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 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 Website: https://www.bankruptcyexperts.com.au

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

What is a debt agreement?

A debt agreement is basically a legal contract between you and your creditors which constitutes Part IX of the Bankruptcy Act 1966. Under this agreement, your creditors allow you to repay a sum of money that you can afford, over an agreed time frame, to settle your debts.

It is necessary to note, however, that entering a debt agreement is an ‘act of bankruptcy’ and has long-term financial repercussions which may have an effect on your ability to receive credit down the road. Subsequently, it’s strongly encouraged that individuals seek independent financial counselling before making this decision to make sure this is the best choice for their financial situation and they clearly understand the repercussions of such agreements.

Prior to entering a debt agreement

There are a number of things one should think about prior to entering into a debt agreement. Talking to your financial institutions about your financial situation is always the first step you should take to try to clear up your debts outside of a debt agreement. Have you spoken with your creditors and asked them for additional time to repay your debt? Have you already tried to work out a repayment plan or a smaller payment to repay your debt?

What types of debts are included in debt agreements?

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

•  Secured debt – for example mortgages where the property can be sold to recoup money
•  Joint debt – if you have a joint debt with a partner, financial institutions can request that your partner repays the full amount if you’re unable to
•  Foreign debt
•  Other debts – for instance debts incurred by fraud, student HECS or HELP debts, court fines, and child support

Are you entitled to enter a debt agreement?

To determine if you are qualified, simply 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 decide that a debt agreement is the best approach for you, a debt agreement administrator will help you with your debt agreement proposals, based on what you can afford, and send this proposal to each of your creditors. If your lenders accept the terms of your agreement, then your debt agreement will start, for instance, paying 85% of your debts to lenders over a 3-year time period.

Disadvantages 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 creditors turn down 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 mentioned on your credit report for up to five years, or longer in some circumstances
•  You are legally required to inform a new financial institution of your debt agreement when receiving a loan over $5,703.
•  If you own a firm trading under another name, you are legally obliged to reveal your debt agreement to any person who deals with your enterprise.
•  If your job belongs to a regulated profession or a position of trust, it may have an effect on your employment.

Decide on your debt agreement administrator mindfully.

Debt agreement administrators play an important role in the results of your debt agreement, so always select an administrator that is registered with AFSA’s list of registered debt agreement administrators. Fees also fluctuate widely between administrators, so always check the payment terms prior to making any decisions.

If you’re still unclear if a debt agreement is the right choice for you, get in contact with Bankruptcy Experts Rockingham on 1300 795 575 who can give you the right advice, the first time. For additional information, visit www.bankruptcyexpertsrockingham.com.au.

Document your monthly expenses

The first step in managing your financial challenges is identify exactly where your pain points are. Regardless if you’re dealing with a large credit card debt, you’re attempting to enhance your retirement savings, or you just spend too much on eating out during the week, discovering the main causes of your financial problems will show you which expenditures have to be prioritised so you can get your finances back on course. Get a pen and paper and jot down your current monthly expenses including debt repayments, bills, food, transport, tuition, and any other items you commonly spend each month.

Cut down on your expenditures

Once you’ve got your monthly expenses in front of you, take a closer look and see which expenses can be decreased and which can be cut out altogether. Even though your mortgage repayments naturally can’t be decreased, you can most likely decrease your food bill by only eating at home and even eliminate other entertainment expenses such as cable TV. It’s significant that you are pragmatic about minimising your expenses. Keep in mind, if you’re trying to address financial troubles then you need to make sacrifices to resolve them.

Develop a budget

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

This will enable you to find out how much money you have left each month by looking at your income and expenses. It’s imperative that you stick your budget. If you think that it could be difficult 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 following your budget.

Prioritise your debts

Some debts cause more strain than others, so to relieve your financial stress as best as possible, try to decrease 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 lower these kinds of debts as soon as possible. Keep in mind, you still have other fixed debts each month such as phone bills and electricity, so these need to be accounted for as well.

Still feeling the heat?

If you’ve cut down your expenses and made a budget but still find that there’s not enough money to settle all your debts, you’ll have to find other sources of income. Are you able to work a second job? Can you sell any costly household items that you can do without? Reaching out to family and friends is another practical way to attempt to address your concerns. Whatever you do to get extra money, never get a personal loan from the bank to settle your existing debt – this will only compound an already stressful situation.

