Are you wondering how to save for your dream wedding successfully?
Well, many costs go into a wedding, some of them unforeseen. For instance, you’ll want to choose a florist, a caterer, a venue, perhaps a DJ or a band – not to mention the wedding attire.
Therefore, it’s vital to create a plan to save for your wedding expenditure. All those expenses that make having a wedding so unique mustn’t set you or the people close to you back financially for some time to come.
The strategies below will help save for a wedding or even when saving for a daughter’s wedding:
How Much is the Cost of the Wedding?
The amount to spend on the wedding will significantly vary depending on the size of the wedding. A majority of the wedding costs are associated with the reception and ceremony. An average wedding spending will include flowers, catering, hiring a band, a wedding gown, stationery, wedding cake, and the officiating person.
Wedding ceremony costs dropped significantly in 2020 due to the pandemic crisis and lockdown. However, there is a rebound in 2021. We found that the average cost of a wedding is roughly $38,900. Below you can find average costs by category:
- Average Venue: $10,500
- Average Catering: $9,170
- Average Engagement Ring and Wedding Bands: $8,100
- Average Honeymoon: $5,000
- Average Photography and Videography: $4,200
The venue you intend to hold your wedding influences how much the wedding will cost.
It could cost you less if you decide to take your wedding to an exotic city or farther away from home.
Destination weddings may seem cheaper to plan if only a few guests will be in attendance and you are having your wedding honeymoon in the exact location. The downside of this option is that it will cost your guests more in travel costs than attending a local wedding.
How to Save for the Wedding
Generally, it’s better to plan and save for your wedding for a more extended period. It would be best to talk about the wedding budget before getting engaged.
Additionally, it will help minimize disagreements later and determine if a couple is on the same page regarding the overall budget. Furthermore, the couple needs to agree on the type and the size of the wedding.
Calculate the Wedding Budget
You will need to create a realistic and workable budget. Often, couples tend to go above their set budget, and others boost the budgets as they continue with the planning. To get your budget right, you need to agree on the wedding you want.
Then, work on the number of guests you wish to invite. From that point, calculate the figure per person that will determine part of the budget. At this point, add every anticipated cost of the wedding.
Determine the Priorities
You and your partner need to set priorities when adding up the costs. List your expected expenditure, even when it may seem frivolous. After that, determine what you must have and the things you could do without ruining the outcome of the day.
Maybe you’re having trouble striking a balance on your budget. You can opt for DIY on some items to free up some money. For example, you could opt to make them instead of buying centerpieces. Or maybe host a backyard barbeque as opposed to holding a rehearsal dinner.
Breakdown the Budget to Target the Saving Goals
Once you’ve determined the overall budget figure, you now need to figure out how much you need to save monthly or weekly so that you can reach the target.
Use the formula below to break down the budget:
Months to the wedding x Monthly realistic savings + existing savings and contributions = Total budget for the wedding
When setting the weekly and monthly savings, determine whether they are realistic. If you cannot hit your set monthly or weekly target consistently, then this is what you need to do. You can downsize the wedding to reduce the expenditure or consider setting the wedding for a later date to give you room to save more.
The second option may not be appropriate, but it can be a better choice if you want to maintain the overall vision of your wedding.
Keep the Savings in an Appropriate Account
Once you have decided to start saving, determine where you will keep the money. You could consider a money market account, savings, or checking account.
Regardless of your options, pay attention to the requirements on minimum balance, monthly maintenance deductions, and the interest rate on savings.
Window Shop to Make Comparisons
Most couples’ worst mistake is setting their wedding budget before comparing certain crucial wedding expenses.
Therefore, you should take your time and get several quotes of each cost, and then you can settle on a vendor.
Look for Wedding Deals and Get Your Timing Right
The month you choose to have your wedding affects your budget. That is why you need to select off-peak seasons such as mid-winter, which is less expensive as vendors reduce prices due to decreased demand.
If you’ve settled for a destination wedding, plan your trip during off-season, when travel costs and hotel rates fall. Once you have the timing right, target seasonal wedding sales.
Just remember: Buying wedding-related items on sale is a brilliant idea to cut costs. But be sure to familiarize yourself with the store’s return policy. It could be that the retailer does not allow a refund on items on sale.
The Bottom Line
While getting married is a great occasion, it’s the marriage that lasts, not the event. Therefore, it’s better to start your new life as a couple with a sound financial footing.
Plan your budget carefully and work on saving together for the wedding so that you’ll not end up in debt. Additionally, a great way to save for a wedding is to rent the equipment. Aurora Event Lighting and Rentals has everything you need for a spectacular wedding including chairs, linens, bar rentals, table rentals, and more!
You can also read more about wedding planning here.
1. How much money should you save for a wedding?
As soon as you and your partner are engaged, a good goal is to save at least 20% of your income.
2. How can I save for a wedding fast?
You can save up for your wedding by picking an off-season wedding date. Typically the prices for venues and other wedding items will be cheaper during these months. Peak wedding months are typically May, June, September and October.
3. How do people afford weddings with no money?
Look into the following options if you do not have money for your wedding:
- Enter a contest
- Ask for money from the guests
- Plan a simple wedding
- Use a credit card
- Take out a home equity loan
- Get a personal loan