By REBECCA LAKE, last updated on April 12, 2022, and reviewed by MARGARET JAMES There are numerous costs 7 with getting married, some of which are unanticipated:
In addition to choosing wedding attire, you’ll want to select a venue, caterer, florist, and possibly a band or DJ.
This is why it’s so important to have a strategy for saving for them, so that you and your family won’t have to pay for all the special expenses associated with getting married in the future.
You can save enough money to meet your needs and plan for a wedding with the help of these methods.
Depending on where you live and the kind of wedding you’re planning, the average cost of a wedding can vary.
The majority of couples overspend their wedding budgets and end up spending more than they anticipated.
One of the best ways to cut costs on a wedding is to shop around.
To cover wedding expenses as they arise, wedding savings accounts ought to be liquid and simple to access.
What is the cost of a wedding?
Depending on how big or small your wedding is, the amount you spend can vary greatly. The average cost of a wedding can be compared to help put your potential expenditure into perspective.
For instance, the average wedding cost $38,700 in 2019, with the majority of those costs ($29,200) associated with the ceremony and reception. This information was provided by WeddingWire.com.
Wedding ceremony costs fell to an average of $19,000 in 2020 as a result of the crisis and shutdown, but they have already returned to pre-pandemic levels in 2021.
The officiant, wedding cake and dessert, wedding and engagement rings, stationery, a bride’s dress, hiring a band, catering, and flowers are all included in the typical wedding budget.
For 2019, The Knot estimates that the typical wedding cost will be $33,900.
This sum includes the engagement and wedding rings as well as the most important wedding planning expenses, such as booking a reception venue, hiring a photographer, paying a wedding planner, purchasing the bride and groom’s attire, paying for the rehearsal dinner, and covering the fees of the officiant.
However, it does not include the honeymoon. You’ll need an additional $5,000 to cover that, on average.
It goes without saying that the location of your wedding has an impact on how much it will cost. In New York City, couples spend the most on average to get married. The average cost of a wedding in Manhattan is $88,176, while the average cost in New York State is $51,922. By contrast, a wedding in Mississippi will cost you the least. In the Magnolia State, a wedding costs an average of $12,769.
If you decide to have your wedding somewhere more exotic or, at the very least, a little further away from home, you might actually win. When compared to the average cost of a wedding as a whole, Brides.com estimates that the average international destination wedding costs around $35,000. If you invite fewer guests and combine the wedding and honeymoon in the same location, a destination wedding may cost even less to plan. On the other hand, they will frequently cost your guests more than traveling to a local wedding, which could also reduce the number of people who attend.)
Be aware of the cancellation and refund policies for venues and vendors if you are planning a wedding abroad. In addition, be aware of the cancellation and refund policies of your credit card, the airline, and the hotel in the event that a natural disaster or global pandemic necessitates a rescheduling of your plans.
How to Save for a Wedding In a perfect world, you should have more time to save and plan for your wedding. Kirsten Cowles, a destination wedding planner based in Costa Rica, states, “Ideally, couples should start their wedding budget talks prior to getting engaged.”
8 “Doing so can reduce disagreements in the future if they are on the same page about the wedding’s size, type, and overall budget prior to beginning the planning process.”
Although that may be the theory, Cowles points out that it is more feasible for couples to begin discussing the costs of wedding planning once they have become engaged. Give yourself a few days to enjoy the excitement after accepting or making a proposal, and then take steps to get your wedding savings plan on track.
How to Make a Wedding Budget A budget can only be of assistance if it is attainable and attainable. 74% of couples overspend, and more than half increase their budgets during planning, as reported by WeddingWire. The typical couple underspends on their wedding by 45 percent. The average wedding budget, according to the survey conducted by 2021 Brides and Investopedia, is approximately $2,000. According to Cowles, determining your budget should begin with a discussion regarding the kind of wedding you want. She says that the first step for couples is to sit down and discuss the overall vision for their wedding. Are they imagining a posh party in a ballroom? Something casual in the backyard of a family member? A wedding overseas? Because this will have a direct impact on the budget, they need to create a rough guest list based on who they are most interested in having attend the wedding.
