Don't get engaged to debt: How to save for your wedding

Don't get engaged to debt: How to save for your wedding
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Getting married is nothing short of significant. But it turns out it's not just the emotions and sentimentality that run high. The costs associated with tying the knot can quickly escalate, which is why it's important to use the right wedding budgeting tools.

"Couples are more focused than ever on creating a unique, personalised and once-in-a-lifetime experience for their guests — plus they're doing so in a modern way, by planning from their smartphones, publicising details on social media and more," said Carley Roney, The Knot Co-founder.

Striking the balance between a memorable day and a healthy wallet can be tricky, but these budgeting tools may make it easier to hold a stunning wedding that doesn't break the bank. 

Set up a dedicated high-interest savings account

Before you can pay a deposit on your chosen venue, buy a dress or pay for any of the other associated costs, you'll need to have the money on hand to actually dip into. 

That's not to say you need to save up your entire wedding budget before you can start planning. In fact, you should probably put a deposit down on your desired venue if it's likely to get booked out leading up to your big day. 

But having a high-interest savings account dedicated to your wedding expenses is a must!

Become a spreadsheet wizard

It can be easy to spend up large on your wedding — it's your big day and you want to have special memories. 

However, after the big day and your honeymoon is over, it's hardly enjoyable to return to reality with a massive credit card debt

There is a range of free budget spreadsheets available online, which will help you prepare financially for your celebrations. The earlier you start, the less pressure you'll be under as the big day creeps closer. Some couples will be engaged for a year or two before walking down the aisle — why not start putting $25 or $50 aside each week to save for the big day?

According to the Australian Securities and Investments Commission, 35 percent of Australians blow their wedding budget, while 18 percent don't even follow a budget! Don't be part of the overspending statistics!

Monitor your credit card use

While you're saving up for a wedding, you're likely using your credit card.

But if you don't make your repayments in time, you'll get charged interest. This is money that could otherwise be sitting in your dedicated high-interest savings account, so monitor your credit card use carefully to avoid hefty interest charges or penalty fees.

Enjoy a winter wonderland wedding

Summer is a popular time to get married, which can see venue hire costs soar as demand rises. 

Why not host a winter wonderland wedding? Provided you've got a cosy venue with warm heaters, you could enjoy a magical day. You might even get into the spirit with mulled wine and hearty food — think rich, slow-cooked beef, roast duck and roasted winter root vegetables. 

Sniff out sales

Whether you're buying flowers and invitations or booking honeymoon flights and accommodation, it can be easy to share your excitement with salespeople and travel agents. 

But beware — people understand how important a wedding is, and may tap into your emotions to sell you expensive, luxury items or upgrade you to pricey honeymoon packages.

Sometimes, it can be smarter to stay quiet about the wedding plans and sniff out a sale in order to cut your costs.

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