How To Save Money On A Wedding

If you’ve been paying attention to the price of getting hitched or started planning your own big day, you know how tempting it can be to elope and forgo a wedding altogether. From flowers to photographs, the cost of throwing a party for all your friends and family can quickly add up.

To get married without going into debt, learn how to save money on a wedding and plan ahead.

Ways To Save Money on a Wedding

Here are some tips for saving money on a wedding with strategic planning and compromises.

Cut Down on Venue Costs

Since a venue is often one of the most expensive wedding costs for couples, eliminating or significantly reducing venue-related spending can change your entire budget.

If you’re having a small affair outside, consider getting married in a backyard or park. For an indoor event, consider a location that doesn’t specialize in weddings. The brewery down the street or your favorite bed and breakfast might be cheaper than a dedicated wedding venue.

When looking at wedding packages, pay attention to what is included. A $10,000 venue that includes tables, chairs, linens, flatware, audio equipment and a dance floor might actually end up being cheaper than a less expensive venue where you have to rent everything yourself.

Rent Your Dress or Buy Used

Many wedding gowns are worn just once before being stored or sold. For some, this may be a compelling reason to skip a trip to the gown shop in favor of renting a dress or purchasing secondhand. Not only is this an environmentally friendly choice, it’s also a budget-friendly one. You’ll have a wider variety of dresses to choose from, not just those designed recently, and your guests aren’t likely to know your like-new gown isn’t actually brand-new.

Pick Non-Traditional Rings

When you think of engagement rings and wedding bands, you might think of diamonds and gold. But while these materials may be classic, they’re also pricey due to scarcity and demand.

Fortunately, couples today have plenty of options. For more affordable and distinctive rings, you can choose from other minerals such as moissanite and sapphires, lab-grown diamonds and gems with “imperfections.” Opt for stainless steel, titanium or silicon bands to save more.

Stay in Season With Flowers and Food

To save money on a wedding, be mindful of seasonality, especially when it comes to flowers and food. Asking for something that’s not in season will often increase the cost.

A study conducted by wedding planning website Zola found that the average couple pays between $2,500 and $6,000 for wedding flowers as of 2023. If you want to spend less than this, choose your flowers wisely. Requesting tulips in October is likely to increase your floral budget, while orchids might be less expensive and just as beautiful that time of year. Similarly, fruits or vegetables can carry higher prices when out of season. Ask your caterer to use in-season produce to try to cut costs.

Choose a Discounted Wedding Date and Time

Another way to save money is to carefully consider your wedding date. If you get married on a Saturday, a popular day for weddings, you’re probably going to pay more than you would on a Wednesday. Saturday and Sunday often carry the highest venue prices because they are more in demand, while weekdays can cost less—and be easier to book.

Getting married earlier in the day may also help you save. For example, a brunch wedding is likely to cost less than an evening affair due to catering requirements. Compare costs for different times of day and different types of fare to get the most bang for your buck.

Finally, think about having an “off-season” wedding. Wedding season peaks between May and October, making winter months and early spring ideal for finding vendor and venue discounts.

Ditch the Cake

Bakeries are able to charge high prices on wedding cakes because many couples see these as non-negotiable. To save yourself the stress of comparing quotes for cakes and stretching your budget, think outside of the bakery box. Personalized cookies, tiered cupcake displays and ice cream can all be crowd-pleasers that may cost a lot less.

Reduce Your Photographer’s Time

Many couples spend thousands of dollars on wedding photos. One way to lower these costs is to have the photographer work shorter hours. This may mean fewer photos to choose from, but a good photographer will get plenty of great shots in a short window of time. Have your professional photographer capture key moments and recruit some friends to shoot candids.

Average Wedding Costs

According to the Zola First Look Report, the average cost of a wedding in 2023 is $29,000. Other reports put this figure even higher, but there are many factors that influence total costs.

Costs vary by state and area, with larger metropolitan cities and states with higher costs of living having the highest wedding averages. Zola’s data shows that the highest wedding price tag belongs to Washington, D.C., with an average cost of over $45,000. Coming in second is New Jersey, where the average spend is around $44,000. Alaska holds the lowest cost of around $12,000, California’s average comes in at about $32,000 and New York couples are spending over $43,000.

The biggest cost for a wedding is the venue, which runs between $6,500 and $12,000 on average. Food is the next biggest expense. Catering can cost up to $10,000, depending on the size of the guest list, and a wedding cake averages between $600 and $900. If you choose to enlist a wedding planner or hire a band, you can expect to pay between a few thousand each.

Build Your Savings for Your Wedding

You can mitigate wedding debt not just by cutting costs, but also by saving in advance. To earn as much interest as possible and keep your money safe, build your wedding fund in one or more of the following accounts.

High-Yield Savings Accounts

High-yield savings accounts offer more competitive interest rates than traditional savings accounts and may also have tools to help you save. Auto-save features, round-up saving options and the ability to create savings buckets can encourage you to save more and make it easier to reach your goals for your big day.

Decide how much you want to save, how much you can save now and how much you’ll contribute each month to get there. Then, choose a high-yield savings account with a high rate and start saving. The best rates can often be found with online banks. If you put $10,000 in an account earning 4.50% interest, you’ll earn $459 of interest in a year for your wedding.

Money Market Accounts

If you are getting ready to start spending for various wedding expenses and you need an easy way to immediately withdraw savings, consider a money market account.

Money market accounts are a combination of savings and checking accounts. They earn interest like a savings account but typically come with a debit card or checks for spending. Money market accounts often have higher interest rates than high-yield savings accounts.

Certificates of Deposit

If you have a sizable chunk of money to contribute to your wedding fund and don’t need to spend it yet, a certificate of deposit or CD could be a good fit. CDs are time deposit accounts with predetermined terms. They earn fixed interest for the length of the term, rather than variable interest like a savings account or money market account, and often have higher APYs than most other accounts. CD rates vary by term and bank.

You can’t add money to a CD and usually can’t withdraw before the term is up without paying an early withdrawal penalty, so a CD is ideal for cash you’re comfortable locking away.