Rhiannon Hendricks
Planning a wedding can be an exciting but expensive endeavour. The average wedding in the US costs $35,000, but prices can vary widely depending on location, guest count, and other factors. To pay for their weddings, couples may use their savings, take out loans, or seek financial contributions from family and friends. Some couples also opt for more creative approaches, such as getting their wedding sponsored by businesses or taking on side hustles to boost their income. With careful planning and consideration, it is possible to have a wonderful and affordable wedding.
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Ask your family to contribute
Asking family members to contribute to your wedding costs can be a tricky conversation to navigate. While some couples prefer to stick to the tradition of the bride's family footing the bill, modern weddings often involve contributions from both families, or the couple may choose to pay for the wedding themselves.
Traditionally, the bride's family paid for the entire event, but this is not always feasible or desirable, especially as weddings can be very expensive, with the average US wedding costing upwards of $30,000.
If you are hoping for financial contributions from your family, it is important to have open and honest conversations about money early on in the planning process. Be prepared to discuss your budget and how much your family is willing and able to contribute. It is generally considered inappropriate to ask your family for money outright, but if they offer, it is gracious to accept. You could also suggest that family members contribute in specific areas, such as the rehearsal dinner or alcohol, rather than giving a general cash donation.
If you do not want to ask for money directly, you could mention that you are planning a small wedding due to costs, which may prompt your family to offer to contribute so that you can invite more guests. You could also ask for birthday or Christmas gifts in the form of money or gift cards to put towards your wedding.
Remember that if your family contributes financially, they may feel they have more of a say in the planning process or may attach strings to their donations, so be prepared for this possibility. It is important to set a budget and be realistic about what you can afford, as well as what you are willing to compromise on.
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Take out a loan
Taking out a loan is an option for those interested in borrowing money for their wedding budget. Engaged couples can acquire personal loans for wedding expenses, and personal loans can be used to finance any of life's big events. Wedding loans are a convenient way to get money, especially when vendors and venues expect upfront deposits to book their services.
However, financial experts urge caution when it comes to wedding loans. "Taking out a personal loan is kind of a last-ditch effort," says Lauren Lyons Cole, a Certified Financial Planner and former writer for Business Insider. "The problem with personal loans is that people often take them out because they're trying to spend cash they don't have."
Before taking out a loan, it's important to consider the interest that will accrue over time. For example, a five-year loan of $15,000 at a 10% interest rate will result in over $4,000 in interest payments. This additional cost may not align with your financial goals as a couple, and existing loans can make it difficult to qualify for new ones in the future.
If you are a homeowner, a home equity line of credit (HELOC) can be used to finance your wedding, typically with a lower interest rate than other borrowing options. However, there are potential drawbacks to consider, such as using your home as collateral and closing costs that are usually 2%-5% of the total line of credit.
While taking out a loan for your wedding can provide financial flexibility, it is a significant decision that should be made carefully and in alignment with your long-term financial goals.
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Use your savings
Using your savings to pay for your wedding is a great way to avoid accruing debt and interest. The more you can pay upfront with cash, the less you will have to finance. This can also give you some negotiating power, as vendors may be willing to offer a discount for immediate payment.
To make the most of your savings, it's important to plan carefully and create a budget. Discuss with your partner how much you are both comfortable spending, and allocate portions of your savings to different expenses, such as the venue, food, entertainment, attire, and invitations. Be sure to include a buffer of 25-30% for unexpected costs.
You can also save money by choosing a venue that is all-inclusive, providing their own catering, linens, dishware, and waitstaff. Opting for an outdoor wedding at a picturesque location can also reduce the need for additional decorations.
When it comes to attire, consider buying your dress online or during a trunk show to get a good deal. You can also save by purchasing dried flowers or wooden bouquets instead of fresh flowers, and reusing the bridal party's bouquets as centerpieces.
To further stretch your savings, get creative with DIY elements, such as invitations, centrepieces, and table numbers. You can also save on food and drinks by ordering late-night snacks for only 70% of your headcount and combining them with edible favours.
