How to have the wedding you want without the financial woe?

Last updated on November 25th, 2021
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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A wedding can be a pivot turning moment in anyone’s life. The overall vision might be referred to as “blissful” and “cute”, but the price tag that comes with it is not so cute. Financial planning is key when it comes to weddings, and these five essential tips will help you plan for your big day without the financial woe.

Covering your bills

You and your partner probably have a rough estimate that you believe will cover the cost of your wedding, but don’t be fooled. A survey by Easy Weddings conducted amongst their customers showed that the average Australian couple set their budget to $20,913. However, they ended up revising this when they researched further on prices, and things on their wish lists, increasing their total costs to $30,985. This data should be taken with a pinch of salt, as it all depends on what type of wedding you are going for.You can make use of a credit card with a competitive interest rate which has better value than a loan. This in turn will help you pay off those additional cost. When using your credit card for wedding related purchases you may want to consider using a 0% p.a. purchase card.

Repayment options

There is an array of repayment options that are available to you on your credit card, or wedding loan that you have taken out.

“It’s always a good idea to pay down more on your credit card to avoid mounting debts.” Some lenders can allow you to make additional repayments, but you need to be aware that these may incur additional charges to do this. It’s advisable for you to check any associated fees that might offset benefits that come with your credit card or loan.”

What if you have a bad credit history?

There are millions of Aussies who suffer from an impaired credit score, but you don’t have to suffer on your big day. There is still a chance of you being eligible for a loan of up to $10,000 from a bad credit wedding loan provider. These companies look past a bad credit history and assist you in turning your dream into reality.

Emergency funds

It’s okay to change your mind 20 times in terms of what you want for your wedding. After all, it is your wedding. Don’t let the lack of finances deter you from what you want. By setting up an emergency fund you will be able to cover those unexpected costs. This could be done by putting money aside in a term deposit. Your money will be gaining interest, which in turn will help you reach your goal more quickly.

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