Did you see this? The Australian Financial Review presented an attention-grabbing overview of the struggle between spending on a wedding and spending on a house deposit. Pete and Ben take this stark contrast in financial priorities and discuss what should we do when major events and moments compete. Beyond the wedding/house deposit scenario, are we also considering the value of what the wedding is all about – the marriage being entered into?
Key Takeaways:
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Aim to spend within your means on a wedding, avoiding loans whenever possible, to ensure financial stability.
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Wedding expenses can divert funds from other major investments such as home deposits.
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Managing your own competing aspirations requires balance and planning.
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While wedding costs will rise, alternatives such as simpler ceremonies and weekday weddings offer budget-friendly options.
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Investing in marriage and relationships is as crucial as investing in property, encouraging thoughtful prioritisation.
Notable Quotes:
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"I think you've got to spend what you're comfortable with." – Pete Burrows
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"Life is compromises. If two things seem expensive… maybe the wedding will seem like the thing that has to go by the wayside." – Pete Burrows
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"Invest in your marriage first and invest in other stuff after that." – Ben McEachen
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"There's nothing wrong with being upfront about what everybody can contribute to [the wedding]." – Pete Burrows
READ MORE: "Couples are dumping their wedding plans to buy this instead" by Lucy Dean, The Australian Financial Review
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We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.
Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.
Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.
Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/
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