How to afford your wedding

With the average wedding costing $28,000, that could be a real trade-off: the special day and event you’ve always dreamed of or using some of the money you might spend on your wedding toward another financial priority like a down payment on a home.

Assuming you go for the cake rather than the home, you can still ensure every dollar you spend counts and gives you the wedding you’ve always wanted and deserved. Whether you’ve already been saving for years or are working to save for your wedding, you have several options. Here are the best ones to make every dollar count. 

Decide what’s most important

You and your partner may have a vision of your perfect wedding. One or both of you may have had that vision for years, even down to the tiniest details: the setting, the centerpieces, maybe even the flower girl scattering rose petals as you walk down the aisle. 

The first step to planning your wedding is to decide which parts are most important to both of you, what would be nice to have, and what you can cross off your list.

Maybe you’d love to have 250 of your closest friends and even many of your parents’ closest friends. Cutting that list will drop the price of your wedding significantly. Ask yourself if you really need to invite people you haven’t stayed connected with over the years (e.g., your second cousins you haven’t seen since your graduation party). And sweat the details: 

• Do you absolutely need the table centerpieces? 
• Can you skip the chocolate fountain? 
• Does everyone really need a pair of flip-flops to dance in, or can they just kick off their shoes when the music starts?

Obviously, these decisions are entirely up to you. Nevertheless, they should still be part of the conversation to balance where you want to allocate your resources.

Recognizing what aspects of the wedding are most important to you and your partner is crucial. You may want to reflect on your shared values and priorities before making any decisions. Focusing on what matters most can reduce unnecessary expenses and allocate your resources more effectively.

Get creative and enlist helping hands

Once you have decided on the must-haves for your big day, you can cut some costs by thinking creatively and enlisting the assistance of your bridal party, family, and friends. If you have ever loved crafts, consider designing your own decorations, invitations, and RSVP cards instead of ordering everything pre-made. This may be a large project, but your helping hands can help save you time to focus on other to-do’s.

Many couples create a website to manage their wedding details, which can be exceptionally helpful for you and your guests. The knot is a popular choice for couples because it is free. You can design your invitations, RSVP cards, ceremony and reception pieces, and more for a cost. Additionally, you can save money and time by utilizing an online platform to send invitations and count RSVPs. 

While you are checking your vendors out, ask them about their liquor policy; some vendors will charge you less money if you bring in your own liquor and staff (if this is an available option, of course). An open bar tab can add up quickly, and bringing in your own liquor can save you and your guests money so that everyone can have a great time with you on your big day.

Another way to approach it is to start with the price tag and work backward. Here’s what that means.

Calculate how to save

Start with simple math. Let’s say you’re expecting your wedding as you’ve envisioned it to cost $28,000, and it’s scheduled for fourteen months in the future. That means you’ll have to save $2,000 a month to come up with $28k. Does that feel realistic based on your current spending habits?

If it is, start thinking about the song for your first dance. If not, what expenses can you cut now to boost your savings? You may only have to temporarily give up some of your current expenses, such as subscriptions and online services. You can always sign up again after your wedding.

Need to cut a lot? Think big. If you both own a vehicle, can you sell one and share the other until your wedding? Can you change your wedding date to a less expensive time of year or a different venue? Cutting expenses is one option to save for your wedding, but there are others.

Take on temporary income

Rather than cutting expenses, you can explore options to increase your income. Freelance jobs or opening Etsy shops may be an easy way to bring in some wedding cash. You can also temporarily rent out a room or two to supplement your savings. You may not want to live with roommates forever, but can you stand it for six months or a year and get some rental income? A second job or other income sources may not be sustainable long term, but if you know you’re only doing it for a few months to help pay for your wedding, you might have a different attitude.

You can explore opportunities to increase your income by taking on temporary freelance work or renting out a room in your house. However, it is important to recognize the trade-offs, including potential mental and physical health impacts. Consider how much additional income is necessary to achieve your wedding goals and set realistic expectations for what you can accomplish without sacrificing your well-being.

If the numbers still fall short, another option is to finance some of your special day.

Financing a wedding

Starting your lives together in debt (or more debt if you already have student loans, car payments, or a mortgage) may be a good option. Still, you should consider and discuss it with your financial planner because of the potential stress and complexity it could add to your financial life. After all, only the two of you know how paying the debt back over time could affect your relationship.

Before you do anything, spend time understanding each other’s attitudes about money and discussing how your financial lives will blend. You must have those conversations, even if they start out a little uncomfortable before you make any financial decisions about your wedding (or anything else).

Unless you can borrow money from a family member or friend, your best two options are taking out a personal loan from a bank or credit union or using a credit card. Sometimes people consider taking a loan from their workplace retirement plan, but we wouldn’t typically recommend this as it can jeopardize your retirement plans and often comes with additional tax implications.

Borrowing money from a friend or family member can come with its own set of difficulties:

• Expectations over how the money should be used
• Differences of opinion on vendors
• Different values on what is most important to include

If you choose to take out a personal loan, it will be based purely on your creditworthiness, and unlike a mortgage or auto loan that uses your home or vehicle for collateral, the interest rate will be high. Due to this, you may also be limited in how much you can borrow. Therefore, make sure you can manage the loan repayment and ensure that taking the loan is worthwhile in your eyes. If it doesn’t feel like the debt is worth what it will add to your special day, you should reconsider how much you really want to spend on your wedding.

You may qualify for a credit card with a low (or even 0%) introductory rate if you have good credit. If you go that route, make sure you can pay off the balance before the introductory rate ends and your monthly payment skyrockets. Be aware that a large credit card balance or loan amount may cause your credit score to drop. If you and your partner are considering a major purchase, such as a home in the near future, a large credit card balance or loan may delay those plans.

If you choose to finance your wedding with a personal loan or credit card, make sure you can manage the loan repayment and understand the potential risks involved. High-interest rates and the potential for long-term debt may add stress to your financial life, so weighing the benefits and costs of taking on debt is essential. You may also want to discuss your financial plan with a financial advisor or planner to ensure you make informed decisions.

Don’t forget; it’s your special day

Remember that while your wedding is a special day, spending more than feels affordable may cause stress for months or years to come. So while marriage is (hopefully) forever, be realistic about what you can afford to make your wedding live up to your dreams. At the end of the day, celebrating with the family and friends who matter most and ensuring your wedding day lives up to your expectations are the most important things.