It’s completely natural to have a specific vision for your big day. You and your partner might have dreamed about the setting, the centerpieces, or even the flower girl scattering rose petals for years. But with the average wedding costing $28,000, you might feel stuck choosing between the event you’ve always wanted and other financial priorities like a down payment on a home.
Decide what matters most to you
Assuming you go for the cake rather than the home, you can still ensure every dollar you spend counts. The first step is sitting down with your partner to decide which parts of the vision are non-negotiable and what you can cross off your list.
If you'd love to have 250 of your closest friends attending, cutting that list down will drop the price significantly. You have to ask yourself if you really need to invite people you haven't stayed connected with, like second cousins you haven't seen since your graduation party. You should also sweat the details regarding the reception:
- 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?
These decisions are entirely up to you. However, recognizing what aspects are most important allows you to allocate your resources effectively without overspending on things that don't align with your values.
Get creative with your resources
Once you lock in your must-haves, you can cut costs by enlisting the help of your bridal party, family, and friends. If you enjoy crafts, consider designing your own decorations, invitations, and RSVP cards. It's a large project, but those helping hands can save you money so you can focus on other to-do's.
Technology is also a huge help here. Many couples use "The knot" because it is free and allows you to manage wedding details efficiently. You can design your ceremony and reception pieces for a cost, but you'll save time by using their online platform to send invitations and count RSVPs.
When checking out vendors, always ask about their liquor policy. Some vendors will charge you less if you bring in your own liquor and staff. An open bar tab adds up fast, so bringing in your own supply can save you and your guests money while ensuring everyone still has a great time.
Calculate your savings roadmap
Another approach is to start with the price tag and work backward using simple math. Let’s say you expect your wedding to cost $28,000 and it is scheduled for fourteen months in the future. That means you will have to save $2,000 a month to reach that goal. You need to ask yourself if that feels realistic based on your current spending habits.
If it is, you can start picking the song for your first dance. If not, you need to look at what expenses you can cut now to boost your savings. You might only have to temporarily give up subscriptions or online services. You can always sign up again after the wedding.
If you need to cut a lot, you have to think big. If you both own a vehicle, can you sell one and share the other until the wedding? Could you change your date to a less expensive time of year or pick a different venue? Cutting expenses is just one option, but there are others.
Consider temporary income sources
Rather than cutting expenses, you might prefer to increase your income. Freelance jobs or opening Etsy shops can be an easy way to bring in wedding cash. You could also temporarily rent out a room to supplement your savings. You may not want to live with roommates forever, but if you can stand it for six months or a year, that rental income helps.
A second job might not be sustainable long term. However, if you know you're only doing it for a few months to help pay for your wedding, you might have a different attitude toward the extra work.
Be careful with financing
Starting your lives together in debt is generally not the best option, especially if you already have student loans, car payments, or a mortgage. If you are considering this, you should discuss it with your financial planner because of the potential stress it adds to your financial life.
Unless you can borrow from family, your best options are usually a personal loan or a credit card. We wouldn't typically recommend taking a loan from your workplace retirement plan as it can jeopardize your retirement planning and often comes with tax implications.
The risks of borrowing from family
Borrowing from friends or family can create relationship difficulties, including:
- Expectations over how the money should be used.
- Differences of opinion on vendors.
- Different values on what is most important to include.
Personal loans and credit cards
If you choose a personal loan, it's based on your creditworthiness. Unlike a mortgage that uses your home as collateral, the interest rate will be high, and you may be limited in how much you can borrow. You need to be sure the debt is worth what it adds to your special day.
Alternatively, you may qualify for a credit card with a low or 0% introductory rate if you have good credit. If you go this route, make sure you can pay off the balance before the introductory rate ends and the payments skyrocket. Also, be aware that a large balance may cause your credit score to drop, which could delay other plans like buying a home in the near future.
How Facet can help
At Facet, we believe your money is a tool to help you live the life you want, including celebrating major milestones like your wedding. Our non-commissioned, flat-fee membership model means we never sell you products or earn commissions on your choices. We pair you with a CFP® professional who acts as a dedicated partner, helping you build a roadmap that balances your dream wedding with your long-term financial wellness.
