When should I start saving for my wedding?
With the rising costs of a wedding, saving early can prevent a lot of stress down the line
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Rising wedding costs have caused many people to think about when the right time is to start saving.
There are many factors that play into wedding expenses, and each couple's situation is going to be a little bit different.
While it may seem silly to start saving before you get engaged, it's not a bad idea, according to experts.
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A wedding is an expensive event. Sometimes, the cost of the single day is equivalent to the down payment on a home. Since the cost of saying "I do" is so high, saving early is more important than ever. ( / iStock)
- What is the average cost of a wedding?
- Who pays for a wedding?
- When should I start saving for a wedding?
1. What is the average cost of a wedding?
Over the past few years, there has been a steady increase in wedding costs.
While there are tons of little factors that can change your overall cost, there are major ones that are going to impact it the most.
Where you get married, the number of guests you have and the time of year/day of the week you have your wedding can all drastically change the cost.
The average cost of a wedding is $33,000, according to Zola.
The average cost of tying the knot has increased over the past couple of years. According to Zola, the average cost in 2024 is $33,000. (iStock / iStock)
The most expensive state to get married in is Rhode Island, where the average cost of a wedding is a whopping $49,000.
Of course, these are estimates, and couples find ways to cut costs and tie the knot for much less.
2. Who pays for a wedding?
Traditionally, most of the wedding bill has fallen on the shoulders of the bride's family.
Even though that was common practice, it's not so much anymore.
Today, the bride's family paying for the wedding on its own is pretty rare.
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Many couples take on the bulk of wedding expenses themselves.
If families do get involved in paying for a wedding in some capacity, the bill is typically pretty evenly split between the parents of the bride and groom.
Now that couples are commonly taking on a portion of wedding bills on their own, it's more important than ever to be strategic about saving.
3. When should I start saving for a wedding?
If you are simply looking at numbers, it's easy to see that saving up for a wedding can take many years.
Wedding planning is easier when you already have money put aside and ready to go. (iStock / iStock)
Many people wait until their engagement to start seriously saving for a wedding.
While there is nothing necessarily wrong with this approach, you may find it challenging to come up with the funds in time.
Let's say you get engaged and want to start saving in a year's time for your wedding. If you are going with the average wedding cost of $33,000 as a baseline, you would have to put aside $2,750 every month to have that money saved up in a year.
Of course, that assumes you don't have any money saved otherwise. If you have $10,000 put away that you want to designate for your wedding, that number is still quite high, but drops to about $1,916 each month.
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Again, this implies that you are paying for 100% of the wedding on your own, without the help of your future spouse or either of your families.
Often, when couples are getting engaged, they have a lot of other expenses coming, like the potential purchase of a house. The financially sound option is not to empty out your savings, or take out a loan for a wedding, even though some do.
If the sound of emptying your savings account for a wedding or having to take out a loan makes you queasy, your best bet is to open a savings account specifically for your wedding.
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You can open this account at a time that feels right for you. Maybe you're in a relationship, and you see an engagement coming in the near future. Maybe you're already engaged and want to have a long engagement to give yourselves time to save as much as possible.
Maybe you are completely single, but know that you want to get married someday.
All of these are acceptable reasons to open a savings account for your wedding.
When it comes to saving for a wedding, the earlier you start putting money aside, the less stress you'll be under later. ( / iStock)
While it may seem silly to save before an engagement, or even before a partner comes along, the earlier you save, the less you have to put aside each month, and the more time you have to reach your goal.
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When you start saving for a wedding, you don't by any means have to have an exact budget laid out. Figure out how much you are comfortable putting aside each month, and set up automatic payments to be added to the account.
Also, remember that when wedding planning does begin, you do not have to spend every penny you put aside.
If you end up being under budget, you can always find something else to put that extra money toward.
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