How Do People Pay for Weddings? 7 Ways to Pay

Most people pay for weddings with using savings, but also turn to personal loans, credit cards, side income, family support and often even looking for ways to cut costs entirely.

According to data from The Knot's Real Wedding Study, the average cost of a wedding is $33,000. Here are some tips to make that cost easier to bear.

Key Takeaways

• Most couples mix funding sources to cover the average $33,000 wedding, blending personal savings, family contributions, personal loans, credit cards and side hustle income to spread out the cost.

• Each payment method has trade-offs — savings and cost-cutting keep you debt-free but take time, while loans and credit cards offer fast funding with interest charges that can linger long after the honeymoon.

• Set your budget first, decide what's nonnegotiable, gather vendor quotes and negotiate. Open a separate high-yield savings account early and trim the guest list or venue costs before borrowing.

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1. 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 consider using large chunks of money from a bonus or tax refund.

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

2. Contributions From Family

Family members can help pay for some or all of the wedding costs. If you take the money, make sure to ask your family about any concerns they might have, as well as any expectations they might have — deadlines, repayment schedule, etc. It's best to be clear when you communicate when it comes to money, so you can avoid any misunderstanding.

3. Wedding Loans and Personal Loans

Some people use personal loans to pay for wedding expenses. You can use personal loans for nearly any expense, 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 towards interest.

Here's how to get a personal loan.

4. 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.

5. 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 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.

6. Wedding-Specific Savings Accounts

You could also open a wedding-specific savings account and add money over the years. Having a separate high-yield savings account makes it easier to track your progress, work towards a shared goal and avoid dipping into your emergency fund.

You can also start saving early. For example, you might start saving before you're engaged. The sooner you can start, the better.

7. Cutting Costs and Budget-Friendly Options

Cutting costs is the plain, old-fashioned way to make a wedding — or anything at all — more affordable.

Here are some simple ways you can lower the price of a wedding:

• Create DIY decorations and flowers.

• Reduce the guest list.

• Select an off-season date.

• Plan a non-traditional wedding.

• Ask friends and family for practical help.

Pros and Cons of Different Wedding Payment Methods

No matter how you pay for your wedding, each option has pros and cons. Here's what to consider as you decide how to pay for a wedding — the good and the bad.

Average Cost of a Wedding

The average wedding costs $33,000, but you can spend a lot more or less depending on different aspects of your big day. If you want to save money, you can make strategic decisions about the venue, catering, photography and more.

The following wedding expenses have a significant impact on your total price tag.

Venue

• Your venue is where the wedding takes place. You can spend anywhere from $0 to have your wedding in a family member's backyard or $30,000 for an all-inclusive luxury location.

• For most people, the venue is one of the largest expenses.

• It's also one of the easiest ways to cut costs if you want to save money.

• You can consider parks, public areas or private property owned by friends for cheaper options.

Catering

• Catering is the food you serve at your wedding.

• There's a wide range of options for different budgets.

• You could opt for home-cooked food for a small party, a food truck to serve hundreds, a buffet-style meal or a multi-course dinner.

Attire

• Brides spend an average of $2,