MyBudget MoneyTalks Blog

The rising cost of weddings

Posted on February 10, 2015 by Tammy May

How to budget for a weddingLove is free, right? Not according to Bride To Be magazine. Their annual survey has found that the average cost of a wedding in Australia is now over $54,000, and nearly half of all bridal couples go into debt to pay for their big day. Find out where all that matrimonial money is going and see how your wedding budget compares.

More Australians going into debt to get married

The wedding industry in Australia is worth a whopping $6.6 billion a year. So, what is all that money being spent on? The reception, honeymoon and rings continue to represent the largest, single expenses, but bridal couples are finding a myriad of other ways to spend money.

There is, for example, a growing trend for hens and bucks to holiday with their respective friends instead of holding a traditional party. Bonding trips were especially popular among surveyed bridegrooms who, on average, spent over $1,800 celebrating their final days of single-dom. The surveyed brides quickly caught up in the spending department with wedding day hair and makeup costing more than $1,500 on average. This figure does not include pre-wedding health and beauty considerations, such as gym membership, personal fitness training, weight loss programs and skin care. To capture memories of the day, videography is becoming increasingly popular with couples spending nearly $5,000 on average for professional photographic services.

The good news, however, is that nearly all wedding expenses are optional and a beautiful wedding can be achieved at a fraction of the average cost. Check out MyBudget’s other wedding planning resources:

 

Tammy Barton

Very true Melissa! You can definitely have a beautiful day without breaking the bank. Thanks for sharing your thoughts.

Melissa

We set a wedding budget of between 8,000 and 10,000. We came in at around 11,000.
Having a wedding that doesn’t break the bank can be done. True, we’re not overly flashy people that need to impress our guests with an overpriced wedding cake, or bomboniere’s that cost more than the wedding gift. We did what we wanted, on our budget and it was a fantastic day. We thought outside the box for cheaper alternatives that give the same effect. I really am staggered at what people spend on their weddings and that the average cost of an Australian wedding these days is above $50,000 … especially when it doesn’t have to be!

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