Have you forgotten about the kids wedding costs?

Over the long weekend, I was lucky enough to attend a wedding of a relative. With a touch of summer still left in the air the weather could not have been any better for the event.  Sitting at the table enjoying the festivities, it crossed my mind that the cost to host a wedding  these days has certainly increased.

The Australian Securities and Investment Commission estimates that an average wedding in Australia is around $36k – but anecdotal evidence suggests that the average may be as high as $45-$50k on average for the big day!

When chatting to parents, we often speak with them about their concerns around funding school fees, or maybe finding the funds to help their children buy their first home…. but now possibly with the cost of a wedding becoming such a big ticket item, this too is now being added to the list of important funding items to plan for.

The interesting part with wedding costs, similar to school fees and first home buyer prices, is the recent increase in prices over the past 10 years has really grown in exponential terms.

Now for some parents, they may simply say the kids can pay for their own wedding, but others may have a different opinion and want to help financially. As always though, I think the ability to have that choice is really important. So, just like saving for a deposit for your kids first home, or upcoming school fees, a well constructed investment strategy can always position you best to handle these upcoming events.

If you are unsure how best to push forwards however, we would suggest that you speak with a qualified Financial Planner and would recommend AJ Financial Planning.  For seating arrangements, flowers, and all other management issues of the big day however, that is best left to the wedding planners!!