How to Pay For Your Dream Wedding Without Breaking The Bank

Your wedding is one of the most important—and most expensive—events in your life. As you and your significant other make plans for the big day, finances will play a big role in how the wedding plans come together. According to the wedding site Zola, the average cost of a wedding in 2024 is $33,000. While a wedding can certainly cost more, it’s essential to determine how to pay for your wedding without breaking the bank.

How to pay for your wedding

Admittedly, the wedding landscape has changed during the last few years, with inflation being the biggest culprit. As a result, couples have gotten more creative in how they celebrate their nuptials. This has opened the door to more non-traditional or simplified ways of getting married. This added flexibility can certainly make your wedding budget more manageable. It’s your big day, so make sure to spend money on the elements that will be most cherished and memorable to you.

Paying for your dream wedding can seem daunting. But, with a few simple tricks, you can make your day perfect.

1. Make a budget
   To make a realistic, accurate wedding budget, it’s important to know how much you’re willing to spend on the big event. Do some research and create a general estimate based on what you think everything will cost or, if you prefer, you can set a hard budget limit and commit to staying under that amount. Once you settle on a number, break your budget down into smaller, more manageable savings goals. Try this wedding math to help you out:
   
   Total budget divided by number of months until wedding = monthly savings goal.
   
   For example, say you have a wedding budget of $30,000 and you’re getting married in two years—$30,000 divided by 24 months equals $1,250. This becomes your monthly wedding budget savings amount.
   
   If this monthly cost still seems high, you have options. You could consider pushing the wedding back to give yourself more time to save, reevaluate what is most important to you or cut down on some of the wedding expenses to decrease your budget.

2. Cut back on monthly expenses
   Do you pay for multiple streaming services but only use one or two? What about other monthly expenses? Review your budget and identify expenses that you can reduce or eliminate completely (at least until after the wedding)! Here are a few things to consider:
   
   

   • Cancel unused subscriptions and services
   • Shop around for cheaper car insurance
   • Use a ride-share service or public transportation to save on rising gas costs
   • Eat out less and cook more at home
   • Move to an apartment with cheaper rent
   • Get a roommate
   
   Get creative in how you cut your monthly spending and you’ll quickly find more ways to funnel money toward the cost of your wedding.

3. Limit small spending
   You don’t have to cut treats out completely but limiting yourself to once or twice a week can save you a few bucks here and there. Small purchases—like a candy bar, cappuccino, new magazine in the checkout line or weekly work lunches—can also easily be skipped.
   
   No need to cut out all the fun! But stay mindful of your small spending. It may not seem like much at the time, but saving $10 to $20 a day by skipping small purchases, could result in an extra $300 to $600 for your wedding fund at the end of every month. That adds up!

4. Ask family for help
   If you feel comfortable with it, ask your family members if they’d be willing to help pay for the wedding. You and your spouse-to-be can ask your parents, and even grandparents, for financial contributions to the wedding fund.
   
   Additionally, if you have any friends or family members who offer services you need—like photography, cake decorating, hair or makeup artistry, floristry talents—ask them if they’d be willing to chip in on your big day, provide discounted services or trade for a skill you provide.

5. Start a savings account
   As you’re saving money for your dream wedding, a great way to keep your savings goal in mind is to open a separate savings account and name it “wedding” or “I do” or something equally fun. This will help keep the money in one place so you don’t spend it before you’re ready. It also will remind you what you're saving for every time you look at it!
   
   A regular savings account will work, but you can earn more interest with a high-yield savings account. Money market and certificate accounts are great options.

6. Think about getting second jobs
   Another way to bring in more money for your wedding is to get a second job. You and your partner could both have full-time and part-time jobs for a few months to help build up your wedding savings.
   
   If having two jobs doesn’t work, consider a “free-time” job like DoorDash, Uber or Lyft—you just work when you want and aren’t tied to a specific schedule. These low-stress gigs can be a great way to bring in extra income for a few months without the full commitment of another job.

7. Attend a bridal fair and enter contests
   Getting stuff you need for free is always a bonus, right? Look for local bridal or wedding fairs in your area. Not only is it a great place to get ideas for your own event, but most of the booths offer giveaways for free items like wedding cakes, tuxedo rental and more.
   
   And, who knows—even if you don’t win, you may get a discount at the shop which can help lower the cost of your dream wedding.

8. Consider a personal loan
   If you’ve worked hard to make all the changes above and still fall a bit short of your budget goal, consider a personal loan or if you’re a homeowner, a home equity line of credit (HELOC). A small loan that wouldn’t be a burden to pay off could give you the final funds you need without compromising too much on the big event.

Your dream wedding is possible!

Everyone deserves the wedding of their dreams. If your budget doesn’t allow you to purchase all the bells and whistles, these tips can help you pay for your wedding without breaking the bank. The key is to get creative with your savings strategies and prioritize what is most important to you instead of getting caught up following a full list of requirements or traditions.

Mountain America Credit Union is here to help. If you’re looking to open a high-yield money market or certificate account, apply for a personal loan or HELOC, speak with one of our account managers today to assist you in paying for your dream wedding.