As a general rule we have always told our potential clients not to count on having your Centrelink debt written off when you declare bankruptcy, however it seems more and more this is not the case.

In most cases it has been our experience that Centrelink will not pursue you for your Centrelink debts*(which is also outlined on the Centrelink website – see link below) for the three years you are bankrupt which is good news for those struggling week to week and need to file for bankruptcy to get some financial relief. What seems to be happening more and more lately is that they (Centrelink) may now just simply write the debt off at the end of the three years also. We had a client just the other day send us a Centrelink letter (See below) stating that not only that they wont pursue the debt for the 3 years of bankruptcy but also that they wont chase you for the debt after you have been discharged. In other words you wont ever have to pay back your Centrelink debt if you file for bankruptcy.

If you read the letter below they do however reserve the right to continue to charge you interest, which is a bit puzzling because you wont need to pay that either if they are writing the debt off anyway.

Two words of warning here before you get too excited.
1. At this stage, it appears to be a bit arbitrary what debts are written off and what debts you have to keep, its impossible to get a clear statement on how that is decided. Lets just say fingures crossed your Centrelink debt will be written off.
**2. Bankruptcy is a serious decision, its complicated and full of twists and turns so get some professional advice before proceeding.

If you would like a no obligation free consultation feel free to call us here at Bankruptcy Experts Frankston on 1300 795 575

*For more information from Centrelink and Bankruptcy go to the Human Services Website: https://www.humanservices.gov.au/individuals/enablers/owing-money/30701

**For More information about bankruptcy go to Bankruptcy Experts Frankston Website: https://www.bankruptcyexpertsfrankston.com.au

Debt consolidation loans are a common solution that relieves people of financial pressure by consolidating all their current debts into one easy to manage loan that’s payable monthly. Conversely, debt agreements are another approach available to individuals in financial hardship, and this will be the focus of today’s article.

What is a debt agreement?

A debt agreement is fundamentally a legal contract between you and your lenders which comprises Part IX of the Bankruptcy Act 1966. Under this agreement, your lenders allow you to repay a sum of money that you can manage, over an arranged time period, to settle your debts.

Itis critical to note, however, that entering a debt agreement is an ‘act of bankruptcy’ and has long-term financial consequences which may have an effect on your ability to secure credit in the future. For this reason, it’s strongly encouraged that folks seek independent financial guidance before making this decision to ensure this is the best alternative for their financial circumstances and they clearly understand the implications of such agreements.

Prior to entering a debt agreement

There are certain things one should take into account before entering into a debt agreement. Reaching out to your lenders about your financial condition is always the first step you should take to try to resolve your debts outside of a debt agreement. Have you talked with your creditors and asked them for more time to repay your debt? Have you already tried to discuss a repayment plan or a smaller payment to repay your debt?

What kinds of debts are included in debt agreements?

Debt agreements are designed to help low income earners who are unable to pay unsecured debts. Not all types of debt are covered in debt agreements, including the following:

•  Secured debt – for example mortgages where the property can be sold to recover money
•  Joint debt – if you have a joint debt with your partner, lenders can request that your partner repays the full amount if you’re unable to
•  Offshore debt
•  Other debts – such as debts incurred by child support, student HECS debts, court fines, and fraud

Are you entitled to enter a debt agreement?

To ascertain if you are qualified, just visit the Australian Financial Security Authority’s (AFSA) website (https://www.afsa.gov.au/insolvency/i-cant-pay-my-debts/am-i-eligible-debt-agreement).

If you elect that a debt agreement is the best approach for you, a debt agreement administrator will assist you with your debt agreement proposals, based on what you can afford, and send this proposal to each of your lenders. If your creditors accept the terms of your agreement, then your debt agreement will commence, for example, paying 85% of your debts to lenders over a 3-year time period.

Drawbacks of debt agreements

As explained earlier, debt agreements are an ‘act of bankruptcy’ and consequently there are severe repercussions one must take into consideration.

