Weddings can be just as expensive as down payments on a home, with the average wedding costing around $26,720 in the United States. Keep reading to learn a breakdown of how much the average wedding costs, what expenses you will have to consider and how to save for your big day.
Deciding where you want to have your wedding can be challenging. If you plan for an international wedding, you will have to include flights and other forms of transportation once you arrive at your destination.
Some cities are more expensive to get married in than others, so do your research before securing a location.
Coinciding with the location is the venue. Depending on the venue, the cost of catering, alcohol and rentals may not be included and will need to be factored into your budget.
Regardless of location or venue, food and drink will be one of your biggest expenses. To cut costs, consider sticking with beer and wine instead of an open bar concept.
The bigger the wedding, the more expensive it will be. If you have a tight budget, reconsider inviting a ton of people and shorten your list to close family and friends.
While vases full of white roses and the bride’s bouquet are beautiful, they can be very expensive. Instead of spending an average of $2,534 on flowers and decor, mix expensive flowers (roses) with cheaper flowers (daisies) or decorate the tables with candles to cut costs.
If you’re not too picky on flower colors, you could also get your flowers from a warehouse club instead of a flower shop to minimize costs.
Wedding dresses—depending on style, fabric and designer—can be expensive, but that doesn’t mean you won’t be able to find what you want.
Instead of paying $10,000 for a designer dress, consider looking for off-brand dresses, avoiding boutiques, digging through sales racks or finding something borrowed and spend a little money on alterations.
In addition to the dress, keep in mind the costs for shoes, suits, ties, jewelry, hair, makeup and nails.
Live music can really liven up a party, but hiring a band is a costly option. Instead, consider hiring a DJ or making your own playlist—with the right music selection, you can’t go wrong with either.
The average cost of a wedding photographer is $1,500, but this doesn’t include engagement photos or videos. Unless you have a trusted friend with a high-quality camera, you might want to splurge on this expense since this day will only happen once.
Now that we’ve answered the question of “how much can weddings cost,” consider opening another savings account instead of cutting into your emergency savings. A savings account will allow you to save and receive a greater return, especially if you are planning far in advance for the wedding.
Another savings option to consider if you’re expected to need to write checks for down payments for your venue, caterer or cake is a money market account (MMA).
Since you have information about how much weddings cost, start saving as soon as possible. Synchrony Bank is available to help you prepare for the big day and all the expenses that come with it. Call 844-345-5789 to speak with one of our banking representatives or open an account today.
The Wedding Report: https://www.theweddingreport.com/index.cfm/action/wedding_statistics/view/market/id/00/idtype/s/location/united_states/
The Knot Real Weddings Study: https://www.theknot.com/content/average-wedding-cost-2016
Nerd Wallet: https://www.nerdwallet.com/blog/banking/faq-money-market-account/
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