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How to save money for a wedding

The average wedding costs $35,000.

Yahoo Personal Finance· Getty Images
Updated 7 min read

A wedding should be a time for celebration with your spouse, family, and friends — not a financial burden that leaves you stressed out and overwhelmed. Unfortunately, weddings don’t come cheap, and the expense can take a toll on even the happiest couples.

In 2023, the average wedding cost $35,000, according to a study by The Knot. That’s $5,000 more than the previous year’s average. Whether you’re a bride or groom tasked with footing the entire bill or you have family willing to help, paying for a wedding is no small task. But by planning early and being strategic, you can save for your wedding over time to minimize debt and financial regret.

Below, find helpful tips on how to save money for a wedding so you can focus on enjoying your big day.

Like any other major savings goal, a strategic plan is key when it comes to saving money for a wedding. The following tips can help regardless of your budget, venue, or location.

Without a budget, it’s possible — even likely — that you’ll spend way more than you initially planned.

A wedding budget is critical for a number of reasons. It can help you create a reasonable savings target, figure out how much you should spend on each individual expense, and plan a wedding you can actually afford. After all, more than half of newlyweds who took part in a 2024 U.S. News Survey went into debt to pay for their wedding. A budget can help you take a proactive approach to paying for your wedding and avoid debt altogether.

First, consider the type of wedding you want to have, including things like:

  • Location

  • Date

  • Type of venue

  • Number of guests

  • Entertainment

  • Decor

  • Food

Once you have an idea of what you want, build a budget based on average costs. For example, if you’re set on hiring a band for your wedding, you can find the average cost of hiring a band in your area.

While creating a budget, figure out how much you’ll spend on each expense as a percentage of the total cost. The Knot suggests the following budget breakdown, which you can use as a rule of thumb. Of course, you can tweak your spending however you want.

While location, wedding date, and number of guests have a major impact on how much you’ll spend, you should also keep your income in mind when creating a budget. There’s no sense building a budget for a $50,000 wedding if you know you won’t be able to afford it.

If your budget and savings target feel unrealistic after accounting for all your expenses, see what you can cut or DIY. For example, if you don’t feel strongly about having a cake, serve something cheaper, like cookies, for dessert. Don’t care about having a professional wedding video? Ditch the high cost of a videographer.

Read more: 6 simple budgeting apps to try

Once you have an idea of how much your wedding will cost — and a budget to keep you honest — it’s time to start setting aside wedding savings in a sinking fund.

After creating your budget, you should have a rough idea of how much you plan to spend on your wedding. Divide that number by the number of months until your big day — that’s your monthly spending target.

Keep in mind that when paying for wedding expenses, you’ll likely pay for various costs at different times. For example, you might pay a venue deposit a year in advance, buy your attire 10 months out, and pay for last-minute decor in the weeks leading up to your event.

Because of the need for accessible funds, you’ll want to keep your savings liquid. A high-yield savings account keeps your funds accessible but also lets you earn a competitive yield on your balance. You can also automate your savings by setting up recurring transfers from your checking account into your high-yield savings account to make sure your savings grow on autopilot. But before doing so, make sure you work your wedding savings contributions into your regular budget.

It’s quite possible your total wedding cost stretches your monthly budget. If that’s the case, you can find creative ways to shave down costs. Alternatively — or additionally — you can look for ways to increase your income. Doing so can help you pay for a wedding without sacrificing any must-have vendors or decor.

There are many ways to make a little extra income on short notice. Below are a few places to start:

  • Take on a side hustle. Opportunities for side hustles are endless. Dog walking, house sitting, babysitting, tutoring, doing lawn care, or selling handmade goods are just a few ideas to consider based on your skills and availability. Alternatively, you can take on a part-time job in the evening or on weekends. If you go this route, don’t overdo it. Stressing yourself out with too much work is not a recipe for success while simultaneously planning a wedding.

  • Negotiate a raise. If you think you could be earning more with your current job, you can try to negotiate a raise. If you’re already working long hours and a side hustle isn’t possible, this may be the best use of your energy. When planning for a negotiation, do your research, be realistic, and practice what you’re going to say ahead of time.

  • Have a garage sale. It may sound old-fashioned, but having a garage sale — virtual or otherwise — is a great way to give your savings a boost while also decluttering your space. Gather clothing and household items you no longer use and sell them on Facebook Marketplace, Poshmark, or out on your driveway. Deposit the proceeds straight into your wedding savings account.

If you max out your income with some of these strategies and still feel strapped trying to save, return to cutting wedding costs. Strategies such as DIYing decor, shortening your guest list, and choosing a DJ over a band can offer dramatic savings and help you minimize financial stress.

Read more: How to merge finances with your spouse after getting married

The amount of money you need to save for a wedding depends on several factors, including the size of your wedding, the location, and how much you want and are able to spend. A recent survey found the average wedding in 2023 cost $35,000, which might be a good place to start.

But if you keep your wedding small, DIY some of the decor, and rent an affordable venue, you can dramatically reduce the amount you need to save. Before setting a savings target, run some calculations for how much your wedding might cost based on your specific circumstances and preferences.

A budget of $10,000 can be enough for a wedding, but it’ll definitely take some creativity to stretch that budget, as it’s less than one-third of the average wedding cost. Spending only $10,000 would likely require some sacrifice, like DIYing decor, hair, and makeup, finding a low-cost or free venue, and asking a trusted relative or friend to snap photos. Depending on what you’re willing to bootstrap, a $10,000 wedding is possible.

A reasonable wedding budget depends on the type of wedding you want, where you live, the number of guests you’ll have, and other factors. What’s reasonable also depends on your income and ability to save, as well as whether or not you have family members who plan to contribute to your big day. Keep in mind the average wedding in 2023 cost $35,000, but that number varies widely depending on location. For example, the average jumps to $63,000 in New York City but falls to $28,000 in Orlando-Daytona Beach.