Not So Average Wedding Cost

Wedding On The BeachIn the life planning step of my “Save For The Significant” process one of the common goals is a dream wedding.

Parents often list a goal of wanting to contribute to their children’s weddings. And independently minded young couples often want their dream wedding without the “suggestions” from their well-meaning parents – thus they want to pay for their own wedding.

Weddings are costly and not an expense most people can easily absorb into their income for that year. That means they need to be save up for and most people get that. But how much does a wedding cost and how early do you need to start saving?

Earlier this year Bride to Be magazine released the results of their Cost of Love 2008 survey, which found the average cost of a wedding was $49,202.

That is only a couple of thousand dollars less than the average Australian wage before tax.

Since many couples probably earn less than the average wage they need to be saving one partner’s full wage for probably two years or more just to pay for their own wedding. That could be a tough ask especially if you are also saving a deposit to buy your marital home.

When you’re already dreaming start saving

Perhaps a better approach would be for ladies who dream of a lavish wedding to start saving right now, even if you are not yet in a committed relationship. When cupid strikes the wedding can creep up quicker than you can save.

Blokes Beware – Bling is Costly

Blokes should also be aware that the average cost of a bride’s engagement ring was $5,116. It seems the old notion of three months wage may be continuing. So if you are a traditionalist then get saving right now mate, ‘cos you don’t want to pay costly credit card interest on a depreciating asset like a ring.

Then of course you need to consider the wedding bands. They cost an average of $1,507 for the bride and $1,096 for the groom.

Remember that costs increase

One tip when you are establishing your savings plan is to factor in an increase in costs. One article about the survey results reported that the average wedding cost had risen 76 per cent in eight years. That equates to cost increases averaging 7.3% each year.

Save for your dream wedding

Your wedding and honeymoon are not the most important events in your life but they are one during which you get to be the centre of attention and one that will be remembered. So if you want to be able to do it as you dreamed it the ensure you have saved for it. Don’t make it any more expensive than it needs to be by borrowing money and paying interest.

Save for the significant events in life and you can have enough money for what you really want.

(I can’t find the official survey results on the magazine’s website but they were widely reported in newspapers including here and here.)

Make Money From Your Ideas

money from ideas in your head

My last article on Making Money Writing About Your Passion prompted this enquiry from regular reader, Nick:

“how can you generate an income stream from e-marketing and even sales of products of your expertise and knowledge”

You can make money from your expert ideas in your head – it’s called thought leadership. (I also recently wrote about Bernard Salt’s suggestion to become a thought leader.)

You make money from your thought leadership both online as Nick enquired and also the traditional offline methods such as speaking, mentoring and consulting.

One of the best thought leaders I know in the area of making money from your thought leadership is Matt Church. If you are interested in making money from the ideas in your head, as reader Nick is, then I strongly recommend you start by reading these two resources from Matt Church:

If you like what you read then I recommend you also join the Australian Thought Leaders Community. (WA readers who want to be thought leaders should contact me directly as I have some guest passes to our Perth based monthly member events.)

Making money writing about your passion

Ever since I was in high school I have striven to discover how to pursue my passions and make money doing so. Technological and social advances in the last decade have made this possible for us all with very little investment of money. You just start out investing your time, which is fine because you love spending time on your passions.

Today I came across two really useful articles about doing this.

Why Now is the time to Cash in on your Passion

Crush It!: Why Now is the Time to Cash in on Your PassionFirst I came across a review by BookRapper Geoff McDonald of the book “Crush It” by Gary Vaynerchuk. Crush It is about “Why Now is the time to Cash in on your Passion”. I’ve been a fan of Geoff’s BookRaps for a couple of years and this review of Crush It! is just as insightful.

I recommend watching the video of Gary Vaynerchuk in Geoff’s article. Vaynerchuk passionately expresses that you should pursue your passion and that you should be able to make money doing so. In the video Vaynerchuk talks about starting a blog about your passion. Then once you build a community of regular readers you can start to monetise the traffic.

How one Australian has made money blogging

Secondly I just read an article by professional Australian blogger, Neerav Bhatt in which he reveals how he makes lots of money from blogging. He makes enough that he quit his former salaried role, which is something almost all of my financial planning clients dream of doing. As Bhatt reveals he writes about his expertise, his experiences and his passions.

I’m sharing my passion with you right now

This site is me writing about my passion. I wasn’t always a financial planner – I started my working life as a petroleum engineer for BHP Billiton Petroleum. But all the time I was reading and learning about managing and making money.

When I eventually changed careers and started studying financial planning I constantly thought “why didn’t anyone tell me this about money and wealth creation?” I just had to tell everyone I knew. At the time my outlet was dinner parties. Now I write and speak.

I am passionate about sharing the simple, easy to understand things about money that have a high impact on your lifestyle but at also are low effort to implement. In that way I dream for us all to have enough money to pursue our passions. Plus you’ll have more time to pursue your passion because you’ll be spending less time managing and stressing about money.

What’s your passion? Time to start sharing it with people via a blog? You’ll discover other people as passionate as you living all over the world. For the next steps read the above resources.

Kick Start 2010

Are you are goal setter? Do you like to be purposeful about the way you live, experience and achieve?

If so, then this e-book is brimming with ideas to help you kick start the new decade.

My article, “How To Have Enough Money For What You Want” is on page 17.

Most things in life require money to support them. My article shares a process to help you have enough money for those things in life that are most important to you. So if you are reviewing 2009 and setting new goals for 2010 my article is on the money about the money to support you achieving those goals.

You can browse the entire book below or download a copy to your computer.

Solving The Financial Decisions On Your Mind

On Thursday I conducted a webinar in which I addressed the top three types of financial decisions that are on your mind, as submitted in the recent survey.

Almost all respondants said that they think about these things daily or a few times a week. That is a lot of time and energy consumed on money matters instead of spent doing the things you really love. Better to resolve the issues and spend more time with family and friends, or pursuing your hobbies.

Most issues fell into these three broad categories: Planning, Saving and Investing. For example:

“How will I have enough money for…”

“How can I save more money for…”

“Where is the right place to invest my savings?”

For an insight into the process to resolve these issues watch the recording of the webinar below.

The recording is 45 minutes. A small time investment when you consider the time cost of repetitively thinking about financial issues without resolution.

For assistance to make more clear, confident financial decisions call me.


Download video as an MP4 file (126MB)