Studies conducted by the wedding site The Knot show that the average couple now spends more than
$30,000 on their wedding day. For some couples, $30,000 isn’t a huge financial strain, but for most of
us, this is an unrealistic amount to spend on a single day. While you should meet with a financial advisor
in order to really review your finances and help determine how much wedding you can afford, here are
three questions you can ask yourself to find out if your budget is out of line with reality.
1. Are you considering using credit cards or loans to pay for any part of the wedding? Adding more debt
to your relationship is a bad idea when you’re just starting out. If you need to use credit cards or loans
to fund your wedding, you might consider re-evaluating your wedding budget or pushing the date so
you have more time to save.
2. Will wedding costs deplete more than 10 percent of your current savings? Using some of your current
savings to pay for your wedding costs makes sense, but only if it’s a small portion. Wiping out your
whole savings account is a bad idea because it leaves you with nothing for emergency expenses or long-
term plans such as buying a home. If you want to use some of your savings to help pay for the costs,
limit yourself to about 10 percent of your savings balance.
3. Will wedding savings usurp other savings? Some people plan to save for their wedding rather than
tapping into what’s already saved. This is a great idea, but if saving for your wedding means diverting
funds from your retirement and emergency savings contributions, it’s possible that your wedding
budget is too high.
Your life is not a reality TV show. Instead, the reality of your life is that overspending on your wedding
day can introduce stress and struggle into your newlywed years. The amount you spend on your
wedding day isn’t indicative of how much you love each other or how successful your marriage will be. It
should simply be the amount you can reasonably afford to spend on the celebration.