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How to Make a Wedding Budget

The average wedding costs $35,329, which is slightly more than the average cost of a new car. From the venue and food to the stationary and favors, your expenses can begin to add up.

If you don’t know where to begin in your wedding planning process, start by creating a wedding budget. Use the following checklist to assist you.

Wedding Venue

young couple planning wedding budget

Your choice of venue will likely be the biggest expense in your wedding budget. Account for the following:

Food Expenses

couple planning wedding budget

Photographer and Videographer

Don’t miss the chance to get professional photos on your big day. A photographer, on average, costs $2,618 whereas a videographer costs around $1,824.

Save money in your wedding budget by skipping the engagement photos or the wedding video. You can also book ahead, find local photographers and look for packaged deals. 

Music

While a band is roughly $2,662 more than a DJ, it’s up to you and your spouse to decide how you want to entertain your guests. If music isn’t a high priority, stick with a DJ. 

Flowers, Decorations and Party Favors

Flowers are often the bulk of the decorations, but they can be expensive. If flowers aren’t as important to you, make smaller arraignments or use other decorations to adorn the venue. 

In addition to flowers, you might want to include other items in your wedding such as a guestbook, candles, signs and party favors. The average cost of party favors is $268, but this can be lowered if you make them yourself.

Plan Your Wedding Budget with Synchrony Bank

Now that you know how to create a wedding budget, learn how to start saving money with Synchrony Bank.

Our banking representatives can help you set up a savings account far in advance of your big day. With one of the best high yield savings accounts,1 Synchrony Bank will help you maintain your wedding budget and save for the big day.

Call 844-345-5789 or visit Synchrony Bank online to open a savings account or learn more about our savings products.

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Sources: 

The Knot: https://www.theknot.com/content/average-wedding-cost-2016

GoBankingRates.com: https://www.gobankingrates.com/saving-money/average-wedding-cost-actually-nowhere-near-25000/

1Synchrony Bank was named one of the 10 Best Money Market Accounts, High Yield Savings Accounts, CD Accounts and Online Banks as well as one of 31 Best Banks for 2016. Source: Based on GOBankingRates.com; January 2016 survey.


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