How to Save for a Wedding

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Let’s talk about weddings and money…

We all know how stupid expensive it can be to actually get married. Currently $32,641 for the average American couple according to USA Today. That’s a down payment on a house, people!

But what about those of us who aren’t actually getting married? How much does it cost us just to attend a wedding? Get your OMG face ready…

For the wedding of a distant friend or relative, the average American spends $372.

For a close friend or relative (when you’re not in the wedding party): $628.

And if you’re in the wedding party: $728!

Good thing wedding are spread out over decades so we’re not attending multiple weddings in our mid-to-late twenties when we’re broke anyway…oh wait 😐

And with wedding season practically here, now is the perfect time to talk about how to save for a wedding.

Whether you’re the Bride-to-Be, the Maid of Honor, a Bridesmaid, or a plain ol’ guest, here’s how to save for a wedding.

First: Where is the Money Going?!

Ok, before panic sets in, remember, the numbers above are only averages. You certainly don’t need to spend that much for every wedding you’re part of. But really, how are these numbers so high?

For the happy couple: weddings are one of those things in life where every little thing costs more than it should. Why? Because vendors can mark up prices knowing that people will spend whatever they have to to make their dream weddings a reality. Flowers, music, photos, food, venues. Every single item will cost more than you’d expect.

And for the guests…here are the most common money-sucking culprits:

Travel. Your college roommate wants a destination wedding in Fiji? That’s gonna cost you thousands.
Clothing. If you’re in the wedding party, you’ve got to buy the dress. And bridesmaid’s dresses aren’t cheap! But even if you’re not in the wedding party, you know these pics will be all over social, and you really want to look your best in a new dress.
Accessories. Don’t forget shoes and earrings.
Gifts. Sorry, but your presence isn’t enough.
Events. If you’re close to the couple, you’ll also be doing pre-wedding events like a classy family bridal shower and a slightly-less-classy bachelorette party.
Beauty. Hair, makeup, nails, facials, teeth whitening. It is expensive to be beautiful.

Can You Cut Costs?

So we know where we’re spending money on weddings. Now, before we come up with a savings plan, let’s see if we can cut costs anywhere.

Here are some legit options for saving money on weddings.

If it’s your wedding

I wouldn’t dream of telling another bride how to do her wedding. If you really want to spend as much for your special day as for a down payment on a new home, I won’t try to stop you (although I can just about promise you’ll regret it).

But I’ve never seen the sense in paying full price for most things. There are just so many other options out there! Check Pinterest for some DIY ideas. DIY doesn’t mean “cheap”; it means “custom”. Put your custom touches on your wedding!

Money Crashers has a brilliant post on the many, many ways to save thousands of dollars on your wedding. Start there to see where you can possibly cut costs before making your savings plan.

If it’s NOT your wedding

If you’re not the actual bride, congrats! Your average expenses are only somewhere between $372 and $728! Let’s try to get that down a touch, shall we?

Don’t go!

I know this sounds crazy, but you don’t have to accept every invite.

We’ve all been invited to weddings for coworkers we aren’t really friends with. You’re not under any obligation to attend those weddings.

And those expensive destination weddings?

It’s entirely possible that your friends with the destination wedding are purposely doing a destination wedding to keep the guest list low. They can invite tons of people knowing that many of those invitees will decline the invite.

It’s a pretty smart solution. They don’t have to feel bad about excluding anyone, but they’re probably going to end up with only their nearest and dearest in attendance. If you don’t consider yourself one of those nearest and dearest, don’t feel obligated to go.

Save big money on your dress

Again, if you’re in the wedding party, you have to buy the dress, and it’s gonna cost you a few hundred dollars. No getting around it. And no, you can’t limit the bride to your budget. This is one of those situations where you suck it up and figure out how to handle the expense with a happy heart!

But if you are attending in the dress of your choice, save a ton of money by buying your dress at a discount. TJ Maxx and Marshall’s have killer deals on designer dresses. I got a gorgeous Calvin Klein for a friend’s wedding for like $48. It was the same dress Macy’s was selling for $160.

Save on your accessories

While you’re at TJ Maxx or Marshall’s looking for your dress, check out their shoes, scarves, jewelry, sunglasses, and whatever other accessories you might need for the wedding.

Or just use accessories you already have!

