes sense to plan a wedding well in advance.

If that sounds like you – and you have accumulated savings already, it could be worth locking your wedding cash into a Community First term deposit.

A term deposit lets you lock away your funds for a term earning a competitive rate of interest (ensure the term will end before you need to take the money out). This provides guaranteed returns while preventing you from dipping into your hard earned savings.

A financial helping hand to make your day special

Sometimes you want to tie the knot sooner!

We understand this, which is why our Community First unsecured personal loan lend your wedding budget a helping hand.

You don’t need to provide loan security, you can choose between fixed and variable rate options – whatever suits your budget, and you can pay off your wedding over a term that suits you.

Add in a Community First credit card for those unplanned expenses, and your wedding costs are sorted!  

To find out how we can help you finance the wedding of your dreams, call the Community First team on 1300 13 22 77, or visit one of our Community First stores. 

References:

[1] https://www.abs.gov.au/statistics/people/people-and-communities/marriages-and-divorces-australia/latest-release