Are You Wedding Ready?

Are You Wedding Ready?

Auckland. For the lucky brides-to-be that found something sparkly under the tree this Christmas, it’s a very exciting time. But if they’re planning an overseas wedding, setting a budget and working out how to manage it is a very important ‘plus one’ that needs to be at the top of the list.

Getting engaged is a very exciting time for any couple, but in today’s reality of rising house prices, the additional cost of a wedding can add even more pressure to the purse strings.

Interestingly, anecdotal evidence suggests that in order to reduce costs (the average NZ wedding reportedly costs approximately $35,000!), more and more couples are looking to tie the knot abroad.

A smaller guest list, lower venue costs and less catering to consider, is a very attractive proposition, but if this is the route you take, you still need to budget and pay for it, just as you would if you were planning your wedding at home.

Jose George, general manager of financial research company Canstar says:

“Planning a wedding is a very exciting time for a couple but they need to be realistic and agree from the onset what their expectations are and what their budget is. They need to be very clear on how much they can afford, how much they may need to borrow and how they will protect and insure what they will often be paying for things like a venue, catering or flowers, ‘sight unseen’.”

Something Borrowed

If borrowing money is something a couple want to consider, it is important that they research their options thoroughly and find out what type of loan suits their circumstances.

George continues:

“Couples should ask themselves if a personal loan is the right thing for them. Other options to consider could be a low-rate credit card or, if they already have a mortgage, it may be worth investigating an extension or restructure to include a revolving credit option. In very basic terms, a revolving credit option operates in a similar way to having an overdraft on your mortgage with interest usually charged at your lenders standard floating rate.

“After the proposal itself, how to pay for the wedding is one of the biggest decisions a couple makes so getting it right is essential as they could be making repayments long after the ink has dried on the wedding certificate. So do the research, online comparison sites are a great place to start.”

Get it Covered

Every couple wants their overseas wedding day to be perfect but it’s always best to plan for those potential mishaps.

At the very least get comprehensive travel insurance but make sure it gives you the cover you need. In many cases there is a limit to how much you can claim for an individual item and if you have an expensive wedding dress, jewellery or accessories, you may find travel insurance won’t cover it. You can research travel insurance online but if you can’t find what you are looking for - and travel insurance definitely would not cover venue or catering blunders - it would be worth talking to an insurer who specialises in wedding insurance.

George concludes:

“Have a clear financial plan right from the beginning and stick to it. It will help get married life off to a less stressful start.”

Tips for making the most of your overseas wedding

• Research your location. You don’t want to be planning an outdoor wedding in the middle of the rainy season. If your budget allows, try and visit your location first to familiarise yourself with everything and do some of the organising face-to-face.

• Tell your guest early so they have plenty of time to save. Your dream location may also be an area that requires you and your guests to have vaccinations so that’s also worth checking too.

• Is your passport valid? Some countries require your passport to be valid for up to six months after you travel. Make sure everyone in your wedding party is checked and up-to-date.

• Don’t forget to take any documentation that is required such as birth certificates. To be on the safe side, it may also be worth taking copies too.

• Transporting The Dress. Most airlines will make you put your dress in your checked-in luggage so if you want it to travel with you, make sure it will fit into a standard sized carry-on bag. Alternatively, you can check with your airline in advance and they may be able to provide an alternative solution. Better to do this before you buy your dress though!

• Arrive in plenty of time. You need to settle in and make sure everything is just right before your big day

• If you are planning on an active honeymoon, make sure your insurance covers you. Some policies ask you to stipulate if you will be participating in more risky activities such as scuba diving, skiing, etc.

ENDS

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