3 Ways to Save for Your Wedding

According to the Center for Disease Control, approximately 2.1 million marriages will take place in the U.S. this year. Though this statistic has been on a decline, down 10.3% since 2000, the cost of the average wedding has been steadily increasing. In 2000, the average wedding cost $20,000. Today it costs an average of $30,000. This is an increase of 50%! Meanwhile, U.S. real wages have remained relatively flat over the past decade, according to the Economic Policy Institute.

So, here are 3 steps couples can consider to help celebrate their special day without breaking the bank.

  1. Elope. Do you really need a full scale wedding or will an elopement suffice? To really cut costs, consider an elopement. Through research you should be able to find a local bed and breakfast or boutique hotel that offers “elopement packages.” These packages can include a small bridal bouquet, a lovely locale for the wedding ceremony (pool or garden views), a wedding officiate and witness, small wedding cake for two, breakfast and drinks for a nominal fee of up to $1,000. This elopement can then be followed up with an extended family and close friends’ dinner at a later date to celebrate the nuptials.
  2. Think small not LARGE. Instead of having a wedding for 200 invited guests, consider paring down the head count to 150 or even 100. The dollar savings for catering meals for 100 guests versus 200 guests is over $6,000.00.
  3. Save. If your heart is set on a full scale wedding then saving is key. The average engagement lasts between 13 and 18 months. Socking away at least 20% of your total monthly income (per person) will help to reach your goal.