The predicted average wedding cost for 2025 is $36,000, according to Zola. If that comes as a shock to you…We totally get it. Weddings are expensive! But how can you make sure to have the wedding of your dreams while not breaking the bank? It’s all about balance. Setting a practical budget will ensure your special day is a joyous and memorable experience, not a source of financial stress. So, let’s roll up our sleeves, crunch some numbers, and discover how to create the wedding of your dreams on a budget that works for you!
Setting the stage: Your dream wedding vision
Before we dive into budgeting specifics, let’s take a moment to envision your dream wedding. Close your eyes and imagine every detail – from the venue and decor to the dress and menu. Now, let’s bring that vision to life while keeping your budget in mind.
The budgeting basics
Putting together a budget for your wedding is much the same process as budgeting for any other area in your life. If you’ve been one of the savvy readers who schedules their monthly money date, then you’ll already be ahead of the curve in knowing your numbers and what financial flexibility you have to play with when planning your special day. Budgeting for your wedding is a circus act of juggling between what you want and what you can reasonably afford without financial strain. So, let’s delve into both.
Define your priorities
As the Spice Girls once famously said, “Tell me what you want, what you really, really want!’. So, step one is about defining your true desires, your non-negotiables, and your top priorities. Ask yourselves:
- What are you and your fiancé’s top wants for the wedding?
- What aspects are a must?
- What aspects are you willing to compromise?
Whether it’s a stunning venue, delicious food, or live entertainment, clarifying your priorities will guide your budget allocation.
Set a realistic budget
To set a realistic budget requires that you first know your numbers for both of you. Depending on where you are in your relationship and financial journey, this will either be top of mind or something that leaves you both scratching your heads.
Here’s how to set a realistic budget:
- Money Date: Scheduling your money date together is going to be a must for you both, not only to make this process of budgeting for your wedding a whole lot easier but to set your marriage up for success, too.
- Determine the Budget: Be honest with yourselves about this, and remember, it’s about the experience, not the price tag.
Pro tip: Avoid entering into your marriage on the financial back foot by staying practical and reasonable.
Break it down
Now that you know what’s really important to you both for your wedding day, and you are clear on what money you have to allocate to your special day, it’s time to divide your budget into various wedding categories such as venue, catering, attire, etc. To help you gauge what is realistic and not, here’s a breakdown of wedding costs provided by The Knot based on real couples’ wedding budgets. The average wedding costs around $36,000, which excludes the engagement ring, so let’s take a look at what some of the biggest expenses were:
|
Venue |
37% |
| Catering | 28% |
| Band | 12% |
| Wedding Rings | 9% |
| Photography | 8% |
| Flowers | 8% |
| Rehearsal Dinner | 8% |
| Alcohol | 8% |
| Couples Attire | 7% |
| Wedding Planner | 6% |
| Lighting & Decor | 5% |
| DJ | 5% |
| Transportation | 3% |
| Ceremony Music | 3% |
| Hair & Makeup | 3% |
| Cakes & Desserts | 2% |
| Stationary | 2% |
| Favors & Gifts | 1% |
| Officiant | 1% |
So now you know the numbers, how does your budget compare? Do any of these items and their financial weighting surprise you? Are there clear items you can skip, or are they already non-negotiables for you? This is just an example to work from, so see how it aligns with you and your fiancé’s vision for your dream day.
Budget-friendly wedding tips and tricks
You want the beautiful “big day,” but maybe right now, the budget isn’t quite big enough to meet those expectations. Let’s take a look at some savvy strategies for stretching your wedding budget without sacrificing style or elegance:
Venue Choices = Big Savings:
- Think Outside the Ballroom: Parks, backyards, or community centers offer charm at a fraction of the cost of traditional venues.
- Go for All-Inclusive: Packages bundling catering, rentals, etc. can streamline planning AND save money.
- Negotiate Your Best Deal: Many venues are open to discounts, especially for group bookings where you also arrange guest accommodations.
Timing is Everything:
- Weekday Weddings: Slash costs across the board, from venue rental to vendor fees.
- Off-Season Savings: Winter or shoulder-season dates mean greater availability and lower prices.
- Flexibility is Key: Being open to different times/days gives you bargaining power!
Unleash Your Inner Crafter:
- DIY Decor: Tutorials abound for centerpieces, signs, and more. Adds a personal touch AND saves cash.
- Creative Invitations: Design your own and print them at a discount shop or send them digitally.
- Handmade Favors: Simple, heartfelt gifts (think homemade treats) are more meaningful than pricey trinkets.
Takeaway: Don’t let a limited budget limit your wedding dreams – get strategic and make your vision a reality!
Frequently Asked Questions (FAQs) on wedding budgeting
Let’s dive into some FAQs on how to set up the best wedding budget for you.
Q: How can we create a wedding budget spreadsheet?
A: Start by setting up a simple spreadsheet using Microsoft Excel or Google Sheets. This budget has two columns – first, what you expect to pay on the various categories of items, then second, the actual expenses quoted from various vendors. Also, use this spreadsheet to note payment deadlines and any additional payments due that you don’t want to get caught off guard about. There are also wedding budget calculators available online to help you get started if you’re feeling stuck.
Q: What are some ways to save on wedding attire?
A: Hollywood may have ruined our views on what buying the perfect wedding dress should entail, but the reality is the most important part about your wedding dress is ensuring you feel your best.
So perhaps buying something brand new isn’t a must for you in which case you can consider buying a pre-owned wedding dress, renting wedding attire, or shopping during sales and clearance events. Just don’t forget to factor in alterations and accessories when budgeting for attire, which can quickly add up.
Q: How can we prioritize our wedding budget?
A: Focus on what matters most to you as a couple and allocate your budget accordingly. Consider splurging on your top priorities to make sure this day reflects what you both value the most, while equally finding creative ways to save on less important aspects of the wedding.
The bottom line on wedding budgeting
Planning your dream wedding on a budget is not only possible – it’s downright empowering, and as someone who loves to see their dollar stretch for them, a lot of fun, too! By setting realistic expectations, defining your priorities, and getting creative with your budget allocation, you can create a wedding that’s as unique and special as your love story.
Remember, it’s not about how much you spend – it’s about the memories you create and the love you share with each other and your guests. Yes, your wedding is a big and special day to celebrate your union in love; just remember you have a lifelong journey ahead of you, too, so avoid taking your first step together with the burden of financial stress. So, here’s to a wedding day filled with love, laughter, and unforgettable moments – all without breaking the bank!
Laura Tynan is the founder of The Witch of Wall Street, a personal finance and investing community, where women are shown how to manage, multiply and manifest money, using simple strategies. Laura holds a BSc Hons in Finance, is a Chartered Accountant, and is certified in EFT Tapping, Breathwork, and RRT. She has been recognized by the Financial Times as a Top 20 Future Female Leader and by Yahoo! Finance as a Global Champion of Women in Business. She is a multi-award-winning speaker who has spoken at, and been featured in, Forbes. Laura hosts The Witch of Wall Street podcast and is the author of the personal finance and investing book for women, by the same name, which is available now on Amazon.
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