Read Helen’s contribution on pages 5, 6 and 7 in the article ‘Top 15 Money-Saving Wedding Tips’.
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Transcript
BUDGET WEDDING TIPS
Budget, of course, isn’t exactly the most romantic topic in the world! Helen Baker, Qualified Financial Adviser from On Your Own Two Feet says, ‘spending your life with someone you love is heavenly.’ However, to keep it that way, you don’t only need an emotional investment – you need to also keep up with the financial challenges of it! That’s why she offers advice that’s simple and straight forward: ‘Manage your finances well!’
The average cost of a wedding in Australia was $36,200 reported by IBISWorld (2012.) A survey conducted by MoneySmart in 2013 found that 60% of couples took out a loan to pay for their wedding and 35% of couples blew their budget. These figures could possibly end your financial stability before you even begin your marriage. Your ‘happily ever after’ should not end in debts. Therefore, you need to plan a memorable wedding, for romance, without going over your budget. Otherwise, it will undoubtedly create financial stress for your marriage and stop you from living your dreams – buying a house, having a family, getting a new car, or going on vacation.
TOP MONEY-SAVING WEDDING TIPS
1. Set Priorities – Start a dialogue and discuss the important elements to both of you in your wedding and the elements that are going to make it most memorable.
2. Stick to Your Budget – Baker strongly advises to ‘avoid credit card debt!’ Your budget must be clear before you start any spending and stick to it! Let your vendors know up front how much you can spend so they can provide you with recommendations that fit your budget and avoid any overspending.
3. Keep it Simple – Simplicity can be more elegant, less stressful, less complicated and a lot cheaper. For example, your table setting can feature an elegant napkin and menu with the guest’s name printed on it, to save on stationery cost. You can serve clean skin wines. Your favour may be a small succulent in a pot with the guests name on or a jar of fresh local produce.
4. Go for Sales, Discounts, and Wholesale – Keep a constant look out for sales. Rental companies have sales on stock they no longer need so this is the time to buy linens and other supplies at a greatly reduced price. If you buy in bulk you may be able to negotiate substantial discounts, even when buying wholesale. Some websites or vendors may give you a discount if you opt-in to their mailing list. If you are buying multiple bridesmaids dresses, ask for a discount. Buying wholesale can save you a lot of money so think about looking for outlets for your dresses, suits, stationery and decorations. For food and beverage you can go directly to the farmers and wineries.
KEYS TO A HAPPY LIFE
Your financial stability (or lack of) is one of the key factors that can have a strong impact on your relationship. Qualified Financial Advisor Helen Baker from Your Own Two Feet advises couples, ‘for your marriage to stay fun, happy, and exciting, ensure you manage your finances well and that you work together. Managing your spending to avoid debt is important. Don’t get in over your head on your house so that you have the choice to be with your children rather than having to work.’ Baker suggests couples build the five (5) financial foundations:
1. Emergency Fund;
2. Spending and Investment plan;
3. Personal insurances (life, Total Permanent Disability, income protection and trauma);
4. Effective superannuation management, and
5. Estate planning (wills, Power Of Attorney, guardianship, testamentary trusts).
For more information on establishing the 5 Financial Foundations contact Helen or buy her book.