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A fairytale wedding is within reach THE average Australian wedding costs almost $50,000 a far cry from the lavish royal affair to be broadcast around the world this week but more than a home deposit and potentially years of debt for many young couples. However, this does not have to be the case for smart savers and those who shop cleverly even for their big day. Prince William and Kate Middleton will tie the knot on Friday in Westminster Abbey surrounded by the international social elite. Little has been revealed about the cost of their nuptials, other than that their families will foot the bill a trend that seems to have lost favour in Australia. "The bride and groom are paying the bills these days," says Wedding Inc founder and Wedding Planners Association of Australia member Paula Barham. "Gone are the days where the parents are paying the bill. We are finding the couple will go the extra mile and get a bank loan to pay for the big day but not ask their families for a dime." But Adam Montana, a senior client adviser with financial services firm PDY, says young couples should not hesitate to ask for a family loan with arrangements for repayments rather than get into debt with the banks to fund a wedding. Montana, who is himself newly engaged, says short-term investments in things such as shares are not the best idea when you need to save a large sum between the engagement and wedding dates. And term deposits don't provide for the flexibility of planning a wedding, with funds often required along the way to book reception venues and put a deposit on the wedding dress. "It's really a cash flow and budgeting exercise," Montana says. "Focus on savings and good discipline." He suggests couples saving for a wedding look at how much they can afford to put away each month and consider something like UBank's online savings account, which offers a high interest rate and easy access to funds. The latest Bride to Be Cost of Love survey, released in February, found that the average Australian wedding now costs $48,296 up 73 per cent over the past decade. But Bride to Be magazine editor Sarah Gawthorne says there are many ways for couples to reduce that cost. Prospective brides can save thousands by buying their dress off the rack, wearing a family dress or shopping around for a vintage bargain. "Made-to-measure dresses will be up around $5000 to $6000 and off the rack much less," Gawthorne says. Significant savings can also be made by having the ceremony and reception at the same venue which also eliminates car expenses and allows you to negotiate a package deal with a photographer, have a cocktail party rather than sit-down dinner and gives you the option of a winter wedding. Gawthorne says many reception venues offer discounts for July or August weddings. And although Will and Kate probably aren't pinching pennies by having their wedding on a Friday, Wedding Inc's Barham says it is a cheaper alternative than a Saturday. "Your wedding reception will be so much cheaper by doing it this way," she says. Barham also suggests shopping around for wedding supplies and comparing prices available outside your immediate area, and says hiring a wedding planner can often be a money saver in the long run. "Wedding planners can find you the best-priced supplier to suit your budget," she says. PAYING THE PRICE OF LOVE - The average cost of a wedding is $48,296
- One-third of couples will spend more than $6000 on an engagement ring
- The average engagement ring costs $4598
- Brides are spending an average of $2080 on a wedding dress
- The reception costs an average of $10,701
- Photography and video costs an average of $4234
- Honeymoons last an average of two weeks and cost almost $7000
---------- By Nhada Larkin - http://www.dailytelegraph.com.au/money/money-matters/a-fairytale-wedding-is-within-reach/story-fn300aev-1226044298074
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