How to decide how much to spend on your wedding

Many newly engaged couples experience sticker shock at the cost of wedding-related goods and services.

It’s important to be armed with some knowledge of what to expect regarding what a wedding costs before you embark on your planning process.  Before you can truly relish every moment your wedding day has to offer, you will need to dig deep into budgets and come to conclusions on plenty of wedding questions.

Lined Circle
Lined Circle

What Factors Make Up the Cost of a Wedding?

The location where your wedding takes place accounts for several factors, such as the average cost of living where your wedding professionals reside.

What is the Average Cost of a Wedding?

Sharing the average cost of a wedding can be a dangerous subject to tackle because averages are a bit problematic. They can be important to touch on because averages can provide somewhat of a baseline of potential costs.

Average Costs

The average cost of a wedding in 2019 was $28,000. In 2020, the average cost dipped to $19,000 due to the pandemic and the growth in popularity of micro weddings and intimate weddings due to the restrictions on events.

Take Averages with a Grain of Salt

It’s also important to note that taking an average can skew data significantly, reporting a figure that isn’t truly representative of what most people are doing.

Planning a Wedding on a Smaller Budget is Possible

In addition, an average does not mean that spending less is impossible. In fact, spending less is 100% possible! If you want to save money and plan a wedding on a budget, it’s absolutely possible with a little research, time, and effort.

Why Do Wedding Professionals Charge So Much?

A wedding professional is an entrepreneur, and they are considering the same things as someone in a corporate role. They are also factoring in the costs of self-employment (taxes; funding benefits, like insurance and retirement plans, on their own).

How Should We Decide How Much We Want to Spend on Our Wedding?

The goal is to come to a consensus about how much you can afford to spend. This includes deciding who will contribute financially (and to what aspects of the day), as well as how much you’re comfortable spending in total on what is essentially a party.

A Wedding Costs What You’re Willing and Able to Spend on it

Your wedding budget should be determined based on a mixture of your personal financial situation, your values, your priorities, and your overall financial goals for your life together.

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