The essential 2-step savings plan for your 2019 wedding
Is 2019 the year you get hitched? Well we won’t need to remind you about how much there is to prepare, and with the average wedding costing around $36,000 according to ASIC MoneySmart, the sooner you get a plan in place the more you’ll be able to save - in money and stress.
So whether your wedding is a massive celebration to mirror the royal wedding or a tight knit affair, there are plenty of savings tips you can employ to help you avoid breaking the bank. To get you on the right track, here are two steps to help you pay for your big day.
Step one - Budget, budget, budget
The last thing you want threatening your wedding day is the debt that could come with it. But you can still have the wedding of your dreams with a few of these frugal ideas that will help you slash your wedding budget.
Outfit of the day
So you’ve got your heart set on a dress you saw in Vogue last month? Well couture is expensive, so selecting a more classic dress without any embellishments could drop that price tag remarkably. If you’re in love with a certain designer, keep an eye out for any sample sales they might have throughout the year to snag a huge discount. Equally for the groom, you can grab a bargain on black or navy non-designer tuxedos through sites such as ASOS that will still look the part on the day.
Ceremony and reception
The less formal your celebration is, the more you will be able to afford it. Plus, opting for a venue like the beach, a park or a backyard will make the day feel more relaxed and it will save you some coin. A good tip is to have your ceremony and reception in nearby spots - this will cut back on travelling times for your guests and you can get the party started straight away!
Decorations
Our tip is to stay local and seasonal with your wedding blooms. If you've got your eye on a particular type of flower, ask your florist to find a cheaper substitution so that you don’t have to pay big for your table decorations. You can also save money on decorating costs by doing some of it yourself, or recruiting a friend to help you out!
Food and alcohol
They say quality is better than quantity, so why not try keeping dinner to two courses? Stick to a simple menu that is in season and sourced locally and if the venue allows it, have your guests buy their own alcohol or stick to budget friendly beer and wine selections. And when it comes to the cake, keep it simple with a one or two tier cake that is exactly how you imagined. Naked cakes are far more on trend than cakes with fondant - and they work out cheaper too!
Entertainment
Bands and DJs are expensive to hire, but if you insist on having live entertainment, keep the costs down low by shopping around and negotiating with those who will do it cheaper. Alternatively, be your own DJ and control the music at your wedding by creating a Spotify playlist fit for the entire night. Just make sure your uncle doesn’t get his hands on it!
Step two - Compare your funding options
Need a little bit of extra funding help and don't want to rely on the bank of mum and dad? Saving up enough to cover all your wedding costs can be a tough ask before the big day, but there are other funding options which could help you hit your wedding goals.
1. Put the smaller expenses on a credit card
Putting your smaller expenses such as your wedding dress or decorations onto a credit card could be the most convenient way to fund some of your wedding costs, especially if your able to pay off your balance at the end of the month. Or if you are likely to carry a balance on your card, a low interest credit card might be a better fit than your regular credit card when it comes to paying for your wedding purchases.
2. Take out a wedding loan
While a credit card might be a convenient funding option, you really need to factor in your wedding budget when it comes to deciding whether taking out a personal loan is the right choice for you. Personal loans often have lower interest rates than a credit card, so a loan could be a better option if you need help paying for a large portion of your wedding. Check out our personal loan comparison tool to help you find a loan that is appropriate for your own big day.
Planning on overcoming your wedding costs? Putting away money early on and looking for easy ways to cut possible costs is a great way to start, but if you’re looking for a place to stash your wedding savings until you need them make sure you compare Mozo’s list of bonus saver savings accounts.
Bonus Saver Savings Accounts 2019 - last updated 28 March 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.10% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- Standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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