Case study:              a wedding day that won't break the bank

Learn how Elysia and Tino were able to budget and save for their wedding.

Elysia, 28, and Tino, 29, are quickly learning how expensive weddings can be. Here’s how they managed their finances to sidestep the wedding-debt trap. 

The case of the escalating wedding costs

Elysia and Tino are newly engaged and couldn’t be happier. But as they start planning their wedding, they realise that the costs — from the dress to the rings to the decorations — are quickly adding up, and they are starting to feel the pressure. How can they have their dream day without the financial fallout?

Everything starts with research

Elysia and Tino started by researching high-interest savings accounts, so they could put money aside for their wedding. Every month, they contributed $1,000 to their Active Saver account, which was linked to their everyday Freedom Saver account. 

They sourced quotes from venues, caterers, musicians and more to get a feel for their expenses, and to learn how much money they would need overall. As they went through the process, they started to identify what represented good value, and where they could save money.

Finding a funding solution

With a strong understanding of their costs, Elysia and Tino used a spreadsheet to create a detailed budget for their big day. As they locked in products and suppliers, they added in the actual costs and payment dates, which helped them track their cashflow requirements.  Elysia and Tino’s wedding costs came to $34,000, which they paid for using: 
  • The savings from their Active Saver account, which came to $18,000.
  • Gifts from their parents, which came to $10,000.
  • A personal loan of $6,000, which they plan on paying off within their first year of marriage.

A wedding photo of a woman's hand over the man's hand showing their rings

A wedding without the financial fuss

“I’m so relieved we thought about the financial side of our wedding, even though it was tempting to get swept up in the excitement,” Elysia says. “We still had the most perfect day, but now we can start planning for our future together, rather than working our way through mountains of debt.” 

By creating a clear plan, putting money aside to cover costs and sticking to their budget, the happy couple were able to achieve their dream wedding without the financial stress — and that’s an outcome we all can toast.

Tips for managing your wedding finances

If, like Elysia and Tino, you want a wedding without the financial hangover, the tips below can help you to budget, save and pay for your big day.

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