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 anxiety by consolidating all their current debts into one easy to manage loan that’s payable every month. Alternatively, debt agreements are another option available to people in financial hardship, and this will be the focus of today’s article.

What is a debt agreement?

A debt agreement is essentially a legal contract between you and your creditors 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 agreed period of time, to settle your debts.

It is vital 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 capacity to secure credit in the future. Subsequently, it’s strongly encouraged that individuals seek independent financial guidance before making this decision to ensure this is the best choice for their financial circumstances and they clearly understand the repercussions of such agreements.

Before entering a debt agreement

There are several things one should take into account before entering into a debt agreement. Speaking with your financial institutions about your financial position is always the first step you should take to try to settle your debts outside of a debt agreement. Have you spoken with your creditors and asked them for additional time to settle your debt? Have you already tried to discuss a repayment plan or a smaller payment to settle your debt?

What kinds of debts are covered 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 – such as mortgages where the property can be sold to recoup money
•  Joint debt – if you have a joint debt with a partner, creditors can demand that your partner repays the full amount if you’re unable to
•  Overseas debt
•  Other debts – including debts incurred by student HECS or HELP debts, fraud, child support, and court fines

Are you entitled to enter a debt agreement?

To figure out 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 determine that a debt agreement is the best choice 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 creditors. If your lenders accept the terms of your agreement, then your debt agreement will commence, for instance, paying 90% of your debts to financial institutions over a 3-year time frame.

Disadvantages of debt agreements

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

•  If your creditors reject 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 alert a new lender of your debt agreement when receiving a loan over $5,703.
•  If you own a company 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 a bearing on your employment.

Choose your debt agreement administrator mindfully.

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

If you’re still unsure if a debt agreement is the right approach for you, talk with Bankruptcy Experts Tweed Coast on 1300 795 575 who can give you the right advice, the first time. To find out more, visit www.bankruptcyexpertstweedcoast.com.au.

Write down your monthly expenses

The first step in taking care of your financial concerns is ascertain exactly where your pain points are. Whether or not you’re dealing with a large credit card debt, you’re attempting to enhance your retirement savings, or you just spend too much on dining in restaurants during the week, pinpointing the main causes of your financial issues will reveal to you which expenditures must be prioritised so you can get your finances back on track. Get a pen and paper and document your current monthly expenditures including bills, debt repayments, food, tuition, transport, and any other items you normally spend each month.

Cut back on your expenditures

After you’ve got your monthly expenses in front of you, take a closer look and find which expenses can be decreased and which can be eliminated altogether. Even though your mortgage repayments naturally can’t be decreased, you can most likely lower your food bill by only eating at home and even get rid of other entertainment expenses such as cable television. It’s integral that you are pragmatic about cutting down your expenses. Bear in mind, if you’re trying to address financial problems then you have to make sacrifices to resolve them.

Set up a budget

Now that you’ve got your monthly expenses written down without the unnecessary spending, you need to create a budget. If you’re unfamiliar with developing a budget, there are plenty of wonderful 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 determine how much money you have left each month by examining your income and expenses. It’s crucial that you stick your budget. If you sense that it could be too challenging to do this, add a miscellaneous item to your budget to give you some room to breathe, or even 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, aim to decrease your largest debts first. Not only will you be saving money by paying less interest, you’ll also feel much 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 types of debts as soon as possible. Keep in mind, you still have other fixed debts each month including phone bills and electricity, so these need to be taken into account as well.

Still feeling the heat?

If you’ve cut down your expenses and developed a budget but still find that there’s not enough money to pay off all your debts, you’ll have to find other income streams. 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 reliable way to attempt to deal with your concerns. Whatever you do to get additional money, never get a personal loan from the bank to settle your existing debt – this will only magnify 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 rather than later. Depending on your individual circumstances, there are a number of solutions available including debt consolidation loans or debt agreements which can assist those in need. Don’t wrestle with your debts for years before getting guidance, call Bankruptcy Experts Tweed Coast on 1300 795 575 or visit our website for further information: www.bankruptcyexpertstweedcoast.com.au

With the cost of electricity already soaring in Australia, this winter is the ideal time to make your house more energy efficient. Not only will you save lots of money, but you’ll also decrease your carbon footprint at the same time. Recent studies reveal that during the cold season, 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 loads 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 expect!