•  If your lenders refuse your debt agreement proposal, they can make an application to the courts for involuntary bankruptcy
•  Your name will appear on the National Personal Insolvency Index (NPII) for 5 years from the date of your agreement, or 2 years after the end date, whichever is later
•  Your debt agreement will be shown on your credit report for up to five years, or longer in some circumstances
•  You are legally obliged to advise a new creditor of your debt agreement when receiving a loan over $5,703.
•  If you own a company trading under another name, you are legally required to reveal your debt agreement to anyone who deals with your enterprise.
•  If your job belongs to a regulated profession or a position of trust, it may affect your employment.

Choose your debt agreement administrator mindfully.

Debt agreement administrators play an important role in the results of your debt agreement, so always choose an administrator that is registered with AFSA’s list of registered debt agreement administrators. Prices also vary widely between administrators, so always look at the payment terms before making any decisions.

If you’re still unsure if a debt agreement is the right option for you, speak to Bankruptcy Experts Frankston on 1300 795 575 who can give you the right advice, the first time. For more information, visit www.bankruptcyexpertsfrankston.com.au.

Document your monthly expenditures

The first step in addressing your financial concerns is find out exactly where your pain points are. Regardless if you’re dealing with a large credit card debt, you’re trying to increase your retirement savings, or you simply spend too much on dining in restaurants throughout the week, discovering the main causes of your financial troubles will show you which expenditures have to be prioritised so you can get your finances back on track. Get a pen and paper and write down your current monthly costs including debt repayments, food, bills, tuition, transport, and any other items you commonly spend every month.

Cut down on your expenditures

After you’ve got your monthly expenses in front of you, take a closer look and examine which expenses can be lowered and which can be severed altogether. While your mortgage repayments naturally can’t be decreased, you can possibly lower your food bill by only eating at home and even eliminate other entertainment expenses such as cable TV. It’s critical that you are pragmatic about lowering your expenses. Remember, if you’re dealing with financial difficulties then you have to make sacrifices to resolve them.

Develop a budget

Now that you’ve got your monthly costs documented without the unnecessary spending, you must develop a budget. If you’re not familiar with making a budget, there are a number of wonderful apps you can download on your smartphone. Personally, I’ve found the Budget Planning app from ASIC to be very practical: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner.

This will enable you to ascertain how much money you have left every month by viewing your income and expenses. It’s necessary that you stick your budget. If you feel that it could be too challenging to do this, add a miscellaneous item to your budget to give you some room to breathe, or maybe a motivation item to reward yourself at the end of the month for sticking to your budget.

Prioritise your debts

Some debts cause more pain than others, so to ease your financial stress as best as possible, try to reduce your biggest debts first. Not only will you be saving money by paying less interest, you’ll also feel far better about yourself. Only paying the minimum repayments on your credit card bill can sometimes take years to pay off, so attempt to decrease these kinds of debts as soon as possible. Keep in mind, you still have other fixed debts every month including phone bills and electricity, so these have to be taken into account as well.

Still feeling the heat?

If you’ve reduced your expenditures and made a budget but still find that there’s not enough money to pay off all your debts, you’ll need to find other income sources. Are you able to work a second job? Can you sell any high priced household items that you can do without? Reaching out to family or friends is another helpful way to attempt to address your challenges. Whatever you do to get extra money, never get a personal loan from the bank to repay your existing debt – this will only exacerbate an already stressful situation.

Seek financial assistance

If the above steps haven’t relieved your financial strain, it’s better to seek financial assistance sooner instead of later. Depending on your individual circumstances, there are plenty of alternatives available including debt consolidation loans or debt agreements which can help those in need. Don’t wrestle with your debts for years before getting help, speak with Bankruptcy Experts Frankston on 1300 795 575 or visit our website for additional information: www.bankruptcyexpertsfrankston.com.au

With the prices of electricity already soaring in Australia, this winter is the perfect time to make your residence more energy efficient. Not only will you save lots of money, but you’ll also minimise your carbon footprint too. Recent studies reveal that during winter, electricity is the third highest expense behind rent and food, so to help you stay warm and save money, here’s how you can make your home more energy efficient this winter.

