In 2023, the average wedding cost totaled $35,000. When creating a wedding budget, couples should compare what they'd like to spend with what they can afford. Steps include allocating a percentage of the budget to each expense, creating a timeline for savings, and determining when to pay for each item.

What Influences a Wedding Budget?

The costs for a wedding ceremony and reception vary by state in the U.S., with larger cities often coming in higher than average. In 2023, weddings in New York City averaged $63,000, almost twice the national average.Wedding expenses are commonly influenced by:

• Location
• Type of Venue or Destination Wedding
• Number of Attendees
• Traditions

Common Costs

When building a wedding budg🌊et, couples can start with an exhaustive list and then narrow it dow꧂n to only include what they can realistically afford.

• Venue
• Rental fees for tables and chairs
• Officiant’s fees
• Marriage license
• Catering
• Alcohol
• Wedding cake
• Wedding favors for guests
• Bridal party/groomsman gifts
• Bachelor/bachelorette party
• Flowers and decor
• Photographer/videographer
• Music and entertainment
• Wedding invitations/stationery
• Bride and groom attire
• Hairstyling/Makeup
• Wedding bands
• Transportation
• Rehearsal dinner

Spending Limits

Suppose one couple aims to spend $20,000 for a wedding 24 months away. They have💫 $8,000 saved but need an additional $12,000. This means allocating $500 monthly to savings over the next two years. If they stay on track, the💮y will keep within budget and reach their goal.

However, suppose the same couple's wedding is just 12 months away. They must allocate $1,000 monthly to savings or rethink their budget or timeline. They may need to employ one or more of the following changes:

• Downsize the scale of the wedding
• Look for ways to increase income to save more money each month
• Ask family and friends for help in paying for the wedding
• Take out a personal loan or use credit cards to finance wedding expenses

Cost Allocation

Dividing a budget i𒈔nto percentages to cover each spending category allows each couple to see how much money is spent on each line item. Here’s an example of what that might look like, based on a $20,000 budget:

• 40% for the venue and catering ($8,000)
• 10% for furniture rental ($2,000)
• 10% for photography ($2,000)
• 10% for flowers and decor ($2,000)
• 10% for entertainment ($2,000)
• 10% for bride and groom attire ($2,000)
• 2% for hairstyling and makeup ($400)
• 2% for the cake ($400)
• 2% for stationary/invitations ($400)
• 2% for favors ($400)
• 2% for transportation ($400)

Who Pays for What

When building a wedding budget, couples should 澳洲幸运5官方开奖结果体彩网:discuss who pays for what with their families. Traditionally, the bride’s family has shouldered the burden of wedding costs. According to The Knot Real Weddings Study, couples covered 50% of the wedding budget, and parents or family contributed 50% in 2023.

The average age of marriage in 2023 was 32 years, so couples are more financially sound to handle wedding costs. However, wide gaps in income or assets can also shape who pays what. For example, if one partner makes 70% of the 澳洲幸运5官方开奖结果体彩网:household income while the other m𒆙akes 30%, wedding costs may be divided similarly.

The Bottom Line

Planning a wedding can be stressful, but financial concerns shouldn’t overshadow the big day. Estimating expenses using an online wedding budget calcꦜulator can be a good place to start. Couples must de♔cide how to save for a wedding and who should pay what.