Wedding Budget: Where to Save, Where to Splurge | | TopWeddingSites.com (2024)

Wedding Budget: Where to Save, Where to Splurge | | TopWeddingSites.com (1)

Just the thought of a wedding budget can be overwhelming, especially if you’re working with a modest budget. Which elements of the big day can be skipped, and which should always be accommodated? Going into debt over a wedding is never a good idea, but even a moderate affair can drain your bank account alarmingly quickly. While the priorities and choices are ultimately up to you and yours, here are a few tips to help you decide where and how much of those savings to invest in your big day.

Venue

It will be much cheaper (up to 50% less) to book a venue for a Sunday or weekday wedding. Off-season weddings (November, January, February, and March) are usually cheaper as well. If you are set on a summer wedding, why not plan for an outdoor wedding? Many beautiful parks and public gardens are much more affordable than indoor venues, and you already have at least half of your decoration taken care of! Another win-win for both you and your guests is to use the same venue for the ceremony and the reception—guests love it when they don’t have to drive to a second location. You can also try thinking outside of the usual venue ideas—check with art galleries, or bed and breakfasts.

Food and Drinks

Providing dinner for your guests can significantly increase total costs. To avoid this, choose an early afternoon, later evening, or even mid-morning wedding—all times that fall between meals for guests. Instead of serving entrees, you can offer hors d’oeuvres, snacks, or simply dessert. Just don’t plan a reception that takes place at 6pm and doesn’t offer a meal—that’s a quick way to ruffle guest feathers. And as for drinks, if you’re really on a budget, skip drinks altogether, or offer a simple co*cktail or punch bar instead of wine and expensive liquors.

Flowers

Flowers can be really pricey, so unless they are a huge priority for you, skip the table garlands, flower walls, and flower-draped archways. Instead of choosing elaborate bouquets for centerpieces, use blossoms as highlights instead, such as an orchid submerged in vase of water and topped with a floating candle, a few large, long-stemmed statement blossoms in a vase set atop a scattering of glitter. Same rules apply to the bridal party flowers: splurge on your own bouquet, but give the bridesmaids simpler arrangements, such as a cluster of lavender, three peonies encased in fern leaves, or a simple baby’s breath bouquet. Check with vendors at your local farmer’s market for options that are often less pricey than formal florist arrangements.

Paper Goods and Postage

Your guests probably won’t even notice if you cut costs with the save the dates, invitations, and ceremony programs. Mail postcards for the save the date, and have guests RSVP online or by postcard to cut your postage costs by 30-50%.

Your Dress

As a bride, you’ll probably feel one of two ways about your dress: either that it’s a dress that you’ll only wear once, so why splurge; or that it’s a once-in-a-lifetime dress that you’ve dreamed of for years, so skimping isn’t even an option. If a designer dress is really important to you, cut costs in other areas of the wedding instead. If cost is more important, ask your David’s Bridal consultant to try the designer dresses that have been discontinued and marked down. If you’re a fan of simple, understated, or bohemian styles, you can also get creative and often find formal white or ivory dresses in surprising places, for substantially less than formal bridal gowns.

Your Shoes

How many times have you attended a wedding and noticed (much less remembered) the bride’s shoes? Exactly. There’s no point in dropping a few hundred dollars for a pair of shoes, especially if you’ll never wear them again. Alternatively, you could spend a bit more if you’ve found a style that you could wear to future events. Planning a summer garden or woodland wedding? Just go barefoot!

Bridal Party

While the bridal party will pay for their own dresses and suits, travel, party tabs, and accommodations, you’ll still need to think about bridesmaid/groomsmen gifts and flowers. Elaborate ways of asking your friends to be a part of your wedding party are popular, but if you’re on a budget, skip the fancy invitations and go for something simpler like a mailed letter, a coffee date, or even a phone call. Your friends will just be excited that you’ve asked them; they really won’t be thinking that you didn’t ask them in the right way.

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FAQs

Where should I put money saving for my wedding? ›

Depending on how frequently you plan to pay wedding expenses, you might consider using a high-yield savings account and a joint checking account together to cover expenses. The one option to skip for wedding savings is a certificate of deposit (CD) account.

