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Tuesday, June 14, 2011

Budget? What Budget? It's my wedding!



“That will be $120 per person, that’s excluding alcohol and its only two course”, said Lauriston House’s wedding planner, “your wedding cake is the dessert”

I looked at my fiancé in utter awe, $120 for a 1901 wedding function building, no parking and the choice of either silver, cream or gold chair tie backs, might seem like nothing but it’s ‘your’ wedding day and every detail counts. The wedding planner could see the puzzled look on my face, “oh we do serve your cake with ice-cream”, she said.

At 12 your small feet sink into your mother’s shoes and your drowning in her brand new cream party dress, you stuff her bra with tissues, you throw the table cloth on your head and grab the flowers out the vase. Your little sister gets on the family piano – hits every key she possibly can, and accompanies you in song down the hallway, along with your poor dog who had to wear a bow.

Is this why we spend ridiculous amounts of money on a one-day celebration – because it’s ‘YOUR DAY’ and you’ve dreamt about this moment since you could tell time?
As females we await the day where we can throw the tablecloth out and stick that hand designed Vera Wang net on our head.  And the day when we get asked that ‘special’ question.

According to Money Guide Australia, Financial planner professional Matt Hern, received a survey from Bride to Be Magazine Cost of Love 2008, which found the average cost of a wedding was $49,202. “That is only a couple of thousand dollars less than average Australian wage before tax.” Said Hern, “Since many couples probably earn less than the average wage they need to be saving”.

The average Australian bank will loan couples anything from $10,000 to a six- figure category, is this encouraging couples to come out of their wedding day in debt and going into your marriage paying off your house, the car and your wedding debt? Could you imagine walking down the aisle in that clean crisp white (or cream) dress and hearing, Debt! Debt! Debt! Every step you took.

These women aren’t the only ones who were worried about over spending on their big day, they are all smart to set budgets, but how many couples actually stick to these budgets? My fiancé and I haven’t walked into a function centre, car hire place, florist and cake store without them saying ‘wedding?’ here’s the price list.  What if I had said ‘First Birthday?’ would I get a special listing for that too?  I think we don’t plan to blow $49,000 on a wedding it just happens. After searching for that photographer and those cars ‘he’ wants and that perfect dress we soon realize how much it all adds up to be.

I can’t completely blame the wedding industry for assisting us girls in ‘Our Perfect Day’ and allowing us to blow budgets. I can however sit back, look at my encrusted wedding band, watch the next couple walk into that function centre and say “Halt! Check your budget.”

Check Barefoot Investor Scott Pape's article out! "My Wedding Debt Lasted Longer Than My Marriage"

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