September 6, 2021

How Much Does the Average Wedding Cost? And How to Save For It.

The vast majority of couples budget too little for a wedding and wind up spending more than they’d planned. Here are some tips to avoid taking on debt on your special day.

10 min read

Qoins Staff

@qoinsapp

The amount you will spend on a wedding can vary greatly, depending on how big (or small) you decide to go. Comparing some numbers for average wedding costs can help put your potential outlay in perspective.

According to WeddingWire.com, for example, the average wedding cost $38,700 in 2019, with the majority of those costs ($29,200) associated with the ceremony and reception.

How to Save for a Wedding

Ideally, the longer you have to save and plan for your wedding, the better. Couples should begin speaking about wedding budgets as early as the moment they began speaking about getting engaged. Doing so can cut down on disagreements later on if they are on the same page about the size, type, and overall budget of the wedding prior to starting the planning.

Once you have a general plan, location, guest list, and budget in mind you can begin setting savings goals to calmly building the funds over time to avoid taking on debt. If, for example, you have an overall budget of $30,000 and 10 months until you plan to get married, for example, you’d need to save $3,000 a month to hit your goal, assuming you have not put aside anything for your wedding yet. However, if your parents are chipping in $10,000 as a pre-wedding gift, that drops the amount you need to $2,000 a month.

According to a recent LendEDU wedding debt survey, one-third of respondents said they went into some sort of debt to pay for their big day—an average of nearly $12,000. The survey found people mostly borrowed through credit cards and personal loans. This can all be avoided with proper planning and saving. Don't let your special day set you back decades in the form of credit card debt that could double the price of your wedding if you only make the minimum payments on the average debt added on a wedding of $12,000. Plan to pay in full, this will keep you on track, and will start your life as a married couple debt-free, stress free, and prepared to begin building a healthy and successful relationship.

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5 ways to lower your wedding costs

Even if you plan a wedding with everything you've ever dream of, you can stily being flexible about tctors:

1. Replace the pros

Asking a friend to be the bartender and making decorations yourself can give you significant savings when compared to the cost of professional services and premium packages. You remember that friend from college that did everyone's headshot, give them a shot!

2. Consider suburban venues

Where you get married matters, and not just for the venue. If you plan to tie the knot in a major metropolitan area, expect higher prices and increased competition for venues and other services. But getting married at a gorgeous venue one hour from the city may give you far more than you expected at half the price.

3. Trim & edit the guest list

Some venues have minimum and maximum guest requirements and are priced accordingly, and vendors might charge per head for food and drink. Head count affects expenses across the board. And let's not even begin to mention inviting those that will rsvp, and not show up... that's a whole additional article in itself! With just 10 fewer guests on your list you'd cut out at least one table: That’s 10 chairs, 10 place settings, 10 favors and one centerpiece right there that you're not paying for. "By cutting your guest list by 10 or 20 people, you may actually save yourself $1,000. Think of those essential member that you need there, and will certainly show up.

4. Seek an off-peak season

That sunny summer wedding probably comes with a trade-off: price. Ceremony sites, reception halls and photographers are known to offer lower rates during off-peak months, such as January or February. The cost savings is just the beginning of the benefits, now you won't have to worry about overlaps with everyone elses wedding dates, since everyone decides on the same 3 month timeline to squeeze in all of the weddings you need to attend for the year.

5. Skip the Saturday, it's just another day of the week

Saturday is the most popular day for weddings, and high demand often comes with a higher price tag. You might be able to save by scheduling your big day on a Sunday or weekday — unless it coincides with a popular holiday. Think Fridays, or Sundays most of your guest will be traveling and taking days off regardless. This can be a tremendous moment to save and open up more days to spend time with family either before or after the special day.

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