Save on events

If you’re helping to plan the pre-wedding events, you might have a little sway in choosing venues or activities that won’t cost an arm and a leg.

One of my favorite ideas for a bachelorette party is an old-fashioned slumber party. Braid each other’s hair, play M.A.S.H., watch 90’s rom-coms, and eat popcorn in your pj’s. Cheap, drama-free, and super fun!

Or how about a calming nature hike before the wedding insanity starts? No joke, I know a girl who did a llama hike for her bachelorette party. It’s exactly what it sounds like, and I really want to do it at some point. Llamas!

Fun side note: in Germany, bachelorette parties often start with the girls walking around town selling little bottles of grocery store alcohol to passers-by for a couple Euros. Then they use their profits to cover their bar tabs that night. That would be super illegal in the US, but I love seeing bachelorette parties out like girl scouts this time of year in Frankfurt 🙂

Save on beauty

Maybe you could do your own nails? Or skip the professional teeth whitening and just make your own baking soda paste for a few days? Do you need the professional hair and makeup stylists for the wedding?

Ok, having said all that about ways to save on a wedding, it’s time to build your Wedding Savings Plan!

It’s a simple, but effective, 5-Step Plan:

Figure out how much you need
Figure out your time frame
Calculate your savings per paycheck
Open a designated savings account
Automate your deposits

Step 1: Figure out how much you need

Write a list of everything you’ll need to buy for the wedding and a real estimate of how much everything will cost. Do a little comparison shopping online to make sure your numbers are reasonable.

And remember that everything “wedding” will cost more than any other occasion. A wedding cake will cost more than normal cakes. Wedding flowers will cost more than normal flowers. Again, vendors know they can charge more for anything “wedding”.

Add up all the items on your list of expenses. That’s your total estimated cost. But that’s not the whole picture…

Unforeseeable Expenses

Those of you who’ve been following Savings and Sangria for a while might remember the time (times!) I way under-budgeted for my new apartment.

The lesson learned is that you can’t possibly plan for every expense. Unforeseeable expenses will always rear their ugly heads, so you need to prepare for them even if you don’t know exactly what they will be.

So now, I always add 10% to every list of expenses to cover those unforeseeable expenses. To do that, just take your total and multiply it by 1.1.

That new calculated number is your savings goal.

Step 2: Figure out your time frame

How much time do you have to save? And how many paychecks will you get during that time? Every paycheck is a chance to save!

Step 3: Calculate your savings per paycheck

Now, how much do you need to save out of every paycheck to hit your savings goal?

Simply divide your savings goal amount by the number of paychecks you’ll receive. That’s how much you need to save out of every paycheck.

Does this number seem undoably high?

Try cutting some of your daily expenses with our 35+ Ways to Save Money so you can afford to save more toward the wedding. If you’re already a careful spender, maybe you need to make a little extra money. Try our $500/mo side hustles or our weird ways to make money in your spare time.

Step 4: Open a designated savings account

Opening a designated savings account is an important step. To make sure you only spend this money on the wedding, you want to keep it separate from your other money.

Don’t just leave it in your checking account (because you’ll accidentally spend it on other stuff!). And don’t dump it in your emergency savings account because it’s not for emergencies.

Most banks offer free savings accounts, so take advantage and open a savings account just for this one purpose. You can even name it “Wedding Savings” to give your bank statements a little personality 😉

For anyone wondering why we’re using a plain old savings account instead of an investment account, it’s because the time frame is relatively short. Even if you’re the bride, you’re probably planning to get married within 2 years, so it’s not worth the added risks of short-term investing to gain any possible short-term investing benefits.

Sticking with a good, old-fashioned savings account is the best way to make sure your money is ready and waiting when you need it.

Step 5: Automate your deposits

Are you going to remember to transfer money to your designated Wedding Savings every payday?

What if you see some cute new shoes and would really rather spend your money on that this pay period?

The brilliant-but-simple solution is to automate your savings plan. Automating is the smartest move you can make in any savings plan!

Simply log in to your online banking and schedule an “auto-transfer” to automatically transfer your calculated savings amount from checking to your Wedding Savings after every payday.

Ta-da! You don’t even have to think about your savings plan anymore! It’s going to continue to grow while you go about your life, and when you’re ready to start spending on the wedding, your savings will be there waiting for you.

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Do you have any questions, tips, or advice on how to save for a wedding? Leave it in the comments!