Wedding Budgets 101

Your wedding day is one of the most magical moments in your life – a day filled with love, joy, and beautiful memories. Like any past bride or groom will tell you, it’s easy to get swept up in the planning, but with a well-considered wedding budget, you can plan your dream day without breaking the bank.

How to determine your wedding budget

Sitting down to discuss your budget with your partner or any contributing family members is a fantastic way to align expectations. 

• Assess your finances – start by evaluating your current financial situation. Consider your savings, any contributions from your family and your expected income leading up to the wedding
• List your priorities - make a list from most important to least important and allocate your budget accordingly. Think about things like the venue, flowers, outfits, wedding party, photographer or the food.
• Do your research – the average wedding cost in Australia costs around $40,000. Understanding the costs of these kinds of celebrations in your area and at your preferred wedding venue will help you figure out exactly what you can afford.

A typical wedding budget breakdown 

It’s always good to remember that whether or not it’s wedding season, particular dates, and days of the week can impact your budget.

• Venue and catering (40-50%) – often the most substantial portion of your budget, this includes venue hire, food and beverages and the all-important wedding cake.
• Photographer (10-15%) – your special moments must be captured, so invest in a skilled photographer and a videographer to help you create lasting memories
  
• Attire, hair and make-up (8-10%) – this includes wedding dresses, wedding party outfits, suits and accessories – with alterations and hair & make-up expenses
  
• Flowers and decor (7-10%) – DIY or put together by a professional – wedding decorations, floral arrangements and table centrepieces can give your wedding a unique look and feel
  
• Entertainment (7-10%) – whether it’s a live band or a DJ, this is a crucial part of your celebration as it sets the tone for the whole evening
  
• Entertainment (7-10%) – whether it’s a live band or a DJ, this is a crucial part of your celebration as it sets the tone for the whole evening
  
• Wedding Planner (5-10%) – if you're hiring a wedding planner, budget for their services here. They can help you stay on track and manage your expenses
  
• Stationery (2-3%) – save-the-dates notices, invitations, table charts and place cards. You can save on this by setting up a wedding website and sending emails to your guests instead.
  
• Miscellaneous (5-10%) – it’s always a good idea to hold onto some money for unexpected expenses and last-minute additions
  
• Contingency (5-10%) – always factors in a buffer for other unexpected costs that may pop up.
  

Tips for sticking to your wedding budget    

Keeping a detailed record of all your wedding-related expenses by using spreadsheets or budgeting apps will help you stay organised and on track to celebrate your day, your way.

• Compromise – if you find yourself going over budget in the planning phase, stay flexible and consider making cuts on things like guest list, food & beverages or decorations
• Negotiate – don't hesitate to ask for a better deal from vendors – you’d be surprised at their flexibility around your budget
  
• DIY – if you're crafty and have the time, consider DIY projects for decorations – this will save you money and add a personal touch to your wedding.
  

Get hitched sooner with a wedding loan 

Figuring out how to pay for a wedding can be one of the more stressful times of your life. To eliminate borrowing from family members, dipping into your savings or using credit cards, you might consider taking out a wedding loan.

With a Plenti personal loan you can book in your favourite vendors now and enjoy fixed repayments over a set period of time.