Paying for your wedding

Whether your dream wedding is low-key or lavish, it’s important to carefully plan how to pay for your big day. To help you get the wedding you want without emptying your bank account, here are some steps to consider.

Create your wedding wish list

Think about the type of wedding you want, including the style, size and location. This will give you an idea of what your expenses might be. These include venue and car hire, clothes, accessories, entertainment, food, drinks, photography, music, hair and makeup.

Think about the items you’re willing to splurge on, as well as where you’re prepared to cut costs. This will help you with the next step.

Set a wedding budget

Now you’ve got your wish list sorted, it’s time to get quotes. It’s helpful to create a list of suppliers and quotes so you can compare prices easily. Once you have an idea of how much your wedding will cost, you’ll know how much you need to save or maybe borrow.

Set a savings goal

You can use our goals feature in the Bankwest App to tell us the amount you want to save and by when. We’ll let you know how much you should regularly add to your savings. You can then track your progress leading up to the big day.

Our budget planner can help you put your savings plan into action. It’s also a good idea to consider savings accounts that reward you for good savings habits – like saving regularly or making no withdrawals.

Another payment option

If you don’t think you’ll be able to save the entire amount, you could consider taking out a personal loan to cover some of the costs. Once you apply for and are approved for a certain amount, you pay off the loan in regular instalments over an agreed period of time.

Our personal loans come with a fixed interest rate, which means you’ll know exactly what your repayments will be for the life of the loan. Plus, if you make extra repayments on your loan you’ll have surplus funds to withdraw if you need to. This can help you when budgeting for your new future.

The smaller expenses

A credit card could be a convenient option for smaller wedding expenses, like tux hire or the cake. With a credit card, your purchases are paid off over time and if you’re eligible you could even repay in Easy Instalments.

If you don’t think you’ll pay the whole balance off straight away, a low rate credit card might be the way to go as you’ll generally pay less interest. If you plan to pay the balance off right away, then a card with no annual fee or one that lets you earn points could suit you.

Browse our range of savings accounts

…and find one to suit you.

 

How can we help?

Speak with someone from the team today.

Things you should know

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48123123124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.