Weddings are a joyous occasion that marks the start of a couple’s life together. But planning a wedding can also be expensive. It’s important to know what your budget is and how much you can afford to spend on your special day.
So, what is the average wedding budget? According to The Knot’s 2019 Real Weddings Study, the average cost of a wedding in the United States was $33,900. Of course, this number can vary greatly depending on where you live, how many guests you invite, and the type of wedding you plan.
Breakdown of the Average Wedding Budget
The largest portion of the average wedding budget typically goes towards the venue. Other major expenses include catering, flowers, music, photography, favors, attire, and invitations. Here’s a breakdown of the average costs for each category:
- Wedding Venue: $15,000
- Catering: $7,500
- Flowers: $2,500
- Music: $1,400
- Photography: $2,400
- Favors: $400
- Attire: $1,600
- Invitations: $800
How to Determine What You Can Afford
Before you start planning your wedding, it’s important to create a budget and stick to it. Consider your income and savings, as well as any contributions from family members. Set realistic expectations and decide which elements of the wedding are most important to you.
Tips for Saving Money on a Wedding
There are several ways to save money when planning your wedding. Choose a less expensive venue, shop around for discounts, and do some of the work yourself. If you’re willing to get creative, there are even more ways to reduce your wedding costs.
Creative Ways to Reduce Wedding Costs
Consider having a potluck reception instead of catering the entire event. Skip the favors or opt for something small and inexpensive. Cut down on decorations by using only a few simple, elegant pieces. You can also ask friends or family members to help out with tasks such as baking, decorating, or setting up.
Advice from Financial Planners on Wedding Spending
Financial planners advise couples to make a priority list and focus on the items that are most important to them. Don’t go into debt to pay for your wedding, and get help from family and friends whenever possible. It’s also a good idea to set aside 10-20% of your budget for unexpected costs.
Comparison of Wedding Spending Habits Around the World
The amount of money spent on weddings varies widely from country to country. In the United States, the average cost of a wedding is over $33,000. In Europe, the average cost is closer to $20,000. In Asia, the average cost is much lower at around $7,000.
Wedding planning can be overwhelming, but it doesn’t have to be. By understanding the average wedding budget and how to determine what you can afford, you can plan a beautiful wedding without breaking the bank. Use these tips to save money and enjoy your special day.