Budgeting Your Dream Wedding: Tips and Tricks

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You said, “yes!” and you’re proudly wearing your engagement ring. Now the planning starts. But the cost of a wedding can be pretty daunting, when you consider all the expenses, from the venue and entertainment to flowers. A wedding coordinator can help with the details, but that, too, adds to the cost. So where do you begin?

Choose Your Wedding Style

First decide the type of wedding you envision? Large? Intimate? Destination or down home? Once you’ve narrowed that down, scope out venues and get costs. If that number is overwhelming, no worries. There’s an easy way to help manage the cost.

Do the Math

Consider creating a detailed budget by breaking down the total wedding cost into manageable monthly savings goals. For instance, if your wedding expenses total $120,000 and your big day is 12 months away, aim to save $10,000 per month. To achieve this, assess your current spending habits and identify areas where you can cut back. Small sacrifices, like forgoing daily $5.00 café lattes or opting out of gym memberships, can add up significantly over time. Alternatively, extending the wedding date provides extra time for saving without compromising your dream celebration.

Ask or Apply

What if there’s simply no way you manage that amount but don’t want to compromise the wedding of your dreams? Of course, you can ask your parents to help. If they can, that’s a big load off your shoulders. If they can’t, or it’s still not enough to cover the costs, you have financing options, according to ExperianTM.*

An unsecured personal loan or 0% intro APR credit card is a convenient way to get the money you need to pay for flowers, the caterer or make the deposit on your venue.
Paying back your loan in a timely manner can even boost your overall credit score.
Using a 0% intro APR credit card accrues no interest during the promotional period.
Many personal loans have lower interest rates than credit cards, depending on your creditworthiness.

Bottom Line

A wedding is a celebration of a lifetime. You want to make it absolutely wonderful but you also don’t want to break the bank for a lifetime. Save for it, ask family for help and/or borrow the money. In every case, do it responsibly, so you can enjoy your “I do” without worries, and without fail.

* https://www.experian.com/blogs/ask-experian/how-to-pay-for-wedding, “7 Ways to Pay for Your Wedding,” Kathryn Pomroy, June 30, 2022.