Australians are spending $22,601 on their wedding
Parents are no longer footing the bill, with two out of three couples funding their own wedding.
The average Australian couple is spending $26,601 on their wedding day, according to research by finder. And it's not the parents who are getting hit with the bill anymore, either. Only one in four parents still pay for their child's wedding, and 70% of couples are now paying for their wedding day themselves.
More concerning than the big price tag is the fact that 41% of Australian couples are faced with a debt after their big day. On average, couples are facing a $7,947 credit card bill after paying for their wedding, with one in four taking longer than six months to pay it all back.
Finance specialist at NAB Gemma Dale says couples looking to save money on their wedding day need to pick their timing well and be realistic when budgeting.
"Don’t feel pressured to get married straight away. It’s better to push back your wedding date and allow yourself the time you need to save. To start saving, you can put your money into an online savings account - or even a term deposit depending on your situation," said Dale.
"While it can be tempting to put it off and the word ‘budget’ can sound scary, creating a realistic budget will help you hit your wedding goals faster. To start with, think about what you want the day to look like and simply make a list of each expense to provide a clear idea of the total cost. Then look at how much time you have to save (depending on your wedding date) and when various vendor payments are due, which will help guide how much you need to set aside each pay day."
Dale said it's also important to take advantage of any existing contacts you may have to save some money on expensive merchants and vendors.
"Reach out to the people you know – you might be surprised to find out who can help. Your contacts may have connections with wedding venues, photographers and make-up artists you’d like to hire. Referrals might give you a hefty discount on out of pocket expenses on the day."
Lastly, she says it's important to not get carried away when looking at lavish weddings in the media and online. Yes, the recent royal wedding was beautiful, but it also came with a staggering $43 million price tag.