How To Save For A Wedding: Must-Have Tips

If you're considering getting married soon, it's a good idea to make sure you have enough saved for your big day. Wedding planning consists not only of making sure that the wedding dress, food, flowers, cake and itinerary are right, but also making sure that you have a way to pay for everything that happens on your wedding day. These tips will help you learn how to save for a wedding, so when your big day comes, you’ll be ready.

How Much Should You Save For A Wedding?

Sad but true: The average cost of a wedding can be more than a car, a down payment on a house or one year of in-state college tuition. According to The Knot’s Real Wedding Study, the average cost of a wedding in 2022 was a whopping $30,000, though there is a wide variation depending on what state the wedding was held in. That can give you an idea of how much you should save up, but it's also a good idea to save up a little extra in case you go over your budget.

Tips On How To Save Money For A Wedding

Before just putting it all on a credit card, you’ll want to check out some of these tips for how to save money on your wedding.

Establish A Wedding Budget

One of the best things that you can do to save money for a wedding is learn how to budget. While the word "budget" sometimes comes with negative connotations, at its core, a budget is simply a tool. Establishing a wedding budget allows you and your spouse to determine how much you’re willing and able to spend, and what items are most important to you. Without a wedding budget, you're more likely to end up putting extra expenses on your credit card.

Open A Wedding Savings Account

Another great option is to create a savings account strictly devoted to wedding funds. Having a separate savings account can help keep your wedding funds in a different place than the rest of your money. This can benefit couples saving for a wedding because it makes it harder to dip into your wedding savings for other things.

Get A Side Hustle

A side hustle as a second stream of income can benefit couples saving for a wedding by providing a bit of additional money you can put toward wedding costs. Again, just like a wedding savings account, having a separate source of income allows you to not commingle your wedding funds with your regular income. That way you can continue to run your original household budget from your main source of income and put your side hustle income exclusively toward your wedding costs.

Cut Back On Spending

If you find that your wedding budget is going to be much higher than your current income and expenses allow, you might want to cut back on your spending. This will allow you to allocate more money to your wedding fund each month. The most important thing to do is make a plan, because if you don't, the emotion of the day may cause you to overspend without even realizing it.

Sell Unnecessary Items

Another way to raise extra money for your big day is by marketing unneeded items on reputable selling websites. If you have things lying around the house that you're no longer using, getting a bit of money for them can help you get more cash to put toward wedding costs.

Explore Passive Income

One big advantage of passive income is that you can do some work upfront to continually receive an income stream over time. Setting up a passive income stream can benefit couples saving for a wedding by providing an additional income source that can help defray wedding costs. Depending on how much time you have before your wedding, you may or may not have enough time to set up a passive income stream.

How To Reduce The Amount You Have To Save For A Wedding

If you've set up your wedding budget and are looking for additional ways to save money, consider one of these following tips:

• Choose a nontraditional venue: The largest cost of a wedding is by far the venue. According to The Knot, the average cost of a venue is $11,200. As banquet halls, historic buildings, rustic barns and vineyards are popular places to rent out for your wedding, consider something a little off the grid. Technically anything that is spacious enough to accommodate your guests and that you can throw a party in is fair game. Community centers, public parks or your friend’s backyard can make for lovely environs. And don’t overlook a local restaurant. If you’re a member of an art museum or botanical garden, you might be eligible for a member discount.
• Select an off-season wedding date: According to The Knot, the most popular months to get married are June, September and October. The cheapest months to get married would be in the spring or winter. Choosing an off-peak time of year to get married could cut the costs of expenses on everything from the venue to the photography to caterers. When there’s greater availability and less demand, venues are more willing to offer you a better rate.
• Buy secondhand: One way that couples can save is by purchasing used wedding decor or gently used wedding dresses. Many wedding-related items are only used once and may be available at a lower price while still being in excellent condition. Consider how using secondhand decor may help you when saving for a wedding.
• DIY wedding decor: If you want to do traditional paper invitations, consider going the DIY route. If you have the time and can enlist the help of some friends, hand-create your invitations. Simple methods such as stamping and using a design template could make it fun. If you're crafty, you can also extend the same idea to additional wedding decor.
• Plan for lighter fare: Instead of an eight-course dinner, consider going tapas style or offer your guests a selection of finger foods. You can also entertain your guests with lunch fare, which will help you cut back on costs. Another way to save on food is to limit the pricier meat selections and load up on appetizers, side dishes or smaller plates. If there are local breweries near your venue, it might be less expensive to order a keg or two than to have an open bar. Plus, guests can get a taste of a unique local offering. To save on libations, you can also limit the drinks menu to a few signature drinks or favorite wines and spirits.
• Opt for an affordable cake: Along the same lines, instead of getting a multitiered cake replete with metallic gold leaf wafer roses, spring for a smaller cake. To save even more money, nix the cake altogether and opt for a variety of cupcakes in your favorite flavors or a selection of pies. Depending on what is important to you, you could even consider a store-bought cake. Not only will these options lower the costs for your big day, but your guests will have several options to choose from.
• Keep your guest list small: Your overall wedding costs are likely to be proportional to the number of people you include on your guest list. More guests mean more food, a bigger cake and possibly a bigger venue. Consult with your parents and other close friends and family members to consider limiting plus-ones or only inviting immediate family members.
• Negotiate charges: One thing to keep in mind is that for most vendors, everything can be negotiable. Couples can save by making sure you understand what services are included with each vendor. If you request itemized receipts of charges, you may be able to opt out of things you don't need or any unnecessary fees.
• Enlist the help of your friends and family: Have a relative who owns a catering company? Have a cousin who would be happy to bartend during the reception? Don’t be shy about reaching out to your friends and family to see if they’d be willing to lend a hand to help put your wedding together. It could help you cut costs on everything from post-wedding cleanup to name placards during the reception.

When Should You Start Saving For A Wedding?

When you should start saving for a wedding is going to depend on how big your wedding budget is and how long it is until you're trying to get married. It's a good idea for couples to start using these saving strategies as early as possible, especially if your wedding day is coming up soon. The earlier you start, the less money that you'll have to save each month.

The Bottom Line

Planning (and paying for) a wedding can be an extensive and expensive project. Many people have been dreaming about their wedding for most of their life, so in addition to dealing with the finances, emotions often come into play. Take a look at some of these wedding planning tips for how to save for a wedding. If you’re starting to plan a wedding budget, don't forget to sign up with Rocket Money^SM for additional money tips and tricks.