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Who is this calculator for?This calculator is for anybody who is planning or paying for an upcoming wedding. You could be the bride or groom, or a parent who is funding the whole shebang. If your job is to work out the budget for your own or someone else’s upcoming wedding then you’ll definitely want to take a look at the creditcard.com.au wedding costs calculator. Don’t leave it too late either, as the longer you leave it before planning and paying off your wedding, the harder it will be. Apologies! Our travel budgeting calculator is currently offline for maintenance. What it does1. The wedding costs calculator tells you what you’re spending on each different aspect of your weddingYou can allocate how much you want to spend on each big expense (venue and catering, dress, honeymoon) and all of the little extras. When you know how much needs to go towards the bigger essentials, you can see how much you might have available for the things you want to make the day extra special. Understand the different expenses Work out what type of wedding you can really have 2. Gives you a timeframe for paying off any expenses put on creditIf you need to borrow any money on your credit card or take out a loan the calculator gives you an idea how long it will take to pay off, and any interest charges that come with the debt. You’ll know exactly how many months or years it will take to be debt free. If you use different credit cards you can add and adjust the interest rates that apply to the different debts. How to Use itSheet 1: Expenses ListThe expenses sheet will show the total cost of your planned spending on the different wedding expenses you have. Once you’ve added everything in and see the total, you can adjust spending in different areas to make sure you don’t go over your original budget.
Sheet 2: Interest Costs CalculatorThis sheet will help you work out the monthly payment plan to get rid of any credit card or loan debt you take on to pay for the wedding and/or honeymoon. It will let you apply the relevant interest rate to repayments too, so you see what you need each month to cover repayments AND how much you’ll have to pay in interest costs.
If you need to reduce your total spend amount go back to the expenses sheet and see if you can reduce your costs. Examples of use – Planning For a big honeymoonGeorge and Grace are getting married in 18 months’ time. They do have limited savings, but they also want to go on a $10,000 honeymoon in the south of France, and they will still need to put some wedding costs on the credit card (but they expect to pay this off relatively quickly, within 4 months maximum). To help with the smaller costs, both George and Grace have taken out credit cards which have 0% for 6 months on purchases, meaning they will be able to spread their payments out over half a year and avoid paying interest on a lot of their wedding costs. They are also putting money aside to pay cash for some things. To pay for the honeymoon, they are looking at the price of various loans. The bank has offered them a loan for 13% interest repaid over three years. Repayments will only be $350 per month, but this will see them pay $2,038 in interest over those three years. Luckily, George’s father is a very generous man, and he has offered to use his mortgage offset facility to fund the honeymoon, and only charge George and Grace the same amount of interest he pays on his homeloan – currently 6%. He estimates that they will also be able to pay the loan off more quickly this way and is happy to offer the cheap loan as his wedding gift. Here’s what the interest repayments would be if George and Grace took up George’s father’s offer, paying the loan off in 31 months instead of 35. Thanks to the wedding costs calculator, George was able to see easily that he and Grace would save $1218 in interest and pay off the loan faster if they took George’s father up on his offer: Help SectionIf you aren’t sure what style of wedding you want, or can afford, speak to a wedding planner and hire one for an hour or even two or three consultations. They can provide tips and advice on everything from keeping costs down to creating the right mood, using a theme, recommended locations and much more. Start a bridal vision board and picture your wedding day as it would be if everything we absolutely perfect. Websites such as Easy Weddings, magazines and more can also be of great help. |
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