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.
What Traditional Wedding Etiquette Says About Who Pays The bride’s family typically pays for the wedding, at least in the United States. The practice of a dowry gave rise to the custom of the bride’s family paying the majority of the wedding bill. The bride’s family used this ancient tradition, which dates back to the Roman Empire, to pay for the bride’s living expenses.
2 According to Cynthia Meyer, a certified financial planner at Real Life Planning in the greater New York region, “The idea of the bride’s family paying for the wedding evolved from the tradition of a dowry, where the bride’s family transferred property or money to the husband or husband’s family upon marriage.”
Even though this rule isn’t set in stone, many couples have chosen to abide by it over time. In contrast, the groom’s family has traditionally paid for the rehearsal dinner, honeymoon, and/or reception alcohol. A number of costs may be incurred by the groom himself, including:
Wedding day gifts for the bride Corsages, boutonnieres, and the bride’s bouquet “This may be tradition, says Meyer, but the traditional model is evolving.” Engagement and wedding rings Marriage license and officiant Gifts for groomsmen According to her, “more and more couples are paying all or a substantial portion of the costs of their own weddings as they modernize wedding planning and are getting married later after establishing careers.” Who is responsible for what is more adaptable?”
How to Divide Wedding Costs: It’s best to discuss who will pay for what in advance. It takes time and some financial planning to save for a wedding.
Christian Stewart, founder and lead financial coach at Do Better Financial, advises engaged couples to communicate early and discuss the specifics. Even if someone has promised you something, never assume that they will pay for it.
With that in mind, you can use these hints to figure out the best way to split the costs of your wedding.
Start With Your Budget According to Stewart, establishing a budget is the first step, regardless of who is funding the wedding. In order to ensure that the total cost is within reach, creating a budget may require you to prioritize some expenses over others. The wedding survey conducted by 2021 Brides and Investopedia found that the average budget for a wedding is approximately $20,000.
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