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How to Avoid Going Into Debt for Your Wedding.
Weddings should create lasting memories, not debt.
Cristina Montemayor
Planning the perfect wedding involves a lot more than a few Pinterest boards and a prayer: it takes money. The many elements that make up a wedding—attire, venue, food, drinks, entertainment—can add up quickly, and if you’re not careful, you’ll blow right past the wedding budget you carefully set with your S.O.
In 2018, the average wedding cost $44,000, according to the Brides 2018 American Wedding Study. That’s a huge chunk of change to save and spend within the span of a handful of months. Many couples don’t have that kind of money just lying around, which may explain why one-third of couples go into debt for their wedding, reports MarketWatch.
Bobbi Rebell, a certified financial planner, explains why overspending on a wedding may come back to bite you long after the champagne has run out. "Couples should absolutely avoid going into debt before their wedding," says Rebell. "The focus needs to be starting an amazing life together in the future, and the last thing to focus on is debt —which is effectively spending in the past."
Weddings are about celebrating the love and commitment between two people—everything else is just icing on the cake. If the love is there and you’re surrounded by those who are happy to share this moment with you, it will be a night to remember, regardless of how much the bill is at the end of the night.
"We have learned so much about our priorities during the pandemic, including the fact that weddings are about sharing the day and the celebration of your future together—not about spending money you don’t have, creating debt that will weigh on your life together and hold you back from your goals," says Rebell.
Open a separate savings account.
Once you have a working wedding budget that everyone agrees on, open a separate savings account for wedding expenses and automate your contributions. "I would recommend setting contributions just above the comfort level and seeing how it goes," says Rebell. "You can always scale back if you are feeling too pinched."
This savings account functions like your very own bank and prevents overspending. Charge all wedding-related expenses to this account. Once all the money is spent, that’s it, the bank is closed.
Set a deadline for saving.
How long it takes for a couple to save for their wedding depends on their wedding goals and budget. However, you don’t want to wait too long and spend years saving all your extra income for a single evening of wedded bliss. Put a realistic deadline on it and then start planning!
"I do not recommend delaying your married life indefinitely while you save up for your dream wedding," says Rebell. "As we’ve learned with COVID, we cannot take time with our friends and family for granted."
Create healthy boundaries.
Planning a wedding involves making purchases both big and small. Of course, your partner and anyone else contributing to the wedding should be aware of the big expenses, but do they really need to be in the loop on every cake topper and placemat purchase?
Rebell recommends setting up a benchmark amount where if you spend below that amount, you don’t need to discuss it with the contributing group, but if it goes above it, you make sure to check in with your partner and loved ones. For example, maybe for anything under $200, you don’t need to alert the group text, but if it is over that, you make sure to fill everyone in.