Rug up

One of the best ways to save money this winter is to dress for the occasion. Putting on lots of warm clothing and blankets is much cheaper than utilising electric heating. Even when you have central heating, change the temperature to a level which is ‘just’ comfortable and use clothing and blankets to fill the gap. You’ll acclimatise much faster than you suspect!

Heating devices

Electric heaters are unquestionably the leading contributor to your electricity bill during winter. As an alternative, look at using a gas heater or a fireplace which have the benefit of warming rooms quicker than electric heaters but use far less electricity.

Lighting

With longer and darker nights, lighting is used far more often in winter without you even realising it. The lightbulbs you have installed in your residence make a significant difference to your electricity bill, so look into switching any halogen lights for LEDs or CFLs which will save you hundreds of dollars during the course of the year.

Insulation

An effective insulation system in your house will not only keep you warmer in winter, but cooler in summer as well. Depending upon your home’s building materials, you may have the capacity to insulate your roof, walls, and floors. Whilst home insulation does include upfront costs, the savings in electricity over the next 20 years will undoubtedly make up for it.

Windows

One location where heat escapes quickly from your house are through your windows. The best strategy is to get double glazing on your windows, but this can be rather expensive so consider using solid drapes which will preserve most of the heat. When the warmer months gradually arrive, just substitute your solid drapes for curtains which are more suitable for warmer weather.

Get rid of drafts

One of the most economical ways to reduce your electricity bill is to eliminate any drafts in your household. Any spaces in your windows and doors will enable warm air to escape and cool air to get in. Look into adding caulking to your window surrounds and draft excluders to the bottom of your doorways.

Use some common sense

A bit of common sense goes a long way in making your home more energy efficient too. When cooking, leave your oven open for a few minutes when you’re done to heat up your kitchen and lounge. Moreover, don’t drain the hot water in your bath immediately. Closing doors to cold rooms when you’re not using them and switching off heating appliances when you leave your home or go to bed are all easy ways to lower your electricity bill.

If you’re experiencing any financial challenges and finding it challenging to keep up with all your bills, it’s always best to seek financial assistance as soon as possible. The sooner you act, the more possibilities are available to you, so if you need any help with your finances, reach out to Bankruptcy Experts Frankston on 1300 795 575. Alternatively, visit our website for further information: www.bankruptcyexpertsfrankston.com.au

One of the most frequent questions I get asked relates to how bankruptcy will impact child support payments. Whilst this topic may appear to be relatively straightforward, I’ve found that it creates a lot of misunderstanding so today we’re going to take a closer look and try to clear up some of that confusion.

Does bankruptcy cover child support debts?

Whilst bankruptcy releases you from a wide variety of debts, child support is not one of them. If you owe a substantial amount of money in child support when you file for bankruptcy, it will not be released in bankruptcy so it’s best to consult with the Department of Human Services (DHS) and arrange a repayment plan. If, for whatever reason, you think the assessment supplied by the DHS is inaccurate, you can dispute this.

How is child support gauged?

The DHS is accountable for supervising and working with separated parents on child support assessments. To establish how much child support you must pay, the DHS examine both your income and your care percentage of the children involved. By utilising your latest tax return as a benchmark, the DHS will use these figures to figure out your estimated income for the upcoming year. This emphasises the value of keeping your tax returns up to date, and any alterations to your circumstances should be presented to the DHS as soon as possible.

Income contributions to your bankrupt estate

An income threshold is used to verify if a bankrupt individual can afford to contribute some of their income to pay off the debts in their bankrupt estate. Despite this, matters like income tax, the number of dependents, fringe benefits, salary sacrificing, and child support will affect your income threshold. The following table features the relevant threshold limits as of September 2017:

The DHS define a dependent as an individual who lives with you most of the time and earns below $3,539 yearly.

Assuming you earn over the income threshold, your trustee would figure out your income contributions to your bankruptcy estate with the following formula:.

(assessable income – income threshold amount) ÷ 2

As a result, every 50 cents you earn over your income threshold will be used to settle the debts in your bankrupt estate.

