A young couple have revealed the key moment they gave up so they could pour all their money into their first home.
When Annabelle, 32, and Hayden, 32, got engaged in 2023, the couple thought they would have a traditional wedding until they realized it would cost $100,000.
Annabelle said couples were often “surprised” by how expensive a wedding was and how much things cost.
“On average, the venue and meal packages we looked at ranged from $35,000 to $45,000. We then had to factor in drinks, accommodation, photography, flowers, decorations and wedding party costs, to name a few,” she said. shield.
“We don’t believe that for the 110 guests planned for our wedding, we would have gotten much change from $100,000.”
On TikTok, Annabelle described the cost of living in Australia as “crazy” and the $100,000 wedding option didn’t seem feasible.
The couple suddenly felt financially trapped.
They wanted to get married, but they also wanted to focus on their goal of putting as much as possible into their property.
The pair were already living with Annabelle’s parents to maximize their savings after buying their first place together, off-plan, in 2021.
When the couple bought, official Reserve Bank of Australia (RBA) rates were 2.19 per cent in November 2021. Now, they have risen to 4.35 per cent.
By the time they got engaged in 2023, the couple was already seeing interest rates trend upward, and sinking $100,000 to get married didn’t seem appealing.
Annabelle told news.com.au that although they were both earning “good salaries” and had established careers, they were still feeling the pinch of the cost of living.
The couple decided to focus on funneling their savings into a house and moved overseas to Mo’oera, in French Polynesia, in 2023.
Eloping seems to be getting more and more popular; according to jeweler Shiels, online searches for “how much does it cost to run away” have increased by 40 per cent in the past year.
“The cost of weddings in Australia, like everything else, has been blown way out of proportion and it’s not something we wanted to spend our money on,” Annabelle said.
The couple was able to afford their small wedding overseas and a honeymoon in Europe.
“I believe we saved $40,000 and had two parties and a honeymoon. We were able to stay in some incredible places, eat and drink whatever we wanted and get each other a little wedding present,” Annabelle said.
Not having a big wedding meant they were able to settle down for the rest of their lives together.
“Our savings are being used directly as part of the deposit and mortgage on our first home. We were able to make our money go much further and in a way that matched our personal financial goals,” she said.
The decision paid off for the couple, who stayed living with Annabelle’s parents while their home was being built.
“Until this is over, we’re trying to save. Everyone is feeling the cost of living pressure, whether you have a mortgage or not,” she said.
“Everyone I know has had to make some sacrifices, whether it’s canceling subscriptions, cutting back on beauty treatments, buying cheaper cuts of meat or not going out as often. Our goal is to live within our means now for long-term financial success.”
Annabelle has no regrets about running away. “It makes sense for the kind of people we are,” she said.
This has allowed them to use the rest of their savings to pay down their mortgage, which will ultimately help keep their payments down once they get into the house.
“Buying the plan was useful here as we were able to pay the deposit when we bought in 2021 and then continue to save for the last three years without the pressure of paying a mortgage,” she said.