21-Jun-2019 • Personal Finance

‘Regret’ is one word you don’t want in your post-wedding vocabulary, yet 51% of married couples wish they hadn’t spent as much on their wedding. 

ME’s new Love and Money Survey revealed couples wish they’d spent less on the following elements of their wedding, in order of what created the most to the least purchase regret:  

  • Reception - 17%
  • Photography / videography - 13%
  • Wedding favours for guests - 13%
  • Flowers     - 12%
  • Engagement party - 11%
  • Ceremony - 10%
  • Honeymoon - 10%
  • Bridal gown and / or grooms suit     - 11%
  • Bridal party outfits - 10%
  • Hair and make-up - 10%
  • Rings - 10%
  • Stationary - 10%
  • Entertainment - 9%
  • Wedding night accommodation - 9%
  • Transport - 8%

Considering ME’s survey showed the average cost of a wedding is $21,159, that’s a hefty sum to regret spending, and is money you could put towards another goal, such as a house deposit. 

ME’s money expert Matthew Read said wedding costs can easily skyrocket if you’re not careful. 

“Without a disciplined budget, costs can add up and get out of control, introducing unnecessary stress to the wedding planning experience,” said Read. 

Results showed only 55% of couples set a wedding budget, and of those who did, 32% went over it.

When reflecting on the cause of budget blow outs, more than a quarter of couples (27%) said emotions got the better of financial sense leading to a more expensive wedding.

“Decisions are commonly made with the heart rather than the head when it comes to weddings. Couples can easily get caught up in the moment, failing to consider the financial impact of their decisions.

“Taking the time to stop and consider whether something is worth the cost will lead to less regret once the excitement of the day is over.

“The last thing you want to do is spend money you don’t have, and then later regret the fortnightly loan payments coming out of your account. 

ME’s survey revealed this situation is more than a cautionary tale; with 19% admitting to have borrowed money to pay for their wedding. 


Editor notes: ME’s Love and Money survey was completed by 1,000 Australians in a romantic relationship via survey provider Pure Profile.

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