By REBECCA LAKE Updated February 02, 2023 Reviewed by MARGARET JAMES Dividing wedding expenses is an important part of planning a wedding.
Planning a wedding is an event in and of itself, but who will pay for what?
To keep spending on track, it’s helpful to have a firm budget in place. This is especially true given that a wedding can be expensive for some people.
The average cost of a wedding in 2022 was $27,000, up $3,000 from the previous year, according to CBS News.
1 Keep in mind that costs for venues, caterers, planners, entertainment, and other services will greatly vary depending on where you are.
Choosing how to finance your wedding will play a crucial role in ensuring that the occasion is as enjoyable and stress-free as it should be as you and your future spouse plan it. Even more than the actual source of the money, how you handle these discussions can have a lasting impact on your family’s relationships in the future. Naturally, there is also the impact on your finances during your first few years together. Consider these things and what you should do next.
IMPORTANT TAKEAWAYS In the past, the bride’s family was responsible for paying for the wedding. However, this custom is rapidly changing.
More and more people are opting to handle at least half of the costs associated with their wedding on their own.
When deciding who will pay for what, early planning and a written budget can help prevent misunderstandings.
For couples, opening a joint wedding fund account may be beneficial.
Because the cost of a wedding is influenced by a couple’s culture and family history, each couple’s customs may differ from one another.
