Wedding Budget 101: How to Plan for Costs
Wedding Budget 101: How to Plan for Costs
If you recently got engaged to be married, you’re not alone! About 40% of engagements happen between Thanksgiving and Valentine’s Day, which is sometimes referred to as “Engagement Season”. If you’re one of the millions of people preparing to tie the knot in 2020 or 2021, congratulations! Now that you’ve made the decision, the fun (and hard work) of wedding planning begins.
Knowing how much you might spend on a wedding will be crucial to your decision-making. Even if you employ a wedding planner to help with the workload, everything they suggest will be based around the budget you provide them.
So how much does a wedding cost, anyway?
In 2018, the largest survey of recently-married couples ever conducted1 was able to find the average cost of a wedding, and also break down how that money was spent:
Total Average Wedding Cost: $38,700
The average wedding cost by category looked like this for the top 10 categories:
| Venue Rentals: | $9,000 |
| Catering: | $6,700 |
| Band: | $3,900 |
| Photography: | $2,400 |
| Wedding Rings: | $1,900 |
| Wedding Planner: | $1,850 |
| Rehearsal Dinner: | $1,800 |
| Videography: | $1,800 |
| Flowers: | $1,800 |
| Rentals & Photobooths: | $1,700 |
You can see the full list of average expenses here. Keep in mind that these are national averages, and prices for some of these services may be lower (or higher) in West Virginia or a surrounding state.
Start saving for your wedding now!
Now is the time to start saving for your big day, and Fairmont Federal Credit Union can help you start preparing for this next phase of your life. To start building your wedding fund, consider opening a Share Savings Account specifically for life-changing events like marriage. You’ll earn interest that is compounded and credited monthly, ensuring that you’re ready for the expected (and unexpected) costs that weddings entail.
If you think you might be tempted to dip into your wedding fund early once you’ve built up your savings, you can move your money into a Share Certificate for safe keeping until your big day. Share Certificates allow you to determine when the savings will be available to you and offer guaranteed returns on your savings. You can utilize a Share Certificate for as little as 3 months or as long as 2+ years depending on how far out your wedding date is. Contact us today to speak with a representative about a savings plans for your special day.
Sources:
1https://go.weddingwire.com/newlywed-report