As an example, if you earn $110,000 yearly before tax, you’ll likely be paying about $30,500 every year in tax. Your assessable income would therefore be roughly $79,500. Assuming you have no other income and no dependents live with you at home, your trustee would determine your bankruptcy payments as follows:.

($79,500 – $55,837.60) ÷ 2 = $11,831.20 (or around $986 each month).

Child support contributions.

Your child support contributions are deducted from your taxable income so the more child support you pay, the less money gets contributed to your bankruptcy estate. Using the above example, if you are required to pay $15,000 in child support payments annually, your assessable income would be decreased from $79,500 (income after tax) to $64,500.

After providing your trustee with a copy of your child support assessment from the DHS, your trustee would determine your bankruptcy payments as follows:.

($64,500 – $55,837.60) ÷ 2 = $4,331.20 (or roughly $361 monthly).

Summary

Although mixing family law and bankruptcy can be slightly confusing, there’s always somebody to help you at Bankruptcy Experts Frankston. If you have any additional concerns relating to bankruptcy and child support payments, or you just need some friendly advice, speak with our team on 1300 795 575, or alternatively visit our website for further information: www.bankruptcyexpertsfrankston.com.au

A short time ago, the Australian Government proposed changes to bankruptcy laws that decrease the bankruptcy time frame from three years to 1 year. If this bill is passed, it will have a remarkable effect on the stigma associated with bankruptcy and the financial repercussions that bankrupts will experience in the future. Even though many individuals understand the principle of bankruptcy, most people wouldn’t know where to start if they determined that declaring bankruptcy is the best alternative for them. To offer some insight, here are the top 5 tips on how to file for bankruptcy in Australia.

1. Get advice from a registered bankruptcy trustee

If you’ve determined that bankruptcy is the best approach for you, always seek advice from a registered bankruptcy trustee before making any concrete decisions. There is a massive difference between a firm that charges you to file for bankruptcy and a legitimately registered bankruptcy trustee firm. In many cases, bankruptcy firms are not the same as registered bankruptcy trustee firms, so ensure you get the right advice the first time so you can make the best financial decision. The right advice will not only aid you with your decision-making, but also put you in the best position to make a healthy recovery after you have been discharged.

2. Download the forms needed to declare bankruptcy

If you’ve decided that bankruptcy is the best solution for your individual position, there are two sets of documents that you will need to complete in order to declare bankruptcy:

• The Debtor’s Petition, which is a 3 page document (click on this link to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/debtors-petition).
• The Statement of Affairs, which is a 25 page document (click here to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/statement-affairs).

3. Gather your supporting documents.

In nearly all bankruptcy cases, individuals need to present evidence that their claims are correct by supplying a variety of supporting documents. Commonly, this will include the following:

•  Income statements and personal tax returns
•  Company tax returns (if you are a company owner)
•  Centrelink benefits statement (if relevant)
•  Formal child support notices
•  Any family law orders
•  Any court orders
•  Wills of any deceased estate of which you are the beneficiary
•  All transaction statements from transferred assets over the last 5 years

It is essential to note that failure to deliver accurate information or any effort to hide information that would otherwise relate to your bankruptcy case is a severe offence that is punishable in a criminal court.

4. Complete the bankruptcy paperwork.

You must answer each and every question in your bankruptcy paperwork accurately and honestly to make sure it gets processed successfully. It’s important that you include the address information of all your creditors in the secured and unsecured sections of the bankruptcy paperwork. In the Debtor’s Petition, you’ll need to provide at the very least two types of ID. If you’re unclear of which forms of ID are acceptable, check the AFSA website (https://www.afsa.gov.au). If you run out of space when addressing any questions, simply print out another copy of that page and use it to fill in further details. Furthermore, be careful to include all assets sold in the last 5 years in question 33.

