Some of life’s most exciting milestones also happen to be the most expensive. Buying a home, tying the knot, welcoming a pet or renovating a property can all bring joy, but also carry significant financial commitments. With some planning and foresight, you can manage the costs and focus on enjoying the moments that matter most.
Buying a home
For most Australians, purchasing a property will be the biggest financial outlay of their lives. A deposit alone (usually 20% of the property’s value) can rival the cost of a luxury car.
Beyond the deposit, there are a host of additional expenses to account for:
- Stamp duty, which is typically 3–5% of the property’s value, depending on your state or territory.
- Legal and conveyancing fees.
- Lenders Mortgage Insurance (LMI) if your deposit is under 20%.
- Furnishing and moving costs.
- Ongoing mortgage repayments that rise or fall with interest rate changes.
- Council rates, water charges and strata fees.
Lenders will also scrutinise your financial history before approving a loan. Keeping spending in check in the three to six months leading up to your application can improve your chances. After settlement, maintaining those good money habits is just as important. If repayments become too heavy, it may be worth negotiating a lower rate with your lender or refinancing.
Paying for a wedding
Few milestones are as memorable as a wedding, and the costs usually reflect that. According to Moneysmart, the average Australian couple spends around $36,000 on their big day.
This often includes:
- Venue hire
- Marriage celebrant
- Wedding attire and accessories
- Floral arrangements
- Photography and videography
- Catering and beverages
Of course, weddings can be as modest or as lavish as you like. The key is having a realistic budget. Break down your costs by category, prioritise the areas that matter most to you, and look for opportunities to save elsewhere. Starting early with a savings plan can reduce the temptation to rely on credit cards or personal loans, which only add to the long-term cost.
Getting a pet
Pets bring enormous joy and companionship, but they also come with ongoing expenses. Adoption fees can range from $50 to $300 for cats and from $200 to $800 for dogs. Buying from a breeder can cost much more, with some pedigree dogs priced above $6,000.
Once your new pet arrives, you will need to budget for:
- Food and treats
- Bedding, toys and pet-proofing your home
- Routine vet care and vaccinations
- Flea, worming and dental treatments
- Grooming services
- Pet insurance
- Boarding or pet-sitting services during travel
- Repairs or replacements for accidental damage
Over the course of a pet’s life, these costs can add up to tens of thousands of dollars. Planning ahead ensures you can provide the care they deserve without financial strain.
Planning renovations
Home renovations can be a great way to add value, improve energy efficiency or simply refresh your living space.
Costs vary depending on the scale of the project:
- Cosmetic updates (painting, flooring, new cabinetry) may cost a few thousand dollars or up to 5% of your home’s value.
- Structural renovations (extensions, reconfiguring the floor plan, foundation work) can run into the hundreds of thousands and usually require an architect or draftsperson.
It is wise to set aside an additional 10–20% for unexpected overruns, as projects rarely go according to plan. If major works require you to move out, factor in temporary accommodation costs as well.
Enjoy life’s big moments without the stress
Big milestones are meant to be enjoyed, not overshadowed by financial stress. By mapping out expected costs, setting clear savings goals and building a buffer for surprises, you can approach these moments with confidence.
Sources: This article was originally published on Advisely with the title “Preparing for life’s most expensive milestones” on 15 September 2025 and was informed by Moneysmart, “Weddings” and “Getting a pet”
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Book a no-cost, no-obligation conversation today to take control so you can enjoy every stage of your life with financial confidence.
This information provided in this article is general advice only and has been prepared without taking into account your own objectives, financial situation or needs. Before making a financial decision based on this advice, you must consider whether it is appropriate in light of your own needs, objectives, and financial circumstances, and where relevant, obtain personal financial, taxation or legal advice. Where a financial product has been mentioned, you should obtain and read a copy of the Product Disclosure Statement (PDS) prior to making any decisions about whether to acquire a product.