Using your savings to pay for your wedding can be a smart choice, helping you avoid debt and giving you more flexibility with vendors. With careful planning and budgeting, you can have a wonderful and affordable wedding.
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Get sponsors
Getting sponsors for your wedding can be a great way to reduce costs and make your dream wedding a reality. Here are some tips to help you secure sponsors:
Create a Brand for Yourself
The first step in seeking sponsorship is to create an image or brand for yourself and your wedding. Think about what makes your love story unique and how you can showcase it in a way that appeals to potential sponsors. Do you have a heartwarming story about how you met or any challenges you've overcome together? Share your story and theme with potential sponsors to help them understand your vision for your wedding.
Identify Potential Sponsors
Research and identify potential sponsors who align with your wedding theme or have a vested interest in the wedding industry. Consider reaching out to local businesses or companies that are looking for unique marketing opportunities. You can also leverage your personal and professional networks, attend wedding fairs and exhibitions, or utilize online platforms such as forums, wedding boards, and social media to connect with potential sponsors.
Craft a Sponsorship Proposal
Create a sponsorship proposal that outlines the specific type of sponsorship you are seeking and what you can offer in return. Be clear about the benefits and exposure the sponsor can expect, such as branding opportunities, exclusive access, special discounts, or promotional activities at the wedding venue. Consider offering different sponsorship levels to accommodate different budgets and give potential sponsors flexibility.
Utilize Your Online Presence
If you have a strong social media following or a blog, showcase this to potential sponsors. Explain how their sponsorship will reach a wide audience and provide valuable publicity. Even if you don't have a large following, you can still demonstrate your commitment to gaining followers and creating a strong online presence leading up to your wedding.
Follow Up and Express Gratitude
Don't be afraid to follow up with potential sponsors. Sometimes, a gentle reminder or a second round of communication can make a difference. Remember to express gratitude for their time and consideration, regardless of their decision. Be persistent and confident in your pursuit of sponsors, as it may take time and effort to secure commitments.
Remember, getting sponsors for your wedding involves strategic planning and creativity. Be open to different opportunities and focus on building mutually beneficial relationships with potential sponsors. With persistence and a well-crafted proposal, you can increase your chances of having your dream wedding sponsored.
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Cut costs
The average cost of a wedding is $35,000, but there are ways to cut costs and still have your dream day. Firstly, consider the guest list. The more people you invite, the more you will pay for food, drink, and venue hire. A smaller guest list means you can also opt for a more intimate venue, which will likely be cheaper.
The timing of your wedding can also make a big difference to the cost. Vendors often offer lower rates during the week or for off-peak dates. If you can, avoid the summer and opt for a late fall or early spring wedding. You could also consider a brunch reception, which is likely to be cheaper than an evening event.
The food and drink you choose can also significantly impact your budget. A steak dinner will be much more expensive than chicken or a vegetarian option. A simplified menu with just a few high-quality, seasonal dishes will be more cost-effective than an extensive multi-course meal. You could also opt for a buffet or family-style setup, or casual food from a restaurant rather than a wedding caterer.
There are also savings to be made on the smaller details. Digital invitations are much cheaper than paper, and you can save on flowers by opting for in-season blooms and repurposing them throughout the day. You could also cut "extras" like favours and hard liquor.
Finally, be mindful of how you pay. Using cash can help you stick to your budget and may even get you a discount from vendors. If you can, avoid credit cards, as the higher interest rates could increase the overall cost of your wedding.
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Frequently asked questions
The average cost of a wedding in the US is $35,000, but this can vary widely depending on location, guest count and other factors. The average price per guest was $304 in 2023.
The best way to save money is to pay for your wedding with cash or savings. This can help you avoid debt and interest, and vendors may be willing to offer discounts for immediate payment. You can also ask your family and parents and friends to contribute financially instead of giving gifts.
Taking on debt to pay for your wedding is a big decision. While wedding loans are convenient, they can come with high interest rates and should only be considered if you have a plan to pay them off.
Businesses are often looking for unique marketing opportunities, and sponsoring a wedding can be an attractive option. You can approach companies directly or start a blog to pursue sponsorship relationships. A strong social media following can also help you attract sponsors.
