Introduction
Weddings are expensive. Even if you have the most significant celebration that your mind can imagine, it still costs a lot of money to have the wedding of your dreams.
But even if you're not planning on doing anything super significant with your ceremony (or even if you are), there's no reason you can't save for one! Sure, it might take some sacrifice and discipline on your part, but we promise it'll be worth it in the end.
We've put together a list of tips for how to save up for a wedding so that yours is as unique as possible—and doesn't break the bank:
How Much Does a Wedding Cost?
The average wedding costs $32,641. Sounds like a lot, right? Well, it depends on where you live and what kind of wedding you want.
For example, if you're planning a destination wedding in Las Vegas or San Francisco, your total cost will be much higher.
But let's say you've decided to keep it simple and get married right where you live—that's much more budget-friendly.
A good rule of thumb is that 20% of the cost should be set aside for hidden costs (like taxes).
The next most significant chunk will likely be your venue rental fee; catering and entertainment costs come after that.
Keep in mind that there are many ways to cut down these expenses—you may not need as much food if everyone has dinner beforehand or even less music if there's a DJ instead of an orchestra playing at the reception.
And remember: don't skimp on quality when it comes down to these things because people will notice.
How to Save for a Wedding
The best way to save money for a wedding is to start saving early. But for many couples, that's easier said than done.
Engaged couples may have a host of other expenses like student loans and car payments to contend with, which can make it difficult to set aside cash for the big day.
If you're looking for some tips to help you put away money for your wedding, here are some things you can do:
Inform yourself about your options. Like most critical financial decisions, buying a house or choosing a career path, deciding how you're going to pay for your wedding involves trade-offs that affect both your short-term and long-term finances.
The earlier you start planning, the more time you'll have to figure out what will work best for you.
—from how much debt you want to take on before the big day to how much risk you want to take on in terms of the reception's costs by doing things like inviting friends and family members who may not be able to afford such an event if they were paying their way.
Let go of perfectionism. Don't let the idea that every detail has to be perfect trick you into thinking that planning your wedding has to cost an arm and a leg.
Calculate a Wedding Budget
After becoming engaged, you first must figure out how much money you will need for your wedding. You can find some great checklists for this online, but here is a breakdown of the essential elements:
-The Venue: This could be a hotel or banquet hall, but more likely, it will be a rented space of some sort.
Many places have minimums that will require you to spend to hold your event there.
For example, you might be required to book the most expensive package they offer.
-The Reception: This includes everything involved with entertaining guests at your wedding reception—the meal, DJ, and decorations.
-The Photographer: This is an optional expense if you want professional photos of your big day.
Prices vary widely depending on where you live and whether the photographer is a professional or an amateur.
*Remember to add in any costs for things like invitations and other printed material, including thank-you notes; these expenses can add up quickly.
Break Down the Budget Into Target Savings Goals
When you're saving for a wedding, the best way to ensure that you have enough money is to break down your budget into targeted savings goals.
-This can be done by setting up specific savings accounts and tracking your progress toward each goal.
For example, if one of your financial goals is to save $5,000 for the wedding, it's helpful to break down that more significant number into smaller chunks: $500 per month over six months or so.
-This makes tracking progress easier and keeps the big picture (the overall cost) in mind while still focusing on smaller tasks (saving money each month).
When creating these savings accounts, it's essential to ensure they're organic—meaning they don't need any help from outside sources like loans or credit cards.
If an account requires outside assistance to work correctly (that is, if there are no other ways around needing a loan), then chances are there will be additional costs associated with using this method of saving money.
Edit your expenses to free up more money for saving.
It would help if you also considered cutting back on entertainment expenses. Of course, we all love to go out and have fun, but it's important not to forget that the wedding is the one day of your life where it's okay to splurge a little bit.
The easiest way to save money is by simply cutting everything that isn't essential out of your life.
If you're paying for streaming services like Netflix or Hulu, cancel them and use a cheaper alternative like DVDs or free streaming sites like Crackle (a great option if you're looking for classic TV shows).
Don't fill up your car with gas just because it's convenient—take public transportation instead.
You'll permanently save money if you don't needlessly drive around everywhere (especially when you factor in parking costs).
Keep Your Wedding Savings in the Right Place
However, if you're like most people, your savings are probably spread across multiple accounts. And that's okay—so long as you keep them separate.
Here are some general rules about keeping your money organized:
● Keep emergency funds separate from everything else. -This is money that should be readily available in case of an unexpected expense or something serious (like a car accident).
It should also be enough to cover three to six months of living expenses if necessary.
● Long-term savings should not be touched unless necessary (which is why long-term savings accounts exist).
These include college funds, retirement plans like 401(k)s or IRA accounts, and any other savings account meant for future goals that aren't immediate needs (like weddings).
● Short-term savings will help bridge the gap between now and when you can afford something big—like a wedding! You might want to consider getting one if you don't already have one set up elsewhere (for example, an emergency fund).
Comparison Shop
● Comparison shop. It's a good idea to start your search by comparing prices. If you're planning on getting married in a few years and can't afford the marriage license or venue now, it might be worth waiting until the price drops before you buy one.
● Look for deals online. Online wedding discounts can be found through social media, local shops and vendors, bargain-hunting websites and forums, and word of mouth from friends who've gotten married recently (or whose parents did). You may also find deals through blogs like ours.
● Bargain hunt for what you need. You probably don't need every single little detail of your big day to come together perfectly
—if there's something that would cost more than $100 but won't make much difference to the overall look of your wedding day, try saving money elsewhere instead.
Get the Timing Right and Look for Wedding Deals
Locate and take advantage of wedding deals. If you're considering getting married, choosing your venue wisely is essential.
Many people overlook that some venues will offer discounts if you book early enough or on a specific day in the past.
For example, if you look at this chart from The Knot (a wedding planning site), you'll see that many venues have different rates for different times of the year:
If you check out this spreadsheet from The Knot, which shows all the available discounts for popular destinations such as Las Vegas and San Francisco, it becomes clear how many different deals exist for brides and grooms on their big day.
If you put your mind to it, you can save as much as you need to pay for the wedding of your dreams.
You can save money for a wedding if you put your mind to it! Many people will indeed want to give you money and gifts, but do not let this stop you from putting some savings aside for your big day.
If you are willing to make sacrifices, then there is no reason why your dream wedding cannot become a reality.
For example, maybe it is time for one of the bridesmaids or groomsmen in your wedding party to move out of their parent's house and get their place.
Maybe it's time for them to learn how much things cost when they go out with friends instead of spending all their cash on rent.
Whatever the case may be, if these people are willing to make sacrifices so that everyone else can enjoy themselves at the reception (and beyond), then I say go for it.
Conclusion
Wedding planning is an exciting time but can also be stressful and overwhelming. By setting aside a little money every month and tracking your progress, you'll have an easier time managing your wedding budget.
While there are many ways to save money on your wedding day, these tips will help you get started on the right foot as soon as possible.