Heating units

Electric heaters are without a doubt the biggest contributor to your electricity bill throughout winter. As an alternative, consider using a gas heater or a fireplace which have the benefit of warming rooms faster than electric heaters but use far less electricity.

Lighting

With longer and darker nights, lighting is used much more frequently in winter without you even realising it. The lightbulbs you have installed in your household make a dramatic difference to your electricity bill, so consider switching any halogen lights for LEDs or CFLs which will save you hundreds of dollars throughout the year.

Insulation

A reliable insulation system in your house will not only keep you warmer in winter, but cooler in summer too. Based on your home’s construction, you may have the capacity to insulate your floors, roof, and walls. While home insulation does entail upfront costs, the savings in electricity over the next five years will unquestionably offset it.

Windows

One place where heat escapes quickly from your home are through your windows. The best technique is to get double glazing on your windows, but this can be relatively costly so contemplate using solid drapes which will preserve most of the heat. When the warmer months eventually arrive, just substitute your solid drapes for curtains which are better suited.

Eradicate drafts

One of the most economical ways to reduce your electricity bill is to eliminate any drafts in your residence. Any gaps in your doors and windows will allow warm air to escape and cool air to enter. 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 warm up your kitchen and lounge. At the same time, 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 devices when you leave your home or go to bed are all easy ways to reduce your electricity bill.

If you’re experiencing any financial difficulties and finding it tough to keep track of all your bills, it’s always best to seek financial assistance as quickly as possible. The sooner you act, the more alternatives are available to you, so if you need any advice with your finances, get in contact with Bankruptcy Experts Tweed Coast on 1300 795 575. Alternatively, visit our website for additional information: www.bankruptcyexpertstweedcoast.com.au

One of the most frequent questions I get asked pertains to how bankruptcy will have a bearing on child support payments. Although this topic may seem pretty 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 hefty amount of money in child support when you declare bankruptcy, it will not be released in bankruptcy so it’s best to connect with the Department of Human Services (DHS) and discuss a repayment plan. If, for whatever reason, you feel the assessment given by the DHS is incorrect, you can dispute this.

How is child support determined?

The DHS is accountable for supervising and working with separated parents on child support assessments. To determine how much child support you must pay, the DHS consider both your income and your care percentage of the children involved. By using your latest tax return as a measure, the DHS will use these figures to figure out your estimated income for the upcoming year. This highlights the importance of keeping your tax returns up to date, and any changes to your circumstances should be relayed to the DHS immediately.

Income contributions to your bankrupt estate

An income threshold is used to figure out if a bankrupt person can afford to contribute some of their income to pay off the debts in their bankrupt estate. Despite this, factors like the number of dependents, income tax, child support payments, salary sacrificing, and fringe benefits will influence 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 determine 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.

For instance, if you earn $110,000 yearly before tax, you’ll most likely be paying close to $30,500 each year in tax. Your assessable income would therefore be approximately $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 approximately $986 monthly).

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 yearly, your assessable income would be reduced from $79,500 (income after tax) to $64,500.

After supplying 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 around $361 monthly).

Summary

Whilst combining family law and bankruptcy can be slightly perplexing, there’s always someone to assist you at Bankruptcy Experts Tweed Coast. If you have any more questions relating to bankruptcy and child support payments, or you just need some friendly advice, get in touch with our team on 1300 795 575, or alternatively visit our website for further information: www.bankruptcyexpertstweedcoast.com.au

Not long ago, the Australian Government proposed changes to bankruptcy laws that cut down the bankruptcy time frame from three years to 1 year. If this bill is passed, it will have a significant effect on the stigma connected with bankruptcy and the financial repercussions that bankrupts will face down the road. Even though lots of individuals understand the notion of bankruptcy, lots of people wouldn’t know where to start if they determined that filing for bankruptcy is the best option for them. To give some insight, here are the top 5 tips on how to file for bankruptcy in Australia.