Seek financial assistance

If the above steps haven’t relieved your financial stress, it’s better to seek financial advice sooner instead of later. Depending on your individual circumstances, there are lots of choices available including debt consolidation loans or debt agreements which can assist those in need. Don’t fight your debts for years before getting guidance, reach out to Bankruptcy Experts Rockingham on 1300 795 575 or visit our website for more information: www.bankruptcyexpertsrockingham.com.au

With the prices of electricity currently soaring in Australia, this winter is the ideal time to make your household more energy efficient. Not only will you save a great deal of money, but you’ll also cut down on your carbon footprint at the same time. 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. Wearing lots of warm clothing and blankets is dramatically cheaper than using electric heating. Even when you have central heating, adjust the temperature to a degree which is ‘just’ comfortable and use clothing and blankets to fill the gap. You’ll acclimatise much faster than you expect!

Heating systems

Electric heaters are undeniably the most significant contributor to your electricity bill during winter. As a substitute, contemplate using a gas heater or a fireplace which have the advantage of warming rooms quicker than electric heaters but use far less electricity.

Lighting

With longer and darker nights, lighting is used far more frequently in winter without you even acknowledging it. The lightbulbs you have set up at home make a dramatic difference to your electricity bill, so contemplate changing any halogen lights for LEDs or CFLs which will save you hundreds of dollars during the course of the year.

Insulation

A dependable insulation system in your house will not only keep you warmer in winter, but cooler in summer also. Depending on your home’s building materials, you may have the capacity to insulate your floors, roof, and walls. Although home insulation does require upfront costs, the savings in electricity over the next 15 years will most certainly offset it.

Windows

One area 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 quite expensive so look at using thick drapes which will retain most of the heat. When the warmer months inevitably arrive, just substitute your solid drapes for curtains which are more appropriate.

Eliminate drafts

One of the most economical ways to reduce your electricity bill is to eliminate any drafts in your home. Any spaces in your windows and doors will make it possible for warm air to escape and cool air to get in. Think about 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 finished to heat up your kitchen and lounge. Additionally, don’t drain the hot water in your bath immediately. Closing doors to cold rooms when you’re not using them and shutting off heating products when you leave your home or go to sleep are all sensible ways to minimise your electricity bill.

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

One of the most frequent questions I get asked pertains to how bankruptcy will affect child support payments. Whilst this topic may seem relatively straightforward, I’ve found that it causes a lot of misunderstanding so today we’re going to take a closer look and attempt to resolve some of that confusion.

Does bankruptcy cover child support debts?

Even though bankruptcy releases you from a wide range of debts, child support is not one of them. If you owe a large amount of money in child support when you file for bankruptcy, it will not be released in bankruptcy so it’s best to speak with the Department of Human Services (DHS) and negotiate a repayment plan. If, for whatever reason, you feel the assessment given by the DHS is incorrect, you can contest this.

How is child support calculated?

The DHS is in charge of regulating and working with separated parents on child support assessments. To determine 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 numbers to ascertain your anticipated income for the upcoming year. This showcases the value of keeping your tax returns up to date, and any adjustments to your circumstances should be reported to the DHS immediately.

Income contributions to your bankrupt estate

An income threshold is used to verify if a bankrupt person can afford to contribute some of their income to repay the debts in their bankrupt estate. Despite this, variables like child support, the number of dependents, income tax, fringe benefits, and salary sacrificing will have an effect on your income threshold. The following table reveals the specific threshold limits as of September 2017:

The DHS define a dependent as someone who lives with you most of the time and earns under $3,539 each year.

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 pay the debts in your bankrupt estate.

For instance, if you earn $110,000 annually before tax, you’ll likely be paying close to $30,500 each 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 calculate your bankruptcy payments as follows:.

($79,500 – $55,837.60) ÷ 2 = $11,831.20 (or roughly $986 monthly).

Child support contributions.

Your child support contributions are subtracted from your taxable income so the more child support you pay, the less money gets contributed to your bankruptcy estate. Using the previous example, if you are required to pay $15,000 in child support payments every year, your assessable income would be reduced 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 about $361 monthly).

