This post may contain affiliate links, which means I’ll receive a commission if you purchase through my links, at no extra cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure policy for more information.
Pin for later. Follow on Pinterest.
INTRODUCTION
I had paid off my student loan debt, invested wisely, and saved 10-20% of my income. But was I planning for a wedding? That was a different story. In financial independence circles, wedding budget advice often boils down to saving as much as possible and budget frugally. But I'm about to marry the love of my life—this is a significant life event, not just a big purchase. I wanted practical guidance on planning a wedding budget that would support our dreams realistically. While a courthouse wedding is quick and economical, it wasn't what my fiancé or I truly desired. This guide helped me plan a wedding budget that balanced our dreams and financial goals.
11 STEPS TO CREATE A WEDDING BUDGET THAT SUPPORTS YOUR FUTURE
1. IDENTIFY YOUR NEXT 5 YEAR GOALS
When you are on your financial journey, you grow wealth by thinking about the future and planning backward to what you need to do now to achieve your goals. Your wedding is a day in your life (maybe a couple of days in some cultures), but you have the rest of your financial journey to consider. I knew I wanted to start investing more in real estate, travel, and preparing for a family, so I didn’t want a wedding to cut into those savings goals. This type of future focus put the wedding into perspective as to why I’m having a wedding.
I’m planning a future with this person, so any money I spend on this wedding is saying no potentially to things we want to do in the future. It kept me from wanting to overspend or use loans for the wedding. By identifying my 5-year goals after the wedding, I better understood how my wedding could fit into those plans rather than wreck them. While it's natural to want a beautiful and memorable wedding, it's essential to maintain your financial stability and future goals.
2. CREATE YOUR WEDDING VISION
Maybe you’ve been dreaming of your wedding since you were a child. Perhaps you have several Pinterest boards about your future. Maybe you’ve just wanted a courthouse and a nice meal with family afterward. It doesn’t matter. Now is your time to dream and dream with your future spouse, starting with your wedding. This vision will help direct your spending for your wedding, what you look for and prioritize. It also gives you an idea of what your wedding may cost and how this will fit in with your 5-year goals.
I knew I wanted my wedding not to interfere with investing, so I created a price point I was willing to spend for the wedding and invest in the future. Once you know your five-year goals and your wedding vision, you can create a budget that helps you build your dream wedding while complementing your future goals.
3. GET TO KNOW YOUR FINANCIAL NUMBERS
You can’t start budgeting for a wedding if you don’t even know where your money is going. Knowing where you are financially now will inform you what you can afford for a wedding. Based on your current financial situation, you can also think of ways to afford the wedding of your dreams and support your 5-year financial goals. I used to be meticulous with my budget and cash dates early on when I was paying off debt. However, I stopped for several years until I met my fiancé.
I realized that if we married, I wouldn’t be able to show or explain where my money went because I stopped monitoring my spending to ensure it was doing what I wanted. I created a budget that worked for me. I started having money dates to establish better budgeting parameters for saving and planning our wedding. When you have a clearer idea of where money is going, this information allows you to redirect more effectively.
4. HAVE A “MONEY TALK” WITH YOUR PARTNER
Now is a good time to regularly discuss expenses, planning, and goals with your future spouse. The wedding budget will be no different. The wedding finances impact your partner and you, so it is only fair to discuss the wedding budget with your partner. Your partner may have goals, savings, or insight into the wedding budget planning that will complement your ideas. This post discussed how to start talking about money with your partner.
Identifying time with your partner to regularly discuss your money goals and spending can align your future goals and make your money serve you. You can review the numbers, financial situation, and how you want your wedding to impact your future life together. Even if you don’t have your future spouse candidate yet, creating regular money meetings to review your spending, net worth, and goals is a great practice to ensure your money works for you. This money meeting will feel empowering because you know your money knows where to go and what to do, and you can watch it grow so that you can create the future you hope for, starting with your wedding.
5. RESEARCH WEDDING COSTS FOR THE AREA
Remember that your area's cost of living and expenses will influence your budget. According to Zola, the average wedding cost in 2024 was around $33,000. These averages, nonetheless, may not reflect wedding costs don’t reflect your wedding, location, or values. You can also compare costs for venues and vendors on websites like The Knot. By researching the price in the area, you can better assess your budgeting needs for your wedding and your future goals.
6. DECIDED ON WEDDING BUDGET NUMBERS
Unlike the famous “financial number” or the number representing how much money you need to save to retire, there isn’t an easy math equation for how much to spend on a wedding. Why? Because weddings are personal, that number will reflect what you want and are willing to pay. Determining how much to spend on a wedding based on your income can vary greatly depending on individual circumstances, preferences, and financial goals.
A reasonable guideline is allocating 20-25% of your annual income to cover wedding expenses. You can also ask friends and research costs in your area for a number to consider. Remember, you don’t have to spend all this money on your wedding, but this gives you an idea of your wedding budget number. Consider having a wedding budget range or “min to max” budget that serves your five-year goals. Ranges can let you flex your wedding budget and plan a contingency amount for unexpected expenses. I discuss some unexpected wedding expenses that can surprise your budget here.
Whatever budget you choose, please review it to ensure it supports you and your 5-year goals. If you want a home in 5 years, you may need more than $100,000 on a wedding to achieve that goal. Having a maximum wedding budget number can help you start planning to save for a targeted amount so that you don’t have to sacrifice your future goals in favor of a wedding that lasts one to a few days.
