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.