‘Insane’: Major milestone couple ditched to get ahead
A young Aussie couple have revealed the $100k norm they decided to ditch so they could focus on their Sydney property dreams.
A young couple has revealed the major milestone they ditched so they could pour all their money into their first home.
When Annabelle, 32, and Hayden, 32, got engaged in 2023, the couple figured they’d have a traditional wedding until they realised it would cost $100,000.
Annabelle said couples were often “surprised” by how expensive a wedding was and how much certain things cost.
“On average, the venue and food packages we looked at ranged from $35,000 to $45,000. We then had to factor in drinks, accommodation, photography, flowers, decorations and bridal party costs, to name a few,” she told Shiels.
“We don’t believe that for the 110 planned guests for our wedding, we would have got much change from $100,000.”
On TikTok, Annabelle described the cost of living in Australia as “insane,” and the $100,000 wedding option didn’t seem feasible.
The couple suddenly felt financially stuck.
They wanted to get married, but they also wanted to focus on their goal of putting as much into their property as possible.
The pair were already living with Annabelle’s parents to maximise their savings after they bought their first place together, off the plan, in 2021.
When the couple bought, the Reserve Bank of Australia (RBA) official rates were 2.19 per cent in November 2021. Now, they’ve ballooned to 4.35 per cent.
By the time they got engaged in 2023, the couple was already seeing the trend of interest rates rising, and sinking $100,000 into getting married didn’t seem appealing.
Annabelle told news.com.au that even with both of them earning “decent wages” and having established careers, they still felt the pinch of the cost of living.
The couple decided to concentrate on funnelling their savings into a house and eloped overseas in Mo’oera, in French Polynesia, in 2023.
Eloping appears to becoming more and more popular; according to jeweller Shiels, online searches for “how much does it cost to elope” have risen by 40 per cent in the past year.
“The price of weddings in Australia, like everything else, has been blown completely out of proportion and that’s not something we wanted to spend our money on,” Annabelle said.
The couple was able to afford their small wedding overseas and a month-long honeymoon in Europe.
“I believe we saved $40,000 and had two celebrations and a honeymoon. We were able to stay in some incredible places, eat and drink whatever we wanted and get each other a small wedding gift,” Annabelle said.
Not having a big wedding meant they were able to set themselves up for the rest of their lives together.
“Our savings are being used directly as a part of the deposit and mortgage on our first home. We were able to make our money go a lot further and in a way that aligned with our personal financial goals,” she said.
The decision paid off for the couple, who stayed living with Annabelle’s parents while their home was being built.
“Until that is finished, we are trying to save. Everybody is feeling the pinch of the cost of living pressures whether you have a mortgage or not,” she said.
‘Everyone I know has had to make some sacrifice, whether it’s cancelling subscriptions, scaling back beauty treatments, buying cheaper cuts of meat, or not going out as frequently. Our goal is to live within our means now for long-term financial success.”
Annabelle has zero regrets about eloping. “It made sense for the type of people we are,” she said.
It has allowed them to use the rest of their savings to pay their mortgage, which will ultimately help keep down their repayments once they move in.
“Buying off the plan was beneficial here as we were able to pay the deposit when we purchased in 2021 and then continue to save for the last three years without the pressure of paying a mortgage,” she said.
Huge break in 1995 kidnapping of 6yo
The young girl had been just a few yards from her mother at an Arkansas Little League game in June 1995 when she was snatched from the parking lot.
Shameful detail in hospital parking fine
A man has been left outraged after he rushed his wife, who was in labour, to hospital only to walk out after the birth of his daughter to a parking fine.
X-rated reason English teacher was sacked
A woman has revealed how she was forced to quit her job as an English teacher after her racy side hustle was exposed — and to this day she’s still met with trolls.