Wedding Budget Planning for Your Big Day

5 Min. Read

Planning a wedding can be one of the most exciting– and expensive– times of your life. But don’t stress! With a solid financial plan, you can plan the wedding of your dreams without breaking your budget. Learn about everything you need to know for wedding budget planning, from how much it might cost to how to save efficiently.

Why Financial Planning Matters for Your Wedding

Before you start booking venues or arranging flowers, it is important to set a wedding budget. This is where financial planning comes in. Think of it as your money roadmap: it helps you make smart decisions, avoid surprise costs, and focus on what really matters to you.

Our best tip is to talk openly with your partner and family about how much money is available and who is contributing. This will give you a clear and direct understanding of the contributions and budget at hand. So how much does an “average” wedding cost and who pays for what?

How Much Does a Wedding (Generally) Cost?

Weddings widely range from many different factors. The average wedding cost in the U.S. is around $30K, but your wedding can be more or less depending on your personal preferences. Here is a basic wedding budget breakdown:

*These percentages reflect average estimates and can be more or less depending on what you choose.

This can be a very tedious task to plan out so it is recommended you use a wedding budget spreadsheet to track all your expenses, plus it makes staying on budget much easier! You can simply search a wedding budget spreadsheet template or ask your planner to create one.

Otherwise, follow these next steps for creating a wedding budget.

How to Plan a Wedding on a Budget

If you’re sitting here asking, How do I plan a wedding on a budget?, you’re not alone. Here is a step-by-step breakdown to help you:

1.    Set your total budget

Review your spending habits, look over annual income, and decide what is a reasonable amount to spend for your wedding. And stick to it! You can learn more about How to Create a Budget on the MCU website.

2.    Create a guest list

Your guest list (and size) will affect almost every other cost. Fewer guests generally = smaller venue, less food, and fewer invites. But that doesn’t mean you have to cut people out just to stay on budget. Try your best to accommodate all the guests you want. Instead of shrinking your guest list, get creative with how you spend your money.

3.    Prioritize what matters the most

Is photography important to you? Is videography more important? A live band? A curated playlist? Make a list of what is most meaningful and spend more on those items between you and your partner.

4.    Shop smart and save more

There are many tips and tricks online to help you shop more efficiently for weddings. Look for wedding ideas on a budget, like DIY decorations or second-hand dresses. Also, consider an off-season or weekday wedding for better deals.

5.    Get help from tools and other resources

Don’t forget to use your resources. Use a wedding planning checklist, a wedding planner book, or even budgeting apps to stay organized.

After you’ve figured out your estimated total budget, divide that number by how many months you have until the wedding. This will show you how much you should aim to save each month to stay on track.

Example: If your budget is $18,000 and you have 9 months to save, that’s $2,000 per month.

One great resource is The Knot. This is an online wedding coordination platform that makes planning easy for couples. The Knot has free features including: wedding website builder, budget planner, checklist, guest list manager, vendor directory, and registry integration.

Who Pays for the Wedding?

Years ago, traditionally, the bride’s family paid for the wedding, but things have changed a lot over time. Today, many couples choose a more modern and flexible approach. Some families still contribute, but it’s also common for the couple to pay for part of the wedding themselves. Additionally, modern trends show both families AND wedding parties helping out with different wedding expenses.

The best plan? Have an open conversation early on with everyone involved. Talk about who can contribute and how much. This helps set a realistic financial plan and avoids stress later. It may also be beneficial to get monetary contributions laid out on paper.

How Long Does it Usually Take to Plan a Wedding?

Again, this is based on the specifics of your wedding but on average, it takes 12 to 18 months to plan a wedding, but some couples do it in less time. Here is a sample wedding planning timeline:

• 12 months out: Set a date, create a budget, lock in the venue (don’t forget to do this and double check it is booked properly).
• 9 months out: Hire photographer, look for caterers, and hire entertainment.
• 6 months out: Order dresses and suits so there is plenty of time to do alterations and send out save-the-dates.
• 3 months out: Finalize details and make a wedding day schedule. Make sure to communicate these schedules to all wedding party guests involved.
• 1 month out: Confirm with vendors that everything is ready to go, and pack for your honeymoon!

This timeline is a rough estimate on average wedding plans, so it is important to make sure you start planning your wedding early enough to iron out all these important details– without feeling rushed.

Tips for Saving Money for a Wedding

• Choose a budget-friendly venue.
• Simplify the menu to a buffet, food trucks, or even potluck style.
• Send digital invitations instead of printed ones.
• Compare all vendor services and ask about package pricing.
• Compare wedding photographer costs and ask about wedding packages.
• Get quotes from DJs to compare wedding DJ costs.
• Make sure to look at reviews for all vendors, photographers, DJs, caterers, etc. before booking with them.
• Buy a wedding planner book online and DIY your wedding.
• Print DIY invitations or use digital ones (you can create ones in Canva and send them digitally).
• Consider a small cake or cupcakes for guests.

Read more about ways to save money for your wedding– all of these tips will help you save money without you having to sacrifice your vision or style.

Smart Wedding Planning = Less Stress, More Money

Wedding planning is a big task, but having a strong financial plan can make it so much easier. Do the smart thing. With the right tools, priorities and budgeting mindset, you’ll not only save money– you’ll enjoy the process too. That is what it is about, enjoying planning your wedding.

Remember this is your day. Make it special and make it personal. And if you need help with creating a wedding budget– MCU is here to support you. Contact Marine Credit Union if you want help with any budgeting questions or issues.