How to (Realistically) Save For Your Wedding

By Jacquette Timmons

Marriage rates may have fallen from its peak in the mid 1980s. But people are still getting hitched to the tune of approximately two million marriages a year according to the U.S. Department of Health and Human Services.

Since 1970, the cost of getting married has almost doubled to $24,000 – the average cost of a wedding in today’s dollars. Depending upon where you live and the financial resources available to you, you may consider this figure to be a lot of money to say, “I Do,” or a drop in the bucket. Either way paying for a wedding is a costly endeavor and saving for it can seem daunting. Here are a few suggestions to help you realistically save for your wedding:

1. Create a vision of the kind of wedding you want to have by including a) the location, b) number of guests split between family and friends, c) type of venue for the ceremony and reception, d) time of year (off-season or in-season), and e) your living arrangement post wedding (will you move into a place where one of you lives currently; will you rent; will you buy?) Starting with this as your base is the best way to prepare for what comes next…
2. Back into your budget. Don’t make the mistake of many people which is to come up with a number without knowing how realistic said number is. Better to map out all the points noted in #1, see what the cost is (per line item and comprehensively), and adjust your expectations and your vision accordingly.
3. Give yourself enough time to save the money needed to create the wedding experience you desire. Even if you use a credit card for all or most of your wedding expenses, you want to be in a position to pay the card balances in full when due – or at least within six to twelve months of your wedding.
4. Create a separate “wedding” account to avoid commingling funds allocated for your wedding with your other savings.
5. Determine the appropriate portion of expenses to be attributed to you and your intended, as well as your respective families if appropriate.

Remember, your wedding day is a wonderful celebration of your love and union, but your marriage – a life-long journey – is more important than a single day! Keep this in mind as you make tradeoffs between what you may really want and what you may discover you can really afford.