How Much Does a Wedding Cost?
Before the bride walks down the aisle, before the groom can wait nervously at the altar, before anyone can make their sacred vows, before anyone can put a ring on it, and before anyone can enjoy the big day, you need a detailed wedding budget breakdown to make the dream a reality.
Weddings are a lot of things. But as a rule of thumb, they are costly. But are they worth it? Absolutely! You cannot put a price on the lifelong commitment between two people that a wedding signifies. However, fools rush in where angels fear to tread. And if you fail to prepare fully for a wedding budget, prepare to fail.
If you want to know exactly how much a wedding costs and how to budget for a wedding, you’re in the right place. Let’s take a closer look at how to pay for the day of your dreams without suffering from a financial hangover.
How much cash will I have to splash?
According to research from The Wedding Report, the average wedding cost in the US in 2023 was $30,119, and trends suggest that the price increases with each passing year. The price may seem steep, but when you break down the various components most people pay for to make sure their big day has bells on it, it comes as no surprise.
According to the 2023 data from The Wedding Report, the food and drink alone can cost $8,176. And that’s after you’ve hired the venue ($5,761), purchased the engagement ring ($4,025), paid for the photographer ($2,264), the live band ($2,713), the flowers and decor ($2,639), and the wedding dress and accessories ($1,907). Let’s not forget all the other expenses such as the cake, the invitations, the officiant, and everything else that goes into a wedding budget.
It’s no wonder at times that a wedding budget breakdown can be a source of stress and threaten to overshadow the big day. According to a 2023 survey by NerdWallet and Zola.com, 70% of engaged couples in the US revealed they faced difficulties and challenges when it came to their wedding budget.
Exceeding their budget was a concern for 22%, and 30% found it problematic to plan for a wedding and juggle other financial priorities.
However, it’s worth remembering the wedding budget of $30,119 is an average figure. If you have the means and the motivation, by all means, you can go bigger. But if you need to keep your costs low, it is relatively simple to tailor the wedding budget to one you can comfortably afford. Customizing your wedding is a great way of making your big day even more unique, and the good news is it doesn’t have to cost the earth!
Where can I make key savings in my wedding budget?
When people look at their wedding budget breakdown intending to make savings, they can often find the process dispiriting. However, look at it this way: you are not cutting corners or making sacrifices — you are trimming unnecessary fat.
Think outside the box!
The choice of venue is all important because it is often considered the greatest cost in any wedding budget. Nearly a quarter of the budget is blown on the venue. But if you’re a little creative, you can save yourself a pretty penny. Choosing a month outside of wedding season (May-October) or having your wedding on a weekday or a Sunday as opposed to the more traditional Saturday will see you in a great place to negotiate a sweet deal with most venues.
Let them eat cake!
After you choose a venue, the biggest hit to any wedding budget is the catering bill. According to the survey by NerdWallet and Zola.com, the average spend on food and drink for most couples is 18% of their budget at $5,220. Naturally, everyone wants to make sure their guests are well fed and watered, but make sure you shop around for the best caterer before you agree to anything. It can be wise to pick a venue that provides the tables, chairs, linens, silverware, glasses, etc. If you are relying on your caterer to supply event rentals, their cost will be significantly higher. Some venues, of course, will supply their catering. The best advice is to compare and contrast until you reach the best deal for your wedding budget.
Picture this!
Everyone wants a document of their big day, and having photos and videos that can last a lifetime is essential. The downside is on average it can eat up to 12%, equating to about $3,480 of your wedding budget. Every wedding needs a photographer, but ask yourself — do they need to be there all day to capture every minute, or could you hire them at a discount for a few hours?
More and more people are also opting to make savings by booking a photo booth rental that can be hired out for the day and give guests the autonomy to take and print their own high-quality pictures. You get a lot of bang for your buck with photo booths because they’re also a great way to ensure the party goes with a swing.
All the extras!
Once you’ve secured the venue, paid for the caterers, and arranged for a photographer, you still need to consider an entertainer (average - $2,610), the flowers (average - $2,320), and the wedding attire (average - $2,030). Once again, by shopping around and keeping your options open, you can make other savings that will have a positive effect on your overall wedding budget.
Things to consider
As you can see, when it comes to how to budget for a wedding, there are a host of avenues to explore.
Other key advice is to keep your guest list tight or ask your friends to maybe volunteer their talents instead of wedding gifts. That way, you might just get a talented photographer and cake baker who are happy to provide their services free of charge.
Remember, weddings are not cheap, but they are special. You can’t put a cost on the big day, but you can plan accordingly for what should be a once-in-a-lifetime spend.