1. Get guidance from a registered bankruptcy trustee

If you’ve determined that bankruptcy is the best alternative for you, always talk with a registered bankruptcy trustee prior to making any concrete decisions. There is an enormous difference between a firm that charges you to file for bankruptcy and a legally registered bankruptcy trustee firm. Most of the time, 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 assist 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 come to the conclusion that bankruptcy is the best choice for your individual circumstances, there are two sets of documents that you will need to complete in order to file for 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 (visit this site to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/statement-affairs).

3. Collect your supporting documents

In almost all bankruptcy cases, individuals must present evidence that their claims are correct by supplying various supporting documents. Generally, this will include the following:

•  Income statements and personal tax returns
•  Company tax returns (if you are a business owner)
•  Centrelink benefits statement (if appropriate)
•  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 crucial to note that failing to provide accurate information or any effort to conceal information that would otherwise relate to your bankruptcy case is a serious offence that is punishable in a criminal court.

4. Complete the bankruptcy paperwork

You must address each question in your bankruptcy paperwork accurately and honestly to ensure it gets processed correctly. It is integral that you include the address information of all your lenders in the secured and unsecured sections of the bankruptcy paperwork. In the Debtor’s Petition, you’ll need to present a minimum of 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 don’t have enough space when answering any questions, simply print out another copy of that page and use it to fill out additional information. Furthermore, be careful to include all assets sold in the last 5 years in question 33.

5. Lodge your bankruptcy paperwork

Before you submit your bankruptcy paperwork, inspect the date to make sure you are lodging it within 28 days of you signing it. At Bankruptcy Experts Tweed Coast, we understand that all the paperwork can be a bit complicated, so if you have any concerns regarding your any of your answers, it’s best to call us on 1300 795 575 to ensure you get it right the first time. Alternatively, visit our website for further information: Declaring Bankruptcy Tweed Coast

In Australia, personal bankruptcies are on the rise again, with the September 2017 quarter indicating an 8% surge in the amount of bankruptcies proceedings than the preceding year. In reality, the September 2017 quarter was the ninth consecutive quarter where 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 figures aren’t optimal, it’s hovering around average levels which definitely wouldn’t bring about an 8% increase in the number of personal bankruptcies. So, exactly what has caused 4,236 people to declare bankruptcy in the September 2017 quarter?

If you’re dealing with any financial hardship, understanding the top causes of personal bankruptcy will give you awareness into what components of your finances you should prioritise. Our world is transforming quickly and pinpointing new risks in your own financial situation will help you to proactively address them. To give you some insight, here are the top three causes of personal bankruptcy in Australia in 2017.

Excessive use of credit

The leading 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.

Obviously, this is an ongoing issue that should be addressed. Banks charge enormous fees and interest charges for late credit card repayments, so if you’re currently overdue in your credit card repayments, take action now. The Government’s MoneySmart website (https://www.moneysmart.gov.au) has plenty of online resources that can help those with credit card problems. Seeking financial guidance is strongly advised to show individuals how to plan and follow a budget.

Unemployment

Unemployment or loss of income remains to be one of the most contributing elements of personal bankruptcy. This comes as no surprise considering that many Australian’s don’t have income insurance or an emergency fund which they can use if they experience an unforeseen termination or resignation. With unemployment rates currently at 5.6%, this leaves many Australians without a reliable source of income and depending only on Centrelink payments to remain solvent. The best way to cope with an unplanned loss of income is to be prepared, which accentuates the importance of creating 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 gradually increasing, with the ABS recording 46,604 divorces in 2016. Even though divorces are not uncommon, financial problems arising from divorces are common given the accompanying legal expenses, child support, and the abrupt transition into a one-income household. Many individuals find themselves inheriting debts from their partners or are not able to pay off existing credit because their costs have significantly increased.

