To save money for a wedding, you should create a wedding budget, set savings goals, cut back on unnecessary expenses, and increase your income if possible. The average wedding costs more than $30,000, so anything you can do to save money will help you avoid starting off married life in debt.
How to Save for a Wedding
Create a Wedding Budget
Setting up a wedding budget will help you determine how much you can afford to spend on your wedding now, how much you’ll need to save, and what wedding expenses to prioritize. You should consider your combined income as a couple, as well as your current expenses and savings. Then decide on the amount you both can afford to save per month for the wedding. You should also factor into the budget any money your parents or any other relatives are willing to chip in.
Set a Savings Goal
Determine the total amount you want to contribute to your wedding fund and subtract any savings you've already earmarked for the big day. Then, count how many months you have left until your wedding and divide the remaining amount you want to save by that number.
For example, if you want to save up $10,000 and the wedding is a year out, you should be contributing a little over $833 per month to your savings for the wedding. You can set up recurring transfers from your checking account to your wedding fund every month so you do not forget to do it.
Cut Back on Unnecessary Spending
You may need to cut back on discretionary spending leading up to your wedding day. This could be cutting back on how often you eat out at restaurants, not going on vacations, or taking fewer trips to the hair salon. Reducing these unnecessary costs temporarily can allow you to maximize how much you can save for the wedding.
Increase Your Income
If you and your partner do not bring in enough income to save for the wedding of your dreams, you may want to increase your income. You may be able to increase your income by asking your current employer for a raise or working a side gig. The more you earn, the more you can put into your wedding fund.
Ask for Help
Even though most couples pay for certain wedding expenses, they usually get some financial help from relatives. The Knot found that only about 13% of couples paid for their wedding completely on their own. Parents in particular may be willing to help with some wedding expenses.
Take Advantage of a Credit Card Bonus
You can sign up for a credit card that offers bonus rewards for spending a certain amount of money within the first few months after opening an account. These bonuses come as either cash back, points, or miles. You can use the rewards to pay for wedding expenses or your honeymoon.
Try a Savings Challenge
You can make saving money a fun activity with your partner. There are savings challenges, such as the no-spend challenge or the check-the-temperature challenge, which can help you save for your wedding in a creative way.
With the no-spend challenge, you and your partner agree to only spend money on the basic essentials. With the check-the-temperature challenge, you check what the highest temperature for the day will be in your area and transfer that amount to your savings. The money you saved from these challenges can be used for your wedding fund.
Find Ways to Trim Wedding Costs
The less you have to pay for a wedding, the less money you have to save. You can save money on your wedding by cutting down the guest list, making invitations and decorations yourself, shopping around for deals from vendors, and not holding your wedding on a Friday or Saturday.
Average Wedding Cost Breakdown
The cost of your wedding can vary depending on factors such as your location, how many guests you invite, and your budget. We will run down some typical costs for common wedding expenses in the table below so you can get an idea of how much to save.
| Expense | Typical Cost |
| Venue | $6,500 - $12,000 |
| Catering | $6,500 - $10,000 |
| Photography | $3,500 – $6,500 |
| Videography | $3,000 – $6,000 |
| Flowers | $2,500 – $6,000 |
| Music & Entertainment | $2,000 - $7000 |
| Wedding Planner | $1,500 – $4,750 |
| Cake | $600 – $900 |
| Transportation | $700 – $1,200 |
| Hair & Makeup | $550 – $850 |
Source: Zola (based on a guest list of 100 people)
From the venue rental fee and catering to flowers and decorations, weddings are expensive. There are multiple ways you can pay for a wedding, including using your savings, putting costs on a credit card, and even taking out a loan. We run down some options below.
How to Pay for a Wedding
Put it on a credit Card. Putting your wedding expenses on a credit card with a 0% introductory interest rate can give you 6-20+ months to pay off what you spend before interest kicks in. You just need to be careful to pay at least the minimum amount due each month and bring your balance to zero before the high regular interest rate takes effect.
Use a buy now, pay later payment plan. Companies like Klarna, Affirm, and Afterpay let you divide the cost of purchases from some wedding vendors into equal installment payments. These plans typically come with no interest or fees if you pay on time.
Take out a loan. You can take out a wedding loan to cover expenses, such as the venue rental fee, catering, decorations, and entertainment. However, you will be paying back more than the loan amount due to the interest. You also risk credit damage if you do not pay back the loan or you miss payments.
Pull money from your 401k. You can use money from your 401k to pay for your wedding, but it’s a bad idea. Your 401k is money you are supposed to use to pay for many years’ worth of your expenses when you are no longer working, not for a party for one night. Plus, you lose out on the potential future gains you might have gotten from that money if it was still in your retirement account.
Borrow from family. Your family members may loan you money to pay for your wedding if you need help. Just make sure to pay the money back as soon as you can.
Use your savings. Calculate how much you and your partner have in savings. It may already be enough to pay for your ideal wedding, or you can limit yourself to use only the money you currently have.
Create a sinking fund for your wedding. If you don’t have any savings or prefer to have a separate savings fund just for your wedding expenses, you can set up a sinking fund and use the money in there to pay for your wedding. It may be easier to track how much money you are saving for your wedding if you set up the fund in a new savings account, separate from your other savings.
All the options above can help you pay for a wedding, but the best option is to use your own savings. This way, you don’t need to burden others and you can avoid taking out debt. However, saving for a wedding can be challenging. For more money-saving tips, check out WalletHub’s guide on budgeting for a wedding.
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