How to save for a wedding
Share via: Facebook Twitter LinkedIn More
The average cost of a wedding in the United Sates was $33,900 in 2019‡ – including the wedding ring but excluding the cost of a honeymoon. Finding the funds to finance a wedding may feel daunting, but with a little flexibility and some planning, you may find that reaching your wedding budget goal is more attainable than you thought. To help get you started, here is a guide to saving for your big day.
Budgeting for Your Wedding
Start planning by asking this question: What will be my biggest wedding expenses? Identify with your partner which wedding costs‡ are most important to you and which ones will chip away at your hard-earned savings the fastest.
You and your partner may find it helpful to pick your top three “non-negotiable” costs. These should be at the top of your budget and serve as a starting point as you research vendors and make your plans. Some flexible factors that impact your expenses include number of guests invited, season of the wedding and overall event formality.
Once you’ve determined your all-in budget and where you’ll allocate funds, it’s time to strategize how you’ll save for the big day.
Based on your overall estimated wedding budget, determine how much you’ll need to save on a monthly basis to reach your cost estimates. Remember that there may be deposits that need to be made in advance of the wedding day. Mark those important deposit deadlines down in your calendar in advance so you can save and plan accordingly.
If you’re planning a wedding on a tight budget, try reversing your thinking and assess how many months you’ll have to save money leading up to the wedding. Then, based on what you’re able to realistically put away for the wedding each month, add up each of those totals to discover what your budget should be based on that number. Do this and you’ll set yourself up for realistic and attainable wedding goals.
Slimming Your Spending
If you’re trying to find a way to increase your monthly savings to accommodate your budgeting goals, look through your current expenses to discover areas of spending that you could do without. For example, review your monthly subscription services, your takeout budget or your other flexible spending habits. Making small changes can have a big impact on your savings account.
Keep Wedding Savings Separate
You and your partner should also discuss opening a joint checking or savings account to easily save and make payments from a single account where you can keep a watchful eye on your spending.
A little bit of money saved every day can pile up faster than you think. With a little creativity, flexibility and determination, you may be surprised at how much you can save for your big day can be.
UMB personal banking solutions offer convenience and simplicity to meet all of your past, present and future financial needs. From home loans to auto financing and everything in between, see how UMB personal banking can work with you to find the right products for your life and lifestyle.
Boost your financial know-how and sign up for our personal banking newsletter. We’ll send informative articles right to your inbox.
When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.