This is how you pay for your wedding
without breaking the bank.
How much does the average wedding cost in America?
Though estimates vary, the cost of an average wedding is well into the five figures. The website costofwedding.com pegs the national average at $25,764. A 100 guest list means that you’re paying more than $260 per guest.
What are the best ways to save money on a wedding?
1. Start with a well-defined budget
As soon as you’re engaged, start putting aside as much of your income as you can for the wedding. Saving 20% of your monthly income is a good—though lofty—goal. The longer your engagement, the more you’ll be able to put away.
Here’s a sample:
- Venue and Full-Service Catering: $12,000, including food, alcohol, tables, chairs, and service staff for 55 guests
- Photography: $2,000
- Wedding Planner: $2,000
- Invitations: $800
- Attire: $800 dress $150 suit
- Flowers and Decor: $1,200
- DJ: $1,000
2. Don't go for the most obvious or convenient venue there could be tax breaks
For example, if you’re getting married at your church, you may be asked to pay a ceremony fee. This fee may be tax deductible if it’s considered a charitable donation. Any fees you pay may be categorized as a tax-deductible charitable donation but the site must meet the IRS’s tax-exempt guidelines.
3. Donate your wedding flowers (or other décor)
4. Donate extra foodD
5. Have a charity registry
6. Wedding gifts (Tax implications shown below)
On average, most guests will spend between $75 and $150 on wedding gift money, according to Tendr. If your parents or anyone else is planning on gifting you the money to pay for a wedding, the IRS considers that a gift. Anything more than $56,000 is subject to a gift tax.
Most importantly before and after your wedding, talk finances!
9 most commonly overlooked items to discuss before a wedding:
According to Forbes, having conflicting “money styles” can be detrimental to couples. 35% of people that took a survey by SunTrust bank about stress in relationships, said money was the primary cause of friction. Being transparent about these eight things can make a difference in how financially successful your relationship and future can be.
- General financial position
- Bank Account(s)
- How to build an emergency fund
- Budget allocation and tracking
- Saving for retirement
- Transparency about your debts
- Creating a game plan to tackle debts
A CERTIFIED FINANCIAL PLANNER™ professional can be a great middle person to include in the conversation to help you find untapped financial opportunities.