Obviously, a backyard wedding with 20 or 30 of your closest friends and family will cost much less than a black-tie affair with hundreds of guests. Cowles advises organizing your guests into one of three categories when creating your guest list: coworkers and casual acquaintances, good friends and extended family, and immediate and best friends.
You can then work on creating a figure for each person, which will serve as the basis for your budget. Include a comprehensive list of all the costs you anticipate paying for the wedding here. According to wedding coach Hayley Devlin, “the cost of all the little things frequently gets overlooked.” Because they are so obvious, big-ticket items like the ring, the catering, and the dress are simple to plan for. On the other hand, smaller items like wedding favors, decorations, and props can significantly increase the budget.
Prioritizing as You and your future spouse may need to prioritize as you add up the costs. Everything you want to spend money on, even if it seems frivolous, should be on your list of expenses. The next step is to go back through the list and sort the items that are absolutely necessary from those that you could eliminate without endangering the big day.
If you’re having trouble sticking to your budget, you might want to think about doing some of the costs yourself to save money. Instead of purchasing wedding favors or centerpieces, you might be able to save money by making them yourself. Alternately, instead of taking your guests to an expensive restaurant, you could host a backyard barbecue or potluck to save money on the rehearsal dinner.
Keep in mind that in order to pay for their wedding, nine out of ten respondents to the Brides and Investopedia 2021 wedding survey stated that they had put off at least one major financial priority, such as saving for a home, starting a family, or saving for retirement.
Making things yourself could save you money, but you should think about how much you would need to spend on materials and how much time it would take.
Divide the Budget Into Specific Savings Objectives Once you have determined your overall budget, the next step is to determine how much you need to save each month or each week to reach your goal. The following is a useful formula for determining the budget: Devlin states, “Total wedding budget = number of months until wedding x realistic monthly savings + contributions and existing savings”
Consider how long you have to save for the wedding and whether you might be able to get financial assistance from friends and family when looking at the overall budget. For instance, assuming you have not yet set aside anything for your wedding, you would need to save $3,000 per month to reach your goal if you have an overall budget of $30,000 and 10 months until you plan to get married. But if your parents give you $10,000 as a gift before you get married, you only need $2,000 a month.
Consider whether it is feasible when calculating savings contributions on a monthly or weekly basis. If you are unable to consistently reach that savings number, you have two choices: Reduce the wedding’s size to cut costs and the amount you need to save, or think about delaying it to give yourself more time to save. Even though the second option might not be ideal, it might be the best one if you don’t want to compromise your overall wedding vision.
Make a decision about where you will keep your wedding savings before you start making regular contributions to it. There are three primary choices: a separate money market account, savings account, or checking account.
For accessibility, Devlin suggests opening a joint checking account. You can use your debit cards or write checks to spend money from the account as well as contribute funds to it. However, unless you have a checking account that pays interest, the money you add won’t earn anything.
Money market or high-yield savings accounts may provide interest earnings, but access to them is limited. Monthly withdrawals from one of these accounts are limited to six without incurring a penalty. Additionally, unless the wedding is years away, the account’s interest is likely to be minimal. You might want to think about using a high-yield savings account and a joint checking account to pay for the wedding together, depending on how often you plan to pay for it.
A certificate of deposit (CD) account is the only option for wedding savings that should be ignored. Because CDs are time deposits, you can’t cash out your savings before the CD runs out without incurring a penalty.
Make sure the accounts you choose aren’t costing you money by paying attention to the minimum balance requirements, interest rates you could earn, and monthly maintenance fees, regardless of whether you choose checking, savings, or both.
Comparison Shop More than 80% of couples establish a rough budget for their wedding without first researching the specific costs involved.
By getting multiple estimates for each cost on the list before selecting a vendor, you can avoid potentially paying too much.
Additionally, Kyle Winkfield, president of Finley Alexander Wealth Management, advises against relying solely on vendor quotes. Winkfield advises getting every quote in writing at all times. Additionally, ensure that the vendor specifies a date by which you can accept the quote. Unless a contract and deposit are in place, the current price does not guarantee that it will remain the same in six months, a year, or two years.TABLE OF CONTENTS It can be difficult to determine your needs, but these strategies will help.
