Preparing a savings account for your wedding

Thursday September 25, 2008

Have you just gotten engaged? Firstly, congratulations! Secondly, brace yourself for large financial costs. Did you know the average Australian wedding costs around $10,000? That's right, one day of your life could cost you thousands of dollars. While it is the most special day of your life should be just that - special - it is important to realise that you will probably need to set aside a significant amount of money aside to pay for everything.

Some couples don't want to compromise on a single detail. That's fine, but you will need to be organised financially to do this. With costs that generally include venue, catering and alcohol, entertainment, photographers, outfits for the bride, groom and wedding party, rings, plus the honeymoon, you will be feeling financially drained if you are not properly prepared to deal with these costs.

If you create a savings account specifically designed to cover the costs of your upcoming wedding, you will have more control over your spending. Look for:

• A high interest savings account.
• A savings account with low fees.

An online savings account may be beneficial to you as they are easy to manage, generally have low fees, and high interest rates. Online saving allows you to keep an eye on how much money you have in your savings account. By doing this, you can work out what money can be spent on the next wedding expense.

Once you open your wedding savings account, establish a savings goal. Once you have agreed upon what amount you wish to spend on your wedding, you can establish a budget and timeframe to reach your chosen amount. If you'd like to include your honeymoon expenses in this account, that's fine, but you might like to open up a separate savings account just for your honeymoon. This way, you won't be tempted to dip into your honeymoon money for wedding expenses.

Here are some quick tips on details you can cut costs on and help keep more money in your savings accounts:

• Be brutal with a guest list. You probably don't need 200 people there to witness your wedding vows.
• Shop around for wedding venues, get quotes, and find the best deal.
• Consider renting the bridal party outfits, including the wedding dress.

Compare savings accounts and find the best saving account for you and start saving for your wedding today.

Back to News Index | Back to Home