How Do People Pay for Weddings? Savings, Loans and More

Most people pay for weddings using savings, but they may also turn to personal loans, credit cards, side income, family contributions and cost-cutting strategies to cover expenses.

The average cost of a wedding is $34,200, according to The Knot. Here's how couples can manage those costs and explore different ways to pay for their big day.

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Ways To Pay for a Wedding Compared

There are several ways to cover wedding expenses, from using personal savings and family contributions to getting a personal loan or using credit cards. Each option comes with different costs and considerations. Here's how the most common payment methods compare.

Personal Savings

Many couples build savings over time to use for wedding expenses. Here's an example of how small, consistent savings can add up over time: 

• Imagine you save $100 per month in a savings account. 

• If you save for 15 months, you could contribute $1,500 to your wedding expenses.

• You can also use larger chunks of money from bonuses or tax refunds to build the account.

Consider opening a separate high-yield savings account for wedding expenses. This can help you track your progress without dipping into your emergency fund.

The benefit of using personal savings is that it minimizes debt. You won't have to worry about interest payments after the honeymoon ends. 

Pro Tip

If you’re also saving for a ring, review your engagement ring financing options before taking on another monthly payment.

Family Contributions

Family members can help pay for some or all of the wedding costs. If you take the money, make sure to ask about their concerns and set clear expectations — deadlines, repayment schedule, etc. It's best to be upfront when it comes to money, so you can avoid misunderstandings.

You may also want to get your agreement in writing so that each party is completely transparent about what the money will fund and repayment timelines.

Personal Loans 

Some people may turn to personal loans to pay for wedding expenses. You can use personal loans for nearly anything, including weddings. The loans usually have fixed interest rates and consistent monthly payments.  

Loans provide quick access to money, but it can be expensive to borrow money. 

Here's an example: 

• You get a $10,000 loan with a 6% interest rate and a 60-month repayment term. 

• Your monthly payment would be $193.33. 

• In total, you would pay $1,599.68 toward interest. 

Understanding how personal loans work can help you weigh the benefits and costs before borrowing.

When To Use a Personal Loan

• You have good to excellent credit and get a good rate.

• You need funds to secure different vendors for your wedding.

• The monthly payment is affordable.

• The personal loan is to cover a gap and not the entire wedding.

When To Hold Off on Getting a Personal Loan

• Your credit score is too low to qualify for a good annual percentage rate (APR).

• The repayment would take several years.

• You’re also planning on buying a car or a home.

Credit Cards 

You can use credit cards to make deposits, pay vendors and earn rewards points. Some couples strategically use credit cards to earn travel points and pay for their honeymoon. 

Credit cards can be a risky way to pay for a wedding if you're not careful. The interest rates are high, and costs can add up quickly if you don't pay off the balance soon. 

BNPL

BNPL lets you split a wedding purchase into smaller installments instead of paying the full amount upfront. Many Pay in 4 plans divide the cost into four interest-free payments over six weeks, which may work for smaller expenses like decorations, attire or wedding favors.

Keep in mind that longer repayment plans may charge interest, and juggling multiple BNPL purchases can make it harder to stay within your budget.

Side Hustles and Extra Income

Some people start side hustles to earn extra income during wedding planning. A few popular side hustles include: 

• Selling used items 

• Becoming a rideshare driver 

• Taking a virtual customer service role 

For most people, side gigs are in addition to a full-time job. You might work on the weekend, after work or early in the morning.  

Extra income can help you pay for your wedding without additional debt. The only downside is that you might experience burnout and overwhelm, especially if you're working full-time and planning a wedding. 

Alternative Financing Options 

If some of the more common ways to pay for a wedding aren't right for you, a home equity line of credit (HELOC), vendor payment plans and 0% promotional offers may be worth considering.  

• HELOC: With a HELOC, you can borrow against the equity in your home, and the interest rate is typically lower than what you'd get with a credit card or personal loan.

• Vendor payment plans: Many vendors will agree to divide your total payment into installments as part of a payment plan. Many of these plans don’t charge interest.

• Promotional credit card offers: A credit card with 0% APR allows you to pay for the purchase without incurring interest. The key is to pay off the entire balance during the promotional period — usually between 12 and 21 months.

How To Plan a Wedding Without Overspending

Here's the deal — how to pay for a wedding is personal. It depends on your budget, vision, guest count and more. But regardless of your budget, the following steps can help you stick to the plan without overspending. 

1. Figure Out Your Budget

Start with your overall budget and work backward. Once you know the amount you can spend, you can start planning for your big day and making cuts as necessary. Break down the expenses and try to budget for every category. 

2. Determine What's Nonnegotiable

Be honest with yourself and your future spouse about your wedding must-haves. Maybe you've always envisioned dancing until the early morning, and a DJ is nonnegotiable. Or perhaps you can skip the DJ, but you want high-quality photos you can look back on for years.  

3. Gather Quotes and Negotiate

Compare quotes from several vendors and ask about discounts, bundled services or less expensive packages before making a decision.

• Ask for vendor discounts: Many vendors will have discounts for events during off-peak seasons, weekday events and cash payments. You won’t know about the discounts available to you unless you ask.  

• Make sure to bundle your services: Some vendors will handle multiple services like photography and video, as well as venue and catering. 

• Review packages: Remove extras that you may not need to reduce the cost.  

4. Look for Ways To Cut Costs

Cutting costs can make your wedding more affordable.  Here are some simple ways you can lower the overall price:

• Create DIY decorations and flowers: You can save money on flowers by using the grocery store versus a florist.  

• Reduce the guest list: It’s the easiest way to save on venue and food costs.  

• Select an off-season date: Vendors and venues are cheaper during the off-season.  

• Plan a nontraditional wedding: You can opt for a backyard ceremony or a courthouse wedding to trim costs.  

• Ask friends and family for practical help: Instead of paying a vendor to do certain tasks, ask a friend or family member to set up flowers or take photos.

How Your Timeline Affects Wedding Savings

A longer engagement gives you more time to save for your wedding and may help you avoid taking on debt. The amount you'll need to set aside each month depends on your budget and how much time you have before the big day.

Here's what your monthly savings goal could look like for a $24,000 wedding, depending on your engagement length:

If your monthly savings goal feels too high, consider extending your engagement or choosing a later wedding date. Keeping your wedding savings in a high-yield account can also help you earn interest while you prepare for the big day.

Bottom Line

Paying for a wedding is a big expense, but planning ahead can help make the cost more manageable. Whether you use savings, family contributions or financing, start with a budget and compare your options before committing to expenses.

If you need to borrow, make sure the monthly payments fit your budget so you're not carrying unnecessary debt into your marriage.

Key Terms

• Personal savings: Money you set aside in advance to cover wedding costs. Using savings helps you avoid debt and interest charges later.

• Personal loan: A lump-sum loan you repay in fixed monthly payments over a set term. It can cover wedding costs, but interest increases the total cost.

• APR: The yearly cost of borrowing money, including interest and certain fees. A higher APR generally means a loan or credit card costs more.

• BNPL: A financing option that lets you split purchases into smaller installments, often through four interest-free payments over six weeks.

Sources

• Consumer Financial Protection Bureau: What is the difference between a fixed APR and a variable APR?

• Consumer Financial Protection Bureau: What is the difference between a loan interest rate and the APR?

• Consumer Financial Protection Bureau: What is a personal installment loan?

• The Knot: The Average Wedding Cost, According to The Knot Data

Photo Credit: FG Trade / Getty Images

Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy. 

Taylor Milam-Samuel contributed to the reporting for this article.