Looking ahead

Irrespective of the reasons for your financial problems, the fact remains that the sooner you seek financial help, the more options will usually be available to you to resolve these issues. Lots of individuals grapple with debt for years before seeking help. If you’re juggling your finances and avoiding phone calls, don’t wait any longer. Get in touch with the professionals at Bankruptcy Experts Tweed Coast on 1300 795 575, or alternatively visit our website for additional information: Bankruptcy Tweed Coast

The trouble is that lots of individuals don’t appreciate the difference between good debt and bad debt, and consequently, they take on too much bad debt which can lead to major financial problems in the coming years. Not all loans are created equal, and commonly you’ll discover a tremendous difference between your credit card interest rates and your mortgage interest rates. Gradually, your credit report will have a vital influence on your borrowing capabilities, so paying your bills on time and not defaulting on any loans is integral, together with keeping a healthy balance between good debt and bad debt.

Each time you request a line of credit, your lending institution will inspect your credit report to determine your financial history and then decide whether they’ll authorise your loan. Too much bad debt on your credit report will be viewed adversely by loan providers, as it reveals poor financial decisions and behaviours. To ensure that you maintain healthy financial habits, it’s critical 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 frequently an investment that will increase in value in time and will assist you in creating wealth or providing long-term income. On the other hand, bad debt commonly decreases in value quickly and does not add any value to your wealth or earn a long-term return. To give you some understanding, the following gives some examples of each of these types of debts.

Property

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

Stock Market

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

Education

Another kind of good debt is investing in your education, whether it be university or a trade, given that it improves your skills and your capacity 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 appealing option.

Credit cards

Credit cards are often the worst type of debt a person can have. Credit card debts displays to loan providers 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 often have complications in receiving future credit from lending institutions.

Cars and consumer goods

Another kind of bad debt is loans for vehicles and other consumer goods. When you obtain a loan to buy a vehicle, it instantly decreases in value when you drive it out of the car dealership. The same applies to consumer goods such as flat screen TVs, because you are essentially paying interest for something that depreciates in value very quickly.

Borrowing to repay debt

If you find yourself in a situation where you need to obtain a loan to repay existing debt, it’s best to seek financial assistance as quickly as possible. This type of borrowing will only lead to further money problems, and the sooner you act, the more opportunities will be available to you to resolve the issue. If you find yourself dealing with a mountain of debt, talk to the professionals at Bankruptcy Experts Tweed Coast on 1300 795 575, or alternatively visit our website for further information: Bankruptcy Tweedcoast

So, what is a credit report? A credit report is a document that points out details about your financial history with lenders. In recent years, credit reports have been redesigned to place greater attention on favourable history like paying your bills on time, but overwhelmingly, credit reports are used by lenders to analyse your ability to repay debts by assessing your past behaviour.

When lenders review your credit report, you generally either get a pass or fail so any default regardless of its severity can have a long-lasting effect on your financial possibilities for years to follow. Although finding solutions to boost a poor credit report can be tough, there are various things you can do to strengthen it. Luckily, we’ve gathered a list of recommendations that you can try to strengthen your credit report and your general financial health.

Examine your credit report for any mistakes

The first step is to examine your credit report to discover exactly what it contains. You can do this by paying a modest fee to a firm like ‘Check My Credit File’ (https://www.mycreditfile.com.au). It’s not uncommon for oversights to be made on credit reports which can have an adverse impact on your financial abilities. Read your credit report extensively and challenge any oversights that you find to make sure your credit report accurately reflects your financial history. Some typical errors that can occur are:

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

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

Pay your bills on time

People underestimate how vital it is to pay your bills on time. Sometimes, people can be forgetful considering that they have too many bills to pay, so it’s an intelligent idea to contact all your creditors 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 placing 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 certain details throughout your credit report which lenders will view positively. For instance, if you are married, have been employed by the same employer for more than two years, or you are a property owner, then this information will boost your credit report. Creditors generally view this information in a positive light and it can help you in future credit applications. If you find that this kind of information is missing from your credit report, notify the credit reporting agency and ask that it be added.