By REBECCA LAKE, last updated on April 12, 2022, and reviewed by MARGARET JAMES There are numerous costs 7 with getting married, some of which are unanticipated:
In addition to choosing wedding attire, you’ll want to select a venue, caterer, florist, and possibly a band or DJ.
This is why it’s so important to have a strategy for saving for them, so that you and your family won’t have to pay for all the special expenses associated with getting married in the future.
You can save enough money to meet your needs and plan for a wedding with the help of these methods.
Depending on where you live and the kind of wedding you’re planning, the average cost of a wedding can vary.
The majority of couples overspend their wedding budgets and end up spending more than they anticipated.
One of the best ways to cut costs on a wedding is to shop around.
To cover wedding expenses as they arise, wedding savings accounts ought to be liquid and simple to access.
What is the cost of a wedding?
Depending on how big or small your wedding is, the amount you spend can vary greatly. The average cost of a wedding can be compared to help put your potential expenditure into perspective.
For instance, the average wedding cost $38,700 in 2019, with the majority of those costs ($29,200) associated with the ceremony and reception. This information was provided by WeddingWire.com.
Wedding ceremony costs fell to an average of $19,000 in 2020 as a result of the crisis and shutdown, but they have already returned to pre-pandemic levels in 2021.
The officiant, wedding cake and dessert, wedding and engagement rings, stationery, a bride’s dress, hiring a band, catering, and flowers are all included in the typical wedding budget.
For 2019, The Knot estimates that the typical wedding cost will be $33,900.
This sum includes the engagement and wedding rings as well as the most important wedding planning expenses, such as booking a reception venue, hiring a photographer, paying a wedding planner, purchasing the bride and groom’s attire, paying for the rehearsal dinner, and covering the fees of the officiant.
However, it does not include the honeymoon. You’ll need an additional $5,000 to cover that, on average.
It goes without saying that the location of your wedding has an impact on how much it will cost. In New York City, couples spend the most on average to get married. The average cost of a wedding in Manhattan is $88,176, while the average cost in New York State is $51,922. By contrast, a wedding in Mississippi will cost you the least. In the Magnolia State, a wedding costs an average of $12,769.
If you decide to have your wedding somewhere more exotic or, at the very least, a little further away from home, you might actually win. When compared to the average cost of a wedding as a whole, Brides.com estimates that the average international destination wedding costs around $35,000. If you invite fewer guests and combine the wedding and honeymoon in the same location, a destination wedding may cost even less to plan. On the other hand, they will frequently cost your guests more than traveling to a local wedding, which could also reduce the number of people who attend.)
Be aware of the cancellation and refund policies for venues and vendors if you are planning a wedding abroad. In addition, be aware of the cancellation and refund policies of your credit card, the airline, and the hotel in the event that a natural disaster or global pandemic necessitates a rescheduling of your plans.
How to Save for a Wedding In a perfect world, you should have more time to save and plan for your wedding. Kirsten Cowles, a destination wedding planner based in Costa Rica, states, “Ideally, couples should start their wedding budget talks prior to getting engaged.”
8 “Doing so can reduce disagreements in the future if they are on the same page about the wedding’s size, type, and overall budget prior to beginning the planning process.”
Although that may be the theory, Cowles points out that it is more feasible for couples to begin discussing the costs of wedding planning once they have become engaged. Give yourself a few days to enjoy the excitement after accepting or making a proposal, and then take steps to get your wedding savings plan on track.
How to Make a Wedding Budget A budget can only be of assistance if it is attainable and attainable. 74% of couples overspend, and more than half increase their budgets during planning, as reported by WeddingWire. The typical couple underspends on their wedding by 45 percent. The average wedding budget, according to the survey conducted by 2021 Brides and Investopedia, is approximately $2,000. According to Cowles, determining your budget should begin with a discussion regarding the kind of wedding you want. She says that the first step for couples is to sit down and discuss the overall vision for their wedding. Are they imagining a posh party in a ballroom? Something casual in the backyard of a family member? A wedding overseas? Because this will have a direct impact on the budget, they need to create a rough guest list based on who they are most interested in having attend the wedding.
