How to Save For a Wedding

Congratulations on your engagement! Now it’s time to start planning for the big day! There’s a lot that goes into a wedding, so before you pick your colors and venue, start budgeting and saving. Getting on the same path about each other’s financial future will take you to your happily ever after.

Average Cost

Many purchases go into a wedding. In 2022, according to The Knot Wedding Study, a wedding (ceremony and reception) on average costed couples approximately $30,000! That’s more than enough for a down payment on a house. So before you start your budget, go over your finances with your future spouse. It’s best to get a complete picture of how much money each of you has to work with before picking your special day.

Budget

During your conversation about each other’s finances, discuss a realistic budget. Consider how big of a wedding you want to have and estimate how many people will attend. Don’t forget to budget these items:

  • Venue
  • Food
  • Rings
  • Music
  • Photography
  • Flowers
  • Dress/Suit
  • Lighting & Decorations
  • Transportation
  • Dessert
  • Invitations
  • Favors and gifts
  • Honeymoon

Once you’ve decided on the magic number to make your day a reality, it’s time to start saving!

Save

Deals. Once you get engaged, start looking for deals. You can get wedding deals everywhere on almost everything. From your dress to the venue, there will be a deal as long as you’re patient. Various bridal salons will post about upcoming trunk shows and sample sales where you can catch all kinds of savings.

DIY. Some of the most memorable wedding invitations are the ones that you make yourself. And this isn’t limited to just invitations! You can grow your own flowers, make your own decorations, anything! The only limitation is your imagination. Not only does making your wedding items add a personal flare, but saves big bucks! Doing the little things will help save for the bigger ticket items for your wedding.

Thrift. There’s no need to buy everything brand new. You can find unique, discounted glass vases for flowers at local thrift stores! Or, find one of a kind jewelry to accent your dress. You’d be surprised by what you can find almost new at a thrift store.

Rent. Today, there are more wedding rental options than ever. You can rent everything from a photography booth to your wedding dress. Renting clothing, especially tuxes and dresses for the wedding party, can save you and your guests’ hundreds of dollars when they rent for the day!

Sharing is caring. Programs, escort cards, and menus are a few examples of where you can save money on printing costs. Not every person needs a program. Alternatively, account for approximately one per family. This idea goes along with escort cards and menus. Instead of one per person, consider creating a large DIY board that has the seating arrangement for the reception and limit one menu per table.

Consider other days of the week. The most expensive day of the week to have your wedding is Saturday. Sunday and Friday are close seconds. It’s the weekend; it’s when most people are available to attend. Today, that convenience is an added cost. So if you’re not in love with the idea of a weekend wedding, consider a weekday! This could potentially save you thousands of dollars on your venue.

Downsize. After you dive into all the wedding planning, you may be surprised by how much everything costs, putting your original budget in perspective. If that’s the case, don’t think your wedding dreams are dashed away. Rather, you may have to contemplate downsizing. Going from a 300-person wedding to a 150 will save you money in every part of your budget.

Reduce monthly expenses. If you don’t want to make sacrifices on aspects of your special day, consider reducing your monthly expenses. There might be opportunities to shave and save a couple bucks here and there, especially from your entertainment and eating out budgets,

Part time job. Do you know the best way to save up money to have everything on your wedding dream list? A part time job. Yes, while short term it won’t be ideal to work extra hours, it will help you and your partner to save money for the big day.

Once you and your future spouse pick the date, it’s game on. Time flies when you’re planning a wedding, so make sure you are ready. Starting with a solid financial foundation will lead to a strong future.