Avoid excessive credit applications

Every time you apply for a line of credit, it is noted on your credit report. Clearly, 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 imperative that you are vigilant and selective when making an application for credit and only apply when you are optimistic it will be accepted. Also, if you recently had a credit application turned down, wait a decent amount of time before applying again.

Think about a debt consolidation loan

Certainly, it can be very challenging to manage your debts when then you have lots of them. Neglecting just one debt repayment can become a default, which will stay on your credit report for at least five years. Contemplate a single debt consolidation loan which will accumulate all your debts into one, single, monthly repayment. Usually, interest rates on debt consolidation loans are quite 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 with our friendly team at Bankruptcy Experts Tweed Coast on 1300 795 575, or alternatively visit our website for more information: Bankruptcy Tweedcoast

Let’s face it, $50,000 is a bunch of money! You could purchase a business, put a down payment on a new home, settle your student loans, or even travel the world! The fact is though, weddings are a celebration of two people who commit to spending the rest of their lives together. Sure, we ‘d all prefer to have the wedding of our dreams, but we shouldn’t forget what’s really important.

Although I’ve never married personally, I have a close group of friends, and two of them managed to pull off the most mind-blowing weddings on a shoestring. Needless to say, it didn’t feature extravagant bridesmaid parties and catering for 400 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 trying to find ways to save money, then here’s how.

Location

There’s plenty of ways to save thousands of dollars on your wedding location alone. One of the most breathtaking weddings I attended was in the backyard of a friend’s house. Other choices you could consider is hiring a neighbourhood park for the day, or maybe the beach. The ambience is amazing, you can personalise your wedding to exactly how you want it, and the costs are tremendously low. If you opt to have your wedding in a public area, just don’t forget to phone the local council and book well ahead of time.

Wedding Date

While many people prefer their weddings on a Saturday, the prices of venues are far more expensive on Saturday than any other day of the week. Contemplate having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will similarly have a dramatic effect on the rates of your venue. If you’re dead-set on having your reception in an indoor area, then book your wedding date in winter and you’ll save about a third of the costs for venue hire itself.

Photography

The cost of a professional photographer will generally cost around $4,000 for the entire day. With the exceptional specs of smartphone cameras nowadays, look at hiring a professional photographer only for the formalities and ask your buddies to take pictures throughout the duration of your wedding celebrations. You can create a hashtag on Twitter and get your friends to upload their photos, ensuring that there’ll be plenty of natural pictures that reflect the true spirit of your special day.

Food & Drinks

If you really wish to save money, then catering businesses are your prime target! They charge outrageous prices and aren’t all that necessary. Think about organising your own food and drinks and don’t be afraid to go against the grain here.

You could hire a wood fire pizza truck that serves gourmet pizza, or look at hiring a friend 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! Don’t forget that most of the time, being original is much more memorable than being conventional. In addition, look for a venue that enables you to bring your own alcohol. You’ll save a pile of money this way, and you’ll be able to work out a sizeable discount when buying in bulk.

Don’t Borrow Money

It’s not uncommon for couples to borrow money to pay for their weddings, not realising how difficult 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 often times take years to repay. If you’ve had a lavish wedding and found yourself in financial hardship, always seek financial guidance sooner rather than later. The sooner you act, the more possibilities will be available. For any financial guidance regarding your personal circumstances, speak to Bankruptcy Experts Tweed Coast on 1300 795 575, or visit our website for more details: Bankruptcy Tweedcoast