Obviously, a backyard wedding with 20 or 30 of your closest friends and family will cost much less than a black-tie affair with hundreds of guests. Cowles advises organizing your guests into one of three categories when creating your guest list: coworkers and casual acquaintances, good friends and extended family, and immediate and best friends.
You can then work on creating a figure for each person, which will serve as the basis for your budget. Include a comprehensive list of all the costs you anticipate paying for the wedding here. According to wedding coach Hayley Devlin, “the cost of all the little things frequently gets overlooked.” Because they are so obvious, big-ticket items like the ring, the catering, and the dress are simple to plan for. On the other hand, smaller items like wedding favors, decorations, and props can significantly increase the budget.
Prioritizing as You and your future spouse may need to prioritize as you add up the costs. Everything you want to spend money on, even if it seems frivolous, should be on your list of expenses. The next step is to go back through the list and sort the items that are absolutely necessary from those that you could eliminate without endangering the big day.
If you’re having trouble sticking to your budget, you might want to think about doing some of the costs yourself to save money. Instead of purchasing wedding favors or centerpieces, you might be able to save money by making them yourself. Alternately, instead of taking your guests to an expensive restaurant, you could host a backyard barbecue or potluck to save money on the rehearsal dinner.
Keep in mind that in order to pay for their wedding, nine out of ten respondents to the Brides and Investopedia 2021 wedding survey stated that they had put off at least one major financial priority, such as saving for a home, starting a family, or saving for retirement.
Making things yourself could save you money, but you should think about how much you would need to spend on materials and how much time it would take.
Divide the Budget Into Specific Savings Objectives Once you have determined your overall budget, the next step is to determine how much you need to save each month or each week to reach your goal. The following is a useful formula for determining the budget: Devlin states, “Total wedding budget = number of months until wedding x realistic monthly savings + contributions and existing savings”
Consider how long you have to save for the wedding and whether you might be able to get financial assistance from friends and family when looking at the overall budget. For instance, assuming you have not yet set aside anything for your wedding, you would need to save $3,000 per month to reach your goal if you have an overall budget of $30,000 and 10 months until you plan to get married. But if your parents give you $10,000 as a gift before you get married, you only need $2,000 a month.
Consider whether it is feasible when calculating savings contributions on a monthly or weekly basis. If you are unable to consistently reach that savings number, you have two choices: Reduce the wedding’s size to cut costs and the amount you need to save, or think about delaying it to give yourself more time to save. Even though the second option might not be ideal, it might be the best one if you don’t want to compromise your overall wedding vision.
Make a decision about where you will keep your wedding savings before you start making regular contributions to it. There are three primary choices: a separate money market account, savings account, or checking account.
For accessibility, Devlin suggests opening a joint checking account. You can use your debit cards or write checks to spend money from the account as well as contribute funds to it. However, unless you have a checking account that pays interest, the money you add won’t earn anything.
Money market or high-yield savings accounts may provide interest earnings, but access to them is limited. Monthly withdrawals from one of these accounts are limited to six without incurring a penalty. Additionally, unless the wedding is years away, the account’s interest is likely to be minimal. You might want to think about using a high-yield savings account and a joint checking account to pay for the wedding together, depending on how often you plan to pay for it.
A certificate of deposit (CD) account is the only option for wedding savings that should be ignored. Because CDs are time deposits, you can’t cash out your savings before the CD runs out without incurring a penalty.
Make sure the accounts you choose aren’t costing you money by paying attention to the minimum balance requirements, interest rates you could earn, and monthly maintenance fees, regardless of whether you choose checking, savings, or both.
Comparison Shop More than 80% of couples establish a rough budget for their wedding without first researching the specific costs involved.
By getting multiple estimates for each cost on the list before selecting a vendor, you can avoid potentially paying too much.
Additionally, Kyle Winkfield, president of Finley Alexander Wealth Management, advises against relying solely on vendor quotes. Winkfield advises getting every quote in writing at all times. Additionally, ensure that the vendor specifies a date by which you can accept the quote. Unless a contract and deposit are in place, the current price does not guarantee that it will remain the same in six months, a year, or two years.
