Wednesday, June 5, 2013

Budgeting your wedding

They say you can live on love, but love alone won't pay for your wedding. In 2012, the average cost of a wedding in Australia is $36 700. According to IBISWorld, food accounts for the highest proportion of wedding expenditure, followed by flowers, stationery and other expenses. Venue hire, clothing and photography were a little further down the list. 
From the wedding of Justin and Angela | Focus Films
Where does your money go?
Food services - 31%
Flowers, stationery and other expenses - 26%
Venue Hire - 20%
Wedding dresses, clothing, and accessories - 12%
Photography and film production 11%

Breaking down a wedding
With an estimated of 119 000 couples walking down the aisle in 2012-13, it's a good idea to understand what you can shuffle your budget on.
  • Cake and venues - Be aware that cakes and venues are likely to rise in price as people earn more, so what price you've been quoted now may not be the same price you see a year from now. 
  • A pretty penny - Flowers and bouquets can be an intense spend that can shock many, but if you plan your flowers according to season, you cans save yourself importing costs. 
  • Photos, printing and video - As technology increases, it has made printing, photography and filming much easier, which has lowered their total costs. 
  • Food, food, food - With 30% of your budget spent on food, make sure this is one area you don't change your mind on. 
How about a destination wedding?
Funnily enough, a destination wedding can be a way to drastically drop the cost of your wedding. With less guests and more economically priced venues and accommodation, they As couples are increasing style savvy, a destination wedding might be a cheaper yet attractive choice to maintain your budget limitations. With destination weddings becoming increasingly popular, why not cast overseas and have an exotic wedding for half the average price. It is a good excuse to to escape family drama or simply have a combine wedding and holiday overseas. 
Cameron Highlands, YTL Hotels
Why not head over to Great Destination Weddings to see if one is right for you?

Thanks to our guest contributor, Anna, for this helpful guide.

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