Dream Wedding: How Much Does It Cost and How to Pay for It All?

A wedding is one of the most important events in life. Every couple tries to make this day unforgettable, so that it will be remembered for the rest of their lives. Of course, this requires a certain amount of money. 

In 2023, the average cost of a wedding, including ceremony and reception, was $35,000. So, some young couples prepare for marriage a year or two before the celebration. This period is often sufficient to accumulate the required funds. Some may seek help from family members. However, situations arise when the finances still fall short. But even in this case, all is not lost. 

There are loans and other methods of financing that will help make the wedding of your dreams come true. Which ones exactly – read on to choose the best option and not go beyond the budget.

What Expenses Does a Wedding Budget Consist of?

Celebrations are not cheap. Average wedding expenses do not fit into the budget of most families. Here are the main expense items:

• Banquet organization (buffet, banquet menu, alcohol, cake) – usually from $5,000 to $10,000.
• Decoration and floristry – from $2,000 to $3,500, depending on the scale of the decor.
• Contractor services (photographer, videographer, ceremony host, banquet host, technical support, show program, etc.) – from $3,000 to $5,000.
• Transfer (car for the newlyweds, guest transfer, etc.) – from $500 to $2,000, depending on the selected transportation services.
• Wedding outfit costs (dress, veil, shoes, groom’s suit, shirt, accessories, bridesmaid dresses, groomsmen accessories) – from $2,000 to $5,000.
• Wedding planner services – from $2,000 to $4,000 if you entrust the wedding planning to professionals.

Wedding finance amounts may vary depending on the region and the couple’s preferences, but they indicate how much it costs to plan a wedding in the United States.

How to Afford a Wedding? 

Weddings can be incredibly expensive. And many couples simply cannot afford such luxury. But if you don’t know how to pay for a wedding, don’t rush to think that a wedding is unattainable. In addition to the fact that you can spend an unforgettable day with your nearest and dearest on a budget, you can also take advantage of different financing options:

Personal Savings

Saving money is a surefire way to plan a wedding without breaking the bank. It takes time and budgeting skills, but no hidden fees like loans exist. Start by setting aside a fixed amount each month, accounting for all expenses. This method will allow you to control your finances and avoid debt, ensuring a stress-free wedding of your dreams. 

Family Contributions

Sometimes, organizing a wedding requires not only your savings, but also the support of your family. Family contributions are a traditional way for relatives to help cover part of the expenses of the celebration. To avoid misunderstandings, it is important to discuss who is willing to contribute what amount. Some newlyweds ask their parents to help with the largest expenses, such as financing a wedding ring. You can also ask for help.

Personal Loan for Wedding

When there is no time to save up, and your family is not enough, a wedding loan can be a way out. But you should know that a bank is not the only possible option. Money is usually needed urgently when preparing for a wedding, and there is simply not a single extra day. 

If you have a poor credit history, going to a bank may not be an option, as approval is unlikely.  In such cases, it is more appropriate to get a wedding loan from an online lender. They offer flexible terms and the ability to get the required amount quickly. You can get a $5,000 loan with bad credit, which makes this option available even to those with a less-than-ideal credit history. 

In addition, to take out a wedding loan, you only need a device that can access the Internet and a minimum of information about you. It’s important to note that this wedding loan interest rate is typically higher than that of standard loan options.

Credit Cards

Credit cards can be a lifesaver if you have a small amount of money to spend on your wedding or need flexibility in your expenses. The main advantage is the ability to pay upfront and repay at your own pace. Many cards offer a grace period (usually up to 12 months) when interest is not charged, allowing you to use them without overpaying. About 39% of young couples use this method of covering wedding expenses.

However, it is important to consider the card limit and avoid exceeding your budget. This approach is suitable for partial payments, such as decor or outfits, but is not always effective for large expenses. If you choose this method, make sure you can pay off the debt in time to avoid high interest rates.

Buy Now, Pay Later (BNPL) Options

BNPL (Buy Now, Pay Later) is like getting a loan for a wedding, which allows you to split the cost of the wedding into several payments. Services issue small amounts (from $50 to $1,000), enough to pay for small expenses, such as renting decor. The initial payment is about 25% of the cost, and the remaining amount is paid in equal payments, often every two weeks, over 6-8 weeks. For long-term plans, the interest can reach 30% per annum.

5 Things You Can Save Money On When Planning a Wedding?

Budgeting is all about priorities. Decide what is most important to you as a couple and allocate your funds accordingly. But how do people pay for weddings when they need to cut costs? Here are some tips on how to finance a wedding without going into debt:

Change the Format

A good wedding doesn’t have to be a big, fancy affair. There’s been a growing trend towards party-style weddings. Not only will guests remember the relaxed atmosphere, but they’ll also help you save a significant amount of money.

Choose an Affordable Menu

Food and drink are another major expense. Opting for a buffet or cocktail reception instead of a la carte food can save you a lot of money.

Consider Hiring a Newbie Photographer

Professional photographers can be expensive, but you mustn’t sacrifice quality to save money. Instead, hire a photography student or graduate who is building a portfolio. They may offer more affordable prices but still provide high-quality photos.

Reduce the Number of Guests

Think carefully about your guest list. A wedding is your special occasion. You don’t have to invite someone you’ve only met once just because they’re related to you. Also, don’t invite guests “out of politeness.”

Choose Your Wedding Venue Wisely

Instead of booking a popular wedding venue, consider more affordable options like a friend’s backyard or a public park. These options are often less expensive than traditional wedding venues and can still be beautiful with some creativity and personal touches.

Conclusion

A dream wedding can be a reality even on a limited budget. The key is to properly assess your financial capabilities and choose the appropriate payment method. Many couples ask themselves, “Do people take out loans for weddings?” The answer is yes, especially if we are talking about significant expenses. However, this is far from the only option. Understanding how to fund a wedding includes personal savings, family help, using credit cards, BNPL services, and wedding loans. 

Each approach has its advantages and limitations, so it is important to plan and choose solutions that meet your financial goals. Regardless of your path, do not forget that a wedding is not only about the costs, but also about the happiness you share with your loved ones on this day.

Description: Organizing a wedding can be expensive, with costs for decorations, catering, and photography. Saving up or finding financial assistance can help couples manage their dream wedding.