The new ways to pay for a wedding day to remember

A majority of Australians now spend more than $50,000 on their wedding, but some planning and a few simple saving strategies can trim this expense significantly.

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Gone are the days when parents were expected to foot the bill for a wedding.

Today, it seems the financial responsibility is increasingly being shared among couples, both sets of families and even friends.

“There’s no hard and fast rules when it comes to who pays anymore,” said Wendy El-Khoury, founder of website Wedded Wonderland. “It’s often a combination of everyone kicking in.”

There’s plenty to kick in for. A Wedded Wonderland survey found the median amount spent on a wedding in Australia was $53,168.

Ms El-Khoury, who has planned many weddings, said people could cut costs by shopping around or even negotiating with wedding vendors.

“Being flexible – and maybe frugal – can certainly help,” she said.

Rhys Treasure and Heidi Baleisis are saving for their wedding.

“Work out what you want to spend the most on, for example, food or entertainment, and then be negotiable with everything else.”

You may also consider booking a venue outside the peak season, which runs from March through to late May, or on a day other than a Saturday, which is when prices are at their highest.

Some couples have turned to sites such as GoFundMe to raise money for their wedding.

Others turn to credit cards, which may be helpful if used wisely because they offer fraud protection and often provide perks like bonus points or cashback rewards.

“You have to be strategic,” said Solomon’s Ark financial adviser Jenny Kam. “And only consider signing up if you can pay off the credit card within the interest-free period”.

Ms Kam said you should never put wedding expenses on a credit card unless you planned to repay the balance quickly. Otherwise, you’ll be paying for your wedding for decades.

Heidi Baleisis and her partner Rhys Treasure are paying for most of their wedding with plastic to accumulate enough bonus points to cover some of their honeymoon costs.

“We’re paying them off before they start accumulating interest,” said Ms Baleisis, adding that the couple had cut back on daily expenses to make the payments.

Instead of a fancy hall, they are holding both ceremony and reception at a rented farm-style homestead where their families are staying.

The couple is further trimming costs by buying their own alcohol and saving close to $2500 by hiring a DJ instead of a band.

“We’re spending on things that matter most to us while considering our other financial goals,” Ms Baleisis said.

Originally published as The new ways to pay for a wedding day to remember