You don’t have to reach this maximum for your wedding budget before your wedding, but saving for a wedding and serving your future goals can be empowering. The max wedding budget number can serve your 5-year goals by staying within your savings goals and help you focus on what you truly want.
7. DEFINE YOUR WEDDING PLANNING TIMELINE
After you identify your wedding budget number, you can define how long you need to save to reach that number. I knew I wanted to plan a wedding within a year, so I started focusing my savings on preparing for the wedding, which I could have $10,000 in 8 months. If you want to have wedding savings before you get married, you can still set the date for when you want to have a wedding, then divide that wedding number by the months remaining until your set day, and that is how much you need to save in however many months.
The more you save, the less you must rely on debt to pay for your wedding and start your new life chapter.
8. DETERMINE YOUR WEDDING BUDGET PRIORITIES
You know your 5-year goals, wedding vision, and your wedding budget. Now, you can allocate your wedding budget based on your major priorities. Maybe you want the venue space to be the showstopper and don’t care about the food. Perhaps you want flowers to rule the show. Maybe you want a one-stop shop for the entire event. Or it may be possible that you wish to go to the destination wedding with a bonus honeymoon. Prioritize the top 1-3 things you are willing to spend money on for your wedding. Your budget can then focus on supporting these top 3 elements. Or, you can get creative about having what you want within your budget.
9. CREATE A WEDDING SPENDING PLAN OR MONEY SYSTEM
How are you going to pay for the wedding? Ideally, you’ve saved enough for the wedding, but it's crucial to talk with your families to see if they are willing to help. Perhaps your father wants to pay for the entire wedding. Maybe your aunt wants to pay for the food at the rehearsal dinner. Or, maybe your family can’t help financially, but they will be excellent at coordinating stuff and decorating. Looking at your various resources can help you create your wedding spending plan or plan to pay for the wedding.
My fiancé and I saved for the wedding, and our family was very generous in terms of both time and finances. We decided to pay for what we could on a credit card to give us points towards a trip next year. However, because I wouldn't say I like debt, I’d pay off the credit card as soon as I saw the balance, so it functions more like a debit card. I want the points, not the debt.
You are finding a money-spending system for the wedding that works for you and your goals. Your spending system for your wedding can also spark ideas for how you and your partner will pay for future things. A wedding can be expensive, but you can learn ways to make smart financial choices for the future with intelligent money management while planning the wedding.
10. BE FLEXIBLE, CREATIVE, AND DISCIPLINED TO BRING YOUR WEDDING VISION TO LIFE WITHIN BUDGET
Wedding planning can be a magical time to create a vision where you are the beautiful, glamorous heroine in a storybook movie. Sometimes, you’ll choose to afford it and cut costs elsewhere to stay within your maximum budget. My fiancé and I saw a venue for less than $1000 on a beautiful lake, but you had to drive through an RV park. Later, we discovered that the venue wasn’t available on our desired date. We went to a more expensive venue near a river and adjusted our budget for this.
Another way to create your wedding vision within your budget is to tap into your creative side. You may discover something completely new that makes what you want for your wedding for a more affordable price. You can also shop on holidays or off-season times for a more affordable price. Sites like Rakuten can give you a rebate when you shop with them so you can get a little money back from spending on your wedding. You can even get more money if you decide to use a cash-back card for the purchase, and then Rakuten can give you even more savings.
However, at some point, you will need to tell yourself (or other people) the word “No.” Telling other people “No” rubbed against my people-pleasing nature. However, people-pleasing can be expensive, and my budget isn’t for other people. Ask yourself, “Will I be able to afford my 5-year goals if I choose to afford this for the wedding?” Learning to say no to things now and saying yes to a future goal is the benefit of discipline that creates intentional, empowering spending habits.
11. KEEP PLANNING FOR THE FUTURE
Keep your long-term financial goals in mind when setting your wedding budget. You can create a cash fund. The Knot makes setting up a traditional wedding registry or a cash fund easy. However, it can become a great “family emergency fund,” so start your future together.
We used a high-yield savings account that was FDIC-insured with Wealthfront. Transferring money from our cash fund to this savings account was easy. In 2024, the interest rate at Wealthfront was at 5%, so our money was growing while in the fund. Also, have regular money dates or meetings with your partner. Reassess your wedding vision and 5-year goals to see if you are still on track. Future-focused planning prevents the wedding from wrecking your finances while creating habits that support you and your future.
CONCLUSION
I hope these steps inspire you to plan for your wedding, no matter your financial future. Applying these steps to other areas of your financial life can also transform your overall finances. Your dream wedding doesn’t have to wreck your finances. Your wedding budget must be rooted in what you value and can comfortably afford without compromising your financial well-being.
IN SUMMARY
11 STEPS TO CREATE A WEDDING BUDGET THAT SUPPORTS YOUR FUTURE
- Identify your following 5 year goals.
- Create your wedding vision.
- Get to know your financial numbers.
- Have “the money talk” with your partner.
- Research wedding costs for the area. The Knot is a great place to do this, and I used it for my wedding planning. Zola is another popular wedding planning website.
- Decided on wedding budget numbers.
- Define your wedding planning timeline.
- Determine your wedding budget priorities.
- Create a wedding spending plan or money system.
- Be flexible, creative, and disciplined with your budget. Save money with Ratuken.
- Keep planning for the future. Open a cash fund with The Knot and start an emergency fund with Wealthfront.
How will your wedding budget support your future?
Pin for later. Follow on Pinterest.
