Valentine’s Day is one of the most popular days of the year when it comes to wedding proposals. And, while weddings can be one of the happiest days of our lives, they can also be one of the most expensive. So how much can a wedding set you back?
According to easyweddings.com.au 2016 annual wedding survey, the average cost of a wedding is $30,985. With the average Australian income being around the $80,000 mark - that’s almost 40% of an average yearly salary.
Let’s take a look at what parts of your big day and what they might cost you.
We’ve all heard our fair share of gushy wedding songs. Whether it be Celine Dion conjuring up images of Jack and Rose belting out My Heart Will Go On or John Legend tugging at the heart strings with All of Me, music is an essential part of any wedding. The same survey listed above gives the average cost of music at a wedding as $1,455.
$5,300 - that’s the amount reported to be the average cost of an engagement ring. Of course how much you spend will depend on the ring you want to buy your significant other.
Fun fact: Kim Kardashian’s engagement ring from Kanye West is reported to have cost $4.5 million. Her first engagement ring from American basketball player, Kris Humphries cost $1.5 million. That’s a healthy $6 million worth of engagement rings.
The place where we celebrate our new union with friends and family generally takes up a hefty chunk of the wedding budget. Canstar lists the average cost of wedding venue, food and alcohol at $18,683.
A MoneySmart wedding survey found that 18% of respondents used their credit card to help fund their wedding. Using your credit card can be a great way to manage your budget by spreading out payments to suit how much you want to pay and when, and maybe also collect reward points along the way*. This may not be suitable for everyone and you should consider the PDS and your financial circumstances.
Easy Weddings survey found the average amount Australian brides spend on a wedding dress is $2,475. Out of the brides surveyed, 67% said they will wear a veil with their wedding dress. The average cost of a Bridesmaid outfit is $780.
Wedding cakes can be spectacular features of any wedding, but how much do they cost? Wedshed.com.au has wedding cakes priced between $500-$750.
A 2015 McCrindle survey says 4 out of 5 couples live together before marriage and there are on average 326 weddings across Australia every day. So, if you’re one of these lucky 326 couples, we wish you the wedding day of your dreams - $4.5 million engagement ring or not.
* This advice has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on the advice, consider the appropriateness of the advice for your own objectives, financial situation and needs. Please read the Product Disclosure Statement relating to the product and consider the Statement before making any decision about whether to acquire the product.