According to Zola, the average cost of a wedding is $28,000, depending on your location.
For example, in New Jersey, the average wedding costs $51,000; in Kansas, it's $16,000. No matter where you live, any expense with three zeroes takes careful budgeting and planning.
Ideally, you should spend 10 to 16 months planning your wedding and pay as much in advance as possible because in 2023, the wedding expense inflation is estimated to be 3.57%.
Paying expenses before costs increase can save you money.
By the way, you shouldn’t forget the honeymoon and the 'starting a new life' expenses, among other common sense reasons to keep your wedding under budget.
But how do you budget for a wedding? It takes a lot of careful planning and important decision-making to create the right budget.
Here are the steps to take when considering wedding budgeting.
Define your needs for your wedding
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To set a wedding budget, you must know what you want from your wedding. Consider the following factors:
- Will you have a large or small wedding?
- Is your wedding going to be a local or destination wedding?
- Will you have a large wedding party?
- Will you have the wedding at a venue or host it at home?
- Are you serving dinner or is it an appetizer and dessert function?
The answers to these questions can help you start your wedding budget.
Making your list
Next, create a list of must-haves and would-be-nice items, and only if I have the money items.
This is where you create a detailed list of everything you want for your wedding.
- The ‘must-haves’ are non-negotiable and must fit in your wedding budget.
- The ‘would-be-nice’ or only if I have money items are items only go in if you can fit them in your budget.
This helps put things into perspective so you don't overspend and put yourself in debt before you say, 'I do.' When you see everything in writing, you can decide what you really need and what you can do without, allowing you to create your dream wedding on a budget.
Look at the Big Picture
As you create your wedding budget, look at the big picture. You aren’t just paying for one day. You should budget for your future, too.
To make it easier, focus on your first year of marriage. What expenses do you need to include in your budget?
Here are some to consider:
- Wedding day
- Honeymoon
- First house or rental
- Furniture for the new house
- Savings for emergencies
- Money for bills for the first year
Looking ahead at your first year puts things into perspective. It might help you make smarter decisions when spending money on your wedding. For example, you could spend $2,000 on a luxury for your wedding and enjoy it for a few hours at the wedding, or you could use that $2,000 for furniture or toward your home’s downpayment to build a future with your spouse.
Consider your wedding planning timeline
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When planning a wedding budget, it’s important to consider the timeline you have to reach your goals.
1 – 1 /2 Years Before the Wedding
Choose your wedding date and set your wedding budget. Choosing your date early allows you to lock in venues and vendors at today's prices, versus more inflated prices in the future. The earlier you set your date and the more time you allow, the lower you can keep your fees while allowing more time to save and pay off the cost.
This is also a good time to set up a basic idea of what your wedding will look like including the size of the guest list, any details you want to include in the wedding, and where you will honeymoon. This allows you time to narrow down your options and determine which factors are the highest priority.
9 – 12 Months Before the Wedding
If you haven’t selected vendors, such as a DJ or photographer, this is a good time. You’ll have a more diverse selection and can find the most affordable vendors. This is also a good time to determine your wedding party size and ask your participants to be a part of your special day.
5- 7 Months Before the Wedding
At this time you should finalize the guest list, ensuring the size fits within your budget for your wedding. You should also research and book your honeymoon, arranging for all accommodation.
3 Months Before the Wedding
As you get closer to the wedding, it’s time to finalize all costs, make any final selections, and handle any necessary changes. This is a good time to finalize your transportation needs, ensuring they fit within your budget. You should also confirm with the florist and DJ, finalize dress alterations, and buy your wedding favors.
1 Month Before the Wedding
In the final month, you should get your marriage license and tidy up any details, like paying for the makeup and hair and any final alterations, and handle any final details with the vendors to ensure everything goes off without a hitch!
Be Willing to Change your Wedding Budget
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The most important factor in all of this is to be flexible. Things can change in the blink of an eye or some services may cost much more than you anticipated. Being able to move things around without spending more money is the best way to stick to your budget.
A wedding is a special day, but you also have the rest of your life to consider. Going into debt in your first year of marriage can cause financial struggles moving forward. To save money on your wedding, planning is essential. Prioritizing wedding expenses, making sacrifices, and thinking of the future can help you stick to your budget and save as much money as possible.