Is $30,000 enough for a wedding? ›

In a 2022 survey of 12,000 couples across the country, The Knot found the national average for a wedding is $30,000. However, the average in many individual states is much higher, with New York and Massachusetts topping out at $46,000 for the big day. “You can set a budget, but if it's completely unrealistic…

What is the biggest expense in a wedding? ›

A reception venue is often the biggest wedding expense. Couples marrying in 2023 spent nearly a quarter of their budget on the venue, Zola found. That comes out to around $7,000. But, again, venue prices can vary significantly by location.

How much should I save each month for my wedding? ›

The simple math trick that makes it all work? Take the sum of your desired budget and divide it by the number of months you have to save up. Getting married in a year with a budget of $20,000? Divide $20,000 by 12 (which equals about $1,700 per month).

What is etiquette for wedding money? ›

Traditional etiquette says that your wedding gift should be at least enough to cover your attendance at the wedding. While the average cost per wedding guest in 2022 was $256 according to The Knot 2022 Real Weddings Study, a better starting point might be to think about the cost of your meal at the reception.

How much should you realistically spend on a wedding? ›

Wedding Spending Rule #1 Spend no more than 10% of your newly combined household income. If he makes $60,000 and she makes $80,000, then they should spend no more than $14,000 on a wedding. If their newly combined household income is $1,000,000, then they can ball out on a $100,000 wedding.

Is $10,000 too much for a wedding? ›

$10,000 Is Enough for Most Couples. Popular wedding sites claim the average wedding costs $29,000.

Is $40000 a lot for a wedding? ›

$40,000 is a high-end wedding budget.

Is $5,000 enough for a wedding? ›

But that's ok - because it's totally possible to plan a beautiful wedding day for less, even as little as $5,000. To help you out, here's a budget breakdown for everything you'll need to plan a $5,000 wedding, along with other money-saving tips to plan a memorable wedding day.

Can you do a wedding for 5k? ›

In fact, you can cover the cost of a dress, invitations, flowers, photographs, ceremony and reception for a fraction of the average amount couples spend on weddings. Just ask Sandy Smith and LaTisha Styles, who both stuck to a budget of about $5,000 for their weddings.

How to spend 15k on a wedding? ›

$15,000 Wedding Budget Breakdown
  1. Ceremony: $450.
  2. Reception, venue, catering, and rentals: $6750.
  3. Photography and/or videography: $1800.
  4. Reception music/entertainment: $1500.
  5. Wedding rings: $300.
  6. Wedding attire: $1350.
  7. Flowers & decor: $1500.
  8. Stationery: $450.
Oct 2, 2023

What budget is considered a luxury wedding? ›

The price points of having a luxury outdoor wedding will vary based on individual style and preferences. However, by traditional standards, a luxury wedding budget ranges between $100,000 and $500,000. Although the amount of money spent qualifies a wedding as luxurious, the quality of the experience is of more essence.

What is the most expensive part of the wedding budget? ›

Unsurprisingly, the biggest chunk of your wedding budget will go to the biggest investment, which is often the venue. Our study found that couples typically spend about 37% of their overall budget on the wedding venue for their nuptials.

How do you split wedding costs? ›

The different parties can offer to pay for certain aspects of the celebration. The bride's and groom's parents can split the costs; alternatively, each set of parents and the couple can each pay one-third of the cost. Finally, it's increasingly common for the bride and groom to pay for the whole wedding themselves.

How much money should you save before getting married? ›

Therefore, if you make $70,000 a year and your spouse makes $60,000, the experts advise that before getting married, you should both have $70,000 in savings.

Should I open a savings account for my wedding? ›

Keeping cash in a separate savings account may help reduce stress when planning for a wedding. Look for accounts with no minimum balance requirements, no fees, joint account holders, and auto transfers. Consider breaking your overall wedding budget down into smaller, more manageable milestones.

Is $100 good for wedding? ›

If it's a co-worker or a distant friend, TheKnot.com recommends guests give at least $75-$100 on the wedding present. If your guest is a relative or a friend, the wedding website suggests somewhere between $100 and $125.

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