5. Submit your bankruptcy paperwork.

Before you lodge your bankruptcy paperwork, check the date to make sure you are submitting it within 28 days of you signing it. At Bankruptcy Experts Frankston, we understand that all the paperwork can be a bit overwhelming, so if you have any inquiries regarding your any of your answers, it’s best to contact us on 1300 795 575 to ensure you get it right the first time. Alternatively, visit our website for more information: www.bankruptcyexpertsfrankston.com.au.

In Australia, personal bankruptcies are on the upswing again, with the September 2017 quarter indicating an 8% growth in the amount of bankruptcies cases than the preceding year. In reality, the September 2017 quarter was the ninth consecutive quarter wherein the amount of debt agreements increased. Like me, you may be wondering why?

Well, the economy is doing fine with interest rates still at an all-time low and unemployment stable at 5.6% as of February 2018. Even though the unemployment statistics aren’t great, it’s floating around average levels which definitely wouldn’t bring about an 8% increase in the amount of personal bankruptcies. So, just what has caused 4,236 people to file for bankruptcy in the September 2017 quarter?

If you’re confronting any financial distress, understanding the top causes of personal bankruptcy will give you awareness into what aspects of your finances you have to prioritise. Our world is shifting dramatically and recognising new risks in your own financial situation will enable you to proactively manage them. To give you some insight, here are the top 3 causes of personal bankruptcy in Australia in 2017.

Excessive use of credit

The top cause of bankruptcy in Australia today comes from excessive use of credit. This is significant, given that it is the first time since data collection began in 2007-08 that excessive use of credit has surpassed unemployment as the leading cause of personal bankruptcy.

Naturally, this is an ongoing issue that should be addressed. Banks charge excessive fees and interest charges for late credit card repayments, so if you’re currently behind in your credit card repayments, act now. The Government’s MoneySmart website (https://www.moneysmart.gov.au) has lots of online resources that can aid those with credit card troubles. Seeking financial counselling is strongly advised to educate individuals how to plan and follow a budget.

Unemployment

Unemployment or loss of income remains to be one of the most contributing factors of personal bankruptcy. This doesn’t come as a suprise because many Australian’s don’t have income insurance or an emergency fund which they can use if they face an unplanned termination or resignation. With unemployment rates currently at 5.6%, this leaves many Australians without a steady income source and relying only on Centrelink payments to continue being solvent. The best way to manage an unanticipated loss of income is to be prepared, which highlights the importance of creating an emergency fund that can support you and your family for three to six months.

Relationship breakdowns

The third leading cause of personal bankruptcies in Australia stems from relationship breakdowns. Divorce rates are gradually increasing, with the ABS recording 46,604 divorces in 2016. While divorces are not uncommon, financial problems caused by divorces are common given the associated legal fees, child support, and the abrupt transition into a one-income household. Many people end up inheriting debts from their partners or are not able to pay off existing credit because their expenses have substantially increased.

Looking ahead

Regardless of the reasons for your financial troubles, the fact remains that the sooner you seek financial help, the more options will typically be available to you to resolve these issues. Many individuals grapple with debt for years before seeking help. If you’re juggling your finances and avoiding phone calls, don’t wait any longer. Speak with the professionals at Bankruptcy Experts Frankston on 1300 795 575, or alternatively visit our website for additional information: www.bankruptcyexpertsfrankston.com.au

The issue is that too many people don’t appreciate the difference between good debt and bad debt, and as a result, they take on too much bad debt which can lead to substantial financial problems down the road. Not all loans are created equal, and normally you’ll find an extensive difference between your credit card interest rates and your mortgage interest rates. In time, your credit report will have a critical influence on your borrowing capacity, so paying your bills on time and not defaulting on any loans is critical, as well as keeping a healthy balance between good debt and bad debt.

Each time you make an application for credit, your creditor will inspect your credit report to evaluate your financial history and then determine whether they’ll authorise your loan. Too much bad debt on your credit report will be viewed negatively by lending institutions, as it exhibits poor financial decisions and behaviours. To make sure that you maintain healthy financial habits, it’s imperative that you recognise the difference between good debt and bad debt.

What’s the difference?

The difference between good debt and bad debt is pretty straightforward. Good debt is typically an investment that will increase in value over time and will assist you in creating wealth or providing long-term income. Conversely, bad debt typically decreases in value rapidly and does not add any value to your wealth or produce a long-term return. To give you some idea, the following provides some examples of each of these types of debts.

Property

The price of property has traditionally increased with time, so securing a mortgage is considered a good debt because the value of your land will increase in time. Additionally, home loans normally have low interest rates and a long term, normally 20 to 30 years, which shows that the value of your land can double or triple during the life of your loan.

Stock Market

Securing a loan to invest in the stock market is also deemed to be good debt because the returns on the stock exchange are traditionally favourable. Lenders normally view stock market loans as good debt because you are trying to improve your wealth with time through a solid investment. Be careful though, it’s not wise to invest in the stock market unless you have an ample amount of knowledge.

Education

Another kind of good debt is investing in your education, whether it be university or a trade, given that it boosts your skills and your capability to earn a higher income in the future. In Australia, the interest on HECS loans are equal to inflation which clearly makes them a very attractive option.

Credit cards

Credit cards are traditionally the worst type of debt a person can have. Credit card debts demonstrates to financial institutions that you have poor financial habits because the interest rates are extremely high and you have nothing in value to show for your investment. Individuals with credit card debts often have problems in acquiring future credit from lenders.

Vehicles and consumer goods

Another type of bad debt is loans for cars and other consumer goods. When you take out a loan to purchase a vehicle, it immediately decreases in value when you drive it out of the dealership. The same applies to consumer goods like flat screen TVs, because you are basically paying interest for something that depreciates in value very fast.

Borrowing to repay debt

If you end up in a position where you need to secure a loan to repay existing debt, it’s best to seek financial guidance as soon as possible. This kind of borrowing will only trigger further money problems, and the sooner you act, the more alternatives will be available to you to resolve the issue. If you find yourself facing a mountain of debt, consult with the professionals at Bankruptcy Experts Frankston on 1300 795 575, or alternatively visit our website for more information: www.bankruptcyexpertsfrankston.com.au

So, what is a credit report? A credit report is a report that points out details about your financial history with financial institutions. In recent times, credit reports have been remodelled to place greater emphasis on favourable history such as paying your bills on time, but overwhelmingly, credit reports are used by lenders to check your capability to repay debts by assessing your past behaviour.

When creditors check your credit report, you normally either get a pass or fail so any default regardless of its severity can have a long-lasting impact on your financial opportunities for years to come. While finding solutions to improve a poor credit report can be difficult, there are various things you can do to improve it. Luckily, we’ve gathered a list of suggestions that you can try to enhance your credit report and your overall financial health.

Check your credit report for any oversights

The first step is to check your credit report to discover exactly what it features. You can do this by paying a modest fee to a company like ‘Check My Credit File’ (https://www.mycreditfile.com.au). It’s not out of the ordinary for mistakes to be made on credit reports which can have a negative impact on your financial abilities. Read your credit report meticulously and challenge any mistakes that you find to ensure your credit report accurately mirrors your financial history. Some typical errors that can occur are:

•  Mistakes in personal information
•  Wrongful defaults and judgements
•  Old defaults and judgements
•  Inaccurate information concerning your credit history

If you find any oversights, inform the credit reporting agency in writing so these listings can be adjusted or removed to reflect your true credit history.

Pay your bills on time

A lot of people underestimate how critical it is to pay your bills on time. In some cases, people can be forgetful considering that they have too many bills to pay, so it’s a wise idea to contact all your lenders and ask them to automatically debit your bank account every month. Normally, your creditors would be more than happy to do this as sending paper statements is time-consuming and expensive. By putting all your bills on autopilot, you can be sure that they’ll be paid in full and on time, which will have a positive impact on your credit report

Add extra information to your credit report

There are particular details throughout your credit report which lenders will view favourably. For instance, if you are married, have been working for the same workplace for more than two years, or you are a homeowner, then this information will enhance your credit report. Creditors typically view this information in a positive light and it can assist in future credit applications. If you discover that this type of information is missing from your credit report, inform the credit reporting agency and request that it be added.

Steer clear of too many credit applications

Each time you request a line of credit, it is noted on your credit report. Obviously, too many applications for credit will have a negative effect on your credit report and the way in which lenders view your financial behaviours. It is essential that you are sensible and selective when applying for credit and only apply when you are optimistic it will be approved. Likewise, if you recently had a credit application rejected, wait a respectable amount of time before applying again.

Consider a debt consolidation loan

Naturally, it can be very hard to manage your debts when then you have lots of them. Neglecting just one debt repayment can turn into a default, which will stay on your credit report for a minimum of five years. Look at a single debt consolidation loan which will accumulate all your debts into one, single, monthly repayment. Usually, interest rates on debt consolidation loans are fairly low, and you’ll eliminate any further defaults which will have a positive effect on your credit report. If you’re interested in a debt consolidation loan, speak with our friendly team at Bankruptcy Experts Frankston on 1300 795 575, or alternatively visit our website for more information: www.bankruptcyexpertsfrankston.com.au

Let’s face it, $50,000 is a huge amount of money! You could purchase a business, put a deposit on a property, settle your student loans, or maybe travel the world! The fact is though, weddings are a celebration of two people who commit to spending the rest of their lives with each other. Sure, we ‘d all like to have the wedding of our dreams, but we shouldn’t lose sight of what’s really important.

While I’ve never married myself, I have a close circle of friends, and two of them managed to pull off the most unforgettable weddings on a shoestring. Obviously, it didn’t feature costly bridesmaid parties and catering for 500 guests, but it was unique, intimate, and almost everyone who came had the time of their lives. If you’re about to get married on a budget and looking at ways to save money, then here’s how.

Location
There’s loads of ways to save thousands of dollars on your wedding venue alone. One of the most elegant weddings I was invited to was in the garden of a friend’s house. Other choices you could consider is hiring a neighbourhood park for the day, or perhaps the beach. The ambience is spectacular, you can customise your wedding to exactly how you want it, and the costs are extremely low. If you choose to have your wedding in a public place, just don’t forget to phone the local council and book well ahead of time.

Wedding Date
Even though lots of people prefer their weddings on a Saturday, the rates of venues are much more pricey on Saturday than any other day of the week. Look into having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will also have a substantial impact on the cost of your venue. If you’re dead-set on having your reception in an indoor location, then book your wedding date in winter and you’ll save close to a third of the costs for venue hire itself.

Photography
The cost of a professional photographer will normally cost around $4,000 for the entire day. With the amazing specs of smartphone cameras these days, think about hiring a professional photographer just for the formalities and ask your friends to take pictures throughout the duration of your wedding celebrations. You can make a hashtag on Twitter and ask your friends to post their photos, ensuring that there’ll be loads of natural pictures that reflect the true spirit of your special day.

Food & Drinks
If you really want to save money, then catering firms are your primary target! They charge outrageous prices and aren’t really necessary at all. Contemplate preparing your own food and drinks and don’t hesitate to go against the grain here.

You could hire a wood fire pizza truck that offers gourmet pizza, or look at hiring a professional to roast a whole pig in the ground and make the sides on your own. For me, there’s nothing better than a pulled pork burger with mouth watering sauce and cheesy smashed potatoes! Remember that most of the time, being original is much more memorable than being customary. Also, search for a venue that allows you to bring your own alcohol. You’ll save a pile of money this way, and you’ll have the ability to discuss a significant discount when buying in bulk.

Don’t Borrow Money
It’s not uncommon for couples to borrow money to finance their weddings, not realising how difficult it can be to pay back. Not only will you be paying for the wedding itself, but also interest on top of that, which can occasionally take years to repay. If you’ve had an extravagant wedding and found yourself in financial difficulties, always seek financial assistance sooner rather than later. The sooner you take action, the more choices will be available. For any financial guidance regarding your personal situation, reach out to Bankruptcy Experts Frankston on 1300 795 575, or visit our website for additional information: www.bankruptcyexpertsfrankston.com.au