The first six figures came into your salary and now somebody asks to marry you. Congratulations twice! According to the Knot’s 2023 wedding study, the average cost of a wedding ceremony in the USA is $30,000 that is approximately equal to the price of a good car. And there you are, work at Deloitte in a mid-level executive and you are thinking how to organize your party without using your 401(k).
I must tell the truth. No one needs $30,000 wedding and no one deserves it. But if you really want it, you may have a wedding at the level of $30,000 without any debts or ramen diet 😅.
At first, decide the budget. Not vibes, not Pinterest boards, not “however much it takes”. Discuss the price range with your fiancé(e) and determine the hard limit – perhaps it is $20,000 or $40,000 or $15,000 as you would like to go to Japan for two weeks. Budget is not an issue, but a commitment to it. After choosing it, start to reverse-engineer the period of time.
For example, if you are going to have a wedding in 18 months and your budget is $27,000, you should save $1,500 per month. That is practical and actionable. It is also quite a large sum, so let’s talk about the sources.
Automate everything. It is not a motivational tip, but a proven fact, according to behavioral economists at the University of Chicago – people who automated savings gathered more money than those who did it using self-control. Open the high-yield savings account at Marcus by Goldman Sachs or Ally Bank (they pay more than 4% APY today), and create an automatic transfer to this account right after the check-in date.
Consider your wedding budget as a bill, not as a suggestion, not as a goal. Spend your money on your wedding primarily – before subscription to HBO Max, before weekly visit to Sweetgreen, before anything. You will not even feel a lack of money after two months. People adapt to limited spending much faster than they think – and that is disappointing and useful 🤷.
The unpleasant part comes now. Probably, you will need to sacrifice something. Not that $5 coffee that all financial experts advise to cut off, but $2,400 membership at the Equinox Gym when Planet Fitness membership is available for $30 and allows to use 90% of equipment. Not those $180 spent on subscriptions to Netflix, Hulu, Disney+, Paramount+, Peacock and everything else lying in virtual shelf unused.
Check all your subscriptions cruelly. Trimble and Rocket Money will help you with it and you may save at least $200-$400 a month. And that fact alone covers your total floral budget.
Your career is the most profitable savings method and in this case, mid-level executives have many advantages over young people who work in low-level positions. You have a leverage. Use it and try to get a raise aggressively.
According to the Robert Half 2024 salary guide, people who negotiate get an average 7-10% more salary than people who accept the first offer. On $95,000 salary it will be $6,650-$9,500 annually, that is a wedding venue. If there is no possibility to receive a raise, try to get a side project.
It will not be a terrible work like a second job, but some consulting on the topic of your profession, freelance project management or even teaching a course on Skillshare. You will do it not long-term, but for 12-18 months with a definite deadline 💪.
Venue is the most expensive part for most budgets. Really. A Saturday evening reception in a popular venue of a big city will cost you $15,000-$25,000 only for the venue. Try Friday or Sunday weddings – most of the venues provide discounts of 20-40%.
Try non-traditional venues – some restaurants with private rooms, rooftop bars, Airbnb for events. For example, my friend was married in a brewery in Asheville, NC, and her wedding is one of the coolest I’ve ever attended. No one cares that it is not a ballroom. Everyone cares about the beer.
The vendors follow the same logic. Photography is worth investing in – it will stay forever. A good photographer will cost you from $3,000 to $6,000 in most cases, and you should book him/her as early as possible. As for the flowers, you can scale it easily.
You may buy them at Fifty Fifty Flowers or at Costco and your friends and relatives will arrange them for a tiny part of money that would cost you at a florist. DJ vs. band is also an easy choice. Good DJ will cost you $1,000-$2,000, while a live band starts from $5,000 and grows fast. Unless your college roommate plays in a really good band.
There is one more perspective shift that may hurt a little bit. Your wedding is the day of your life, but your marriage is the rest of your life. Couples who are less concerned about their weddings are those who managed to keep their budget proportional to their financial situation, not to their aspirations on Instagram. No one at your wedding knows how expensive your centerpieces are – $15 or $150.
Everyone remembers whether they had fun, whether they enjoyed your toasts. Absolutely no one remembers the napkin colors 😂.
Create a joint savings account with your partner at the beginning of engagement. That makes you responsible for your budget jointly, not separately and makes a financial goal real. Apps like Honeydue or Zeta are intended for couples who manage money together and will make tracking your wedding fund almost interesting. Almost.
And one more thing to notice. Do not use your emergency fund for the wedding. I’ve seen such things and they are awful. At least leave three months of your expenses as an emergency fund.
If it means that your wedding budget will be smaller, so be it. To start your marriage with zero savings and maxed out credit cards is not romantic. It is a recipe of future arguments about money before you even write your thank-you cards.
Math works if you respect it. Start early, automate aggressively, cut strategically, and increase your income. Beautiful wedding on a reasonable budget is not a compromise. It is good financial planning in nice clothes 🤵.