Getting Married: Financial Guide
Plan your wedding finances and set up your married life for financial success.
$35,000
Avg Wedding Cost
100
Avg Guest Count
12-18
Months Planning
$350
Per Guest
💬 Essential Financial Conversations Before Marriage
Discuss Openly:
- • Current debts (HECS, credit cards, loans)
- • Spending habits and values
- • Financial goals (home, travel, kids)
- • Career ambitions and income expectations
- • Attitude to risk and investing
- • Family financial obligations
Decide Together:
- • Joint account, separate, or hybrid?
- • Who manages day-to-day finances?
- • How to handle different incomes?
- • Savings goals and emergency fund
- • Budget for personal spending
- • When to consult on purchases?
Typical Australian Wedding Costs
| Item | Typical Cost | % of Budget |
|---|---|---|
| Venue & catering | $15,000-40,000 | 40-50% |
| Photography & video | $3,000-8,000 | 8-12% |
| Wedding dress & suits | $2,000-6,000 | 5-10% |
| Flowers & decorations | $1,500-5,000 | 5-8% |
| Music/DJ/band | $1,000-5,000 | 3-7% |
| Celebrant | $500-1,500 | 1-2% |
| Cake | $500-1,500 | 1-2% |
| Invitations & stationery | $300-800 | 1-2% |
| Rings | $1,000-5,000 | 3-7% |
| Honeymoon | $5,000-15,000 | Variable |
Total average: $30,000-$50,000 for 100-150 guests
Joint Finance Options
Fully Joint
All income goes into one account
- + Full transparency
- + Simple to manage
- - Less independence
- - Spending scrutiny
Hybrid System
Joint for bills, separate for personal
- + Balance of both
- + Personal freedom
- + Shared goals
- ~ More accounts
Fully Separate
Each keeps own accounts
- + Full independence
- + Simple if unequal incomes
- - Less teamwork feel
- - Bill splitting needed
Tax & Government Benefits Changes
Marriage affects various government assessments:
What Changes
- • Centrelink payments (assessed jointly)
- • Medicare Levy Surcharge (combined income)
- • Private health insurance rebate
- • First Home Guarantee (couple thresholds)
- • Family Tax Benefit eligibility
What Doesn't Change
- • Individual income tax rates
- • Superannuation (individual)
- • HECS/HELP repayments
- • CGT exemption (main residence)
Note: De facto couples are treated the same as married couples for most purposes.
Financial To-Do List
| Task | When | Priority |
|---|---|---|
| Discuss financial goals | Before engagement | High |
| Review each other's debts | Before wedding | High |
| Decide on joint vs separate accounts | Before wedding | High |
| Create wedding budget | 12+ months before | High |
| Update emergency contacts | After wedding | Medium |
| Update tax details | After wedding | Medium |
| Review superannuation beneficiaries | After wedding | High |
| Update wills | After wedding | High |
| Review insurance policies | After wedding | Medium |
| Consider name change implications | After wedding | Low |
Don't Forget: Super & Insurance
Superannuation
- • Update binding death benefit nomination
- • Consider spouse contribution splitting
- • Review insurance within super
- • Consolidate multiple super funds
Insurance
- • Combine car insurance (multi-policy discount)
- • Update contents insurance
- • Review life insurance needs
- • Consider income protection