Summary

Although mixing family law and bankruptcy can be a little perplexing, there’s always someone to help you at Bankruptcy Experts Rockingham. If you have any more questions relating to bankruptcy and child support payments, or you just need some friendly advice, reach out to our team on 1300 795 575, or alternatively visit our website for further information: www.bankruptcyexpertsrockingham.com.au

In recent months, the Australian Government proposed changes to bankruptcy laws that reduce the bankruptcy time frame from three years to 1 year. If this proposed act is passed, it will have a significant effect on the stigma associated with bankruptcy and the financial penalties that bankrupts will encounter down the road. While lots of folks understand the notion of bankruptcy, most people wouldn’t know where to start if they determined that filing for bankruptcy is the best solution for them. To offer some insight, here are the top 5 tips on how to file for bankruptcy in Australia.

1. Seek advice from a registered bankruptcy trustee

If you’ve decided that bankruptcy is the best choice 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 declare bankruptcy and a legitimately registered bankruptcy trustee firm. In many cases, bankruptcy firms are not the same as registered bankruptcy trustee firms, so be sure 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 file for bankruptcy

If you’ve made the decision that bankruptcy is the best decision for your individual scenario, there are two sets of documents that you will need to complete if you want 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 almost all bankruptcy proceedings, individuals need to provide evidence that their claims are accurate by supplying various supporting documents. Usually, 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 very important to note that failing to deliver accurate information or any attempt to conceal information that would otherwise be relevant to your bankruptcy proceedings is a severe offence that is punishable in a criminal court.

4. Complete the bankruptcy paperwork.

You must respond to every question in your bankruptcy paperwork accurately and honestly to make sure it gets processed effectively. It’s important that you include the address details of all your lenders in the secured and unsecured sections of the bankruptcy paperwork. In the Debtor’s Petition, you’ll need to supply at least two types of ID. If you’re unsure of which forms of ID are accepted, check the AFSA website (https://www.afsa.gov.au). If you run out of space when answering any questions, simply print out another copy of the same page and use it to fill in additional details. In addition, be careful to include all assets sold in the last 5 years in question 33.

5. Lodge your bankruptcy paperwork.

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

In Australia, personal bankruptcies are on the upswing again, with the September 2017 quarter showing an 8% surge in the amount of bankruptcies cases than the previous year. In truth, the September 2017 quarter was the ninth successive quarter wherein the number of debt agreements increased. Like me, you are perhaps wondering why?

Well, the economy is doing fine with interest rates still at an all-time low and unemployment stable at 5.6% in February 2018. While the unemployment rates aren’t optimal, it’s hovering around average levels which certainly wouldn’t induce an 8% increase in the amount of personal bankruptcies. So, what exactly has caused 4,236 people to file for bankruptcy in the September 2017 quarter?

If you’re facing any financial hardship, understanding the top causes of personal bankruptcy will give you awareness into what areas of your finances you should prioritise. Our world is changing dramatically and detecting new risks in your own financial circumstance will help 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 primary cause of bankruptcy in Australia today arises from excessive use of credit. This is remarkable, since it is the very first time since data collection started in 2007-08 that excessive use of credit has overtaken unemployment as the leading cause of personal bankruptcy.

Undoubtedly, this is an ongoing issue that should be addressed. Banks charge outrageous fees and interest charges for late credit card repayments, so if you’re currently behind in your credit card repayments, do something about it now. The Government’s MoneySmart website (https://www.moneysmart.gov.au) has loads of online resources that can help those with credit card problems. Seeking financial guidance is highly recommended to educate individuals how to plan and follow a budget.

Unemployment

Unemployment or loss of income remains to be one of the most contributing aspects of personal bankruptcy. This comes as no surprise given that many Australian’s don’t have income insurance or an emergency fund which they can use if they encounter an unforeseen resignation or termination. With unemployment rates presently at 5.6%, this leaves many Australians without a regular source of income and relying only on Centrelink payments to continue to be solvent. The best way to manage an unexpected loss of income is to be prepared, which accentuates the importance of developing an emergency fund that can assist 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 continuously increasing, with the ABS recording 46,604 divorces in 2016. Whilst divorces are not uncommon, financial problems caused by divorces are common given the accompanying legal expenses, child support, and the sudden transition into a one-income household. Many people find themselves inheriting debts from their partners or are unable to pay off existing credit because their costs have dramatically increased.

Looking ahead

Regardless of the reasons for your financial troubles, the fact remains that the sooner you seek financial assistance, the more opportunities will usually be available to you to resolve these issues. Lots of folks 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 specialists at Bankruptcy Experts Rockingham on 1300 795 575, or alternatively visit our website for further information: www.bankruptcyexpertsrockingham.com.au

The issue is that a lot of people don’t realise the difference between good debt and bad debt, and consequently, they take on too much bad debt which can result in major financial problems in the future. Not all loans are created equal, and commonly you’ll discover an enormous difference between your credit card interest rates and your home loan interest rates. Gradually, your credit report will have a serious effect on your borrowing capabilities, so paying your bills on time and not defaulting on any loans is essential, in addition to keeping a healthy balance between good debt and bad debt.

Each time you apply for credit, your loan provider will examine your credit report to evaluate your financial history and then determine whether they’ll endorse your loan. Too much bad debt on your credit report will be viewed detrimentally by lending institutions, as it displays poor financial decisions and behaviours. To make sure that you maintain healthy financial habits, it’s critical that you appreciate the difference between good debt and bad debt.

What’s the difference?

The difference between good debt and bad debt is fairly straightforward. Good debt is usually an investment that will increase in value with time and will support you in building wealth or providing long-term income. Conversely, bad debt generally decreases in value quickly and does not add any value to your wealth or yield a long-term return. To give you some knowledge, the following offers some examples of each of these types of debts.

Property

The price of land has historically increased in time, so acquiring a home loan is considered a good debt because the value of your property will increase with time. Also, mortgages usually have low interest rates and a long term, normally 20 to 30 years, which illustrates that the value of your home can double or triple during the life of your loan.

Stock exchange

Securing a loan to invest in the stock market is also deemed to be good debt since the returns on the stock market are traditionally favourable. Financial institutions commonly view stock market loans as good debt because you are aiming to boost your wealth in time through a sound investment. Be careful though, it’s not a good idea to invest in the stock exchange unless you have a sufficient amount of knowledge.

Education

Another type of good debt is investing in your education, whether it be university or a trade, since it enhances your skills and your capacity to earn a higher income down the road. In Australia, the interest on HECS loans are equal to inflation which clearly makes them a very enticing option.

Credit cards

Credit cards are typically the worst type of debt an individual can have. Credit card debts illustrates to lending institutions that you have poor financial habits because the interest rates are exceptionally high and you have nothing in value to show for your investment. People with credit card debts generally have challenges in obtaining 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 car, it instantly decreases in value when you drive it out of the dealership. The same applies to consumer goods like flat screen TVs, because you are ultimately paying interest for something that depreciates in value very fast.

Borrowing to repay debt

If you find yourself in a position where you have to secure a loan to repay existing debt, it’s best to seek financial support as quickly as possible. This type of borrowing will only cause further money problems, and the sooner you act, the more opportunities will be available to you to resolve the issue. If you end up facing a mountain of debt, talk to the specialists at Bankruptcy Experts Rockingham on 1300 795 575, or alternatively visit our website for further information: www.bankruptcyexpertsrockingham.com.au

So, what is a credit report? A credit report is a report that specifies information about your financial history with financial institutions. In recent years, credit reports have been remodelled to place greater attention on constructive history like paying your bills on time, but overwhelmingly, credit reports are used by creditors to gauge your ability to repay debts by assessing your past behaviour.

When creditors review your credit report, you normally either get a pass or fail so any default regardless of its severity can have a long-lasting effect on your financial opportunities for years to come. Although finding solutions to boost a poor credit report can be challenging, there are particular things you can do to boost it. The good news is, we’ve assembled a list of recommendations that you can try to strengthen your credit report and your overall financial health.

Inspect your credit report for any mistakes

The first step is to inspect your credit report to discover exactly what it contains. You can do this by paying a small fee to a company like ‘Check My Credit File’ (https://www.mycreditfile.com.au). It’s not uncommon for errors to be made on credit reports which can have a detrimental effect on your financial capabilities. Read your credit report thoroughly and dispute any errors that you discover to make sure your credit report appropriately emulates your financial history. Some common mistakes that can occur are:

•  Errors in personal details
•  Wrongful defaults and judgements
•  Old defaults and judgements
•  Incorrect information relating to your credit history

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

Pay your bills on time

Lots of people underestimate how critical it is to pay your bills on time. Sometimes, individuals can be forgetful considering that they have too many bills to pay, so it’s an intelligent idea to talk to all your lenders and ask them to automatically debit your bank account every month. Usually, your lenders would be more than happy to do this as posting paper statements is time-consuming and expensive. By putting all your bills on autopilot, you can be sure that they’ll be paid on time and in full, which will have a positive impact on your credit report

Add additional information to your credit report

There are specific details within your credit report which creditors will view positively. As an example, if you are married, have been working with the same company for more than two years, or you are a property owner, then this information will strengthen your credit report. Lenders generally view this information in a positive light and it can help you in future credit applications. If you see that this kind of information is missing from your credit report, inform the credit reporting agency and ask that it be added.

Avoid too many credit applications

Every time you request a line of credit, it is recorded on your credit report. Obviously, too many applications for credit will have a harmful effect on your credit report and the way in which lenders view your financial behaviours. It is very important that you are sensible and selective when making an application for credit and only apply when you are optimistic it will be accepted. At the same time, if you recently had a credit application declined, wait a decent amount of time before applying again.

Take into consideration a debt consolidation loan

Certainly, it can be very tough to manage your debts when then you have lots of them. Forgetting just one debt repayment can become a default, which will stay on your credit report for at least five years. Take into consideration a single debt consolidation loan which will accumulate all your debts into one, single, monthly repayment. Commonly, interest rates on debt consolidation loans are fairly low, and you’ll eliminate any further defaults which will have a positive impact on your credit report. If you’re interested in a debt consolidation loan, speak to our friendly team at Bankruptcy Experts Rockingham on 1300 795 575, or alternatively visit our website for additional information: www.bankruptcyexpertsrockingham.com.au

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

Even though I’ve never been married myself, I have a close circle of friends, and two of them managed to pull off the most remarkable weddings on a shoestring. Of course, it didn’t consist of classy bridesmaid parties and catering for 300 guests, but it was intimate, unique, 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 a number of ways to save thousands of dollars on your wedding location alone. One of the most stunning weddings I was invited to was in the garden of a friend’s house. Other options you could look into is hiring a local park for the day, or maybe the beach. The environment is amazing, you can personalise your wedding to precisely how you want it, and the costs are remarkably low. If you choose to have your wedding in a public area, just don’t forget to speak to the local council and book well ahead of time.

Wedding Date

Although lots of people prefer their weddings on a Saturday, the costs of venues are far more costly on Saturday than any other day of the week. Think about having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will additionally have a substantial impact on the fees of your venue. If you’re dead-set on having your wedding reception in an indoor location, then book your wedding date in winter and you’ll save roughly a third of the costs for venue hire itself.

Photography

The cost of a professional photographer will commonly cost about $4,000 for the whole day. With the outstanding specs of smartphone cameras these days, look into hiring a professional photographer only for the formalities and ask your buddies to take pictures over the course of your wedding celebrations. You can make a hashtag on Twitter and get your friends to post their photos, ensuring that there’ll be loads of natural pictures that mirror the true spirit of your special day.

Food & Drinks

If you really intend to save money, then catering firms are your top target! They charge outrageous prices and aren’t all that necessary. Think about putting together your own food and drinks and don’t hesitate to go against the grain here.

You could hire a wood fire pizza truck that serves gourmet pizza, or look into hiring somebody 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 scrumptious sauce and cheesy smashed potatoes! Always remember that most of the time, being unique is far more memorable than being customary. Moreover, look for a venue that permits you to bring your own alcohol. You’ll save a bunch of money this way, and you’ll have the ability to discuss a substantial discount when buying in bulk.

Don’t Borrow Money

It’s not unusual for couples to borrow money to fund their weddings, not realising how challenging it can be to repay. Not only will you be borrowing money for the wedding itself, but also interest on top of that, which can frequently take years to pay off. If you’ve had a lavish wedding and found yourself in financial difficulties, always seek financial help sooner rather than later. The sooner you act, the more possibilities will be available. For any financial guidance regarding your personal situation, reach out to Bankruptcy Experts Rockingham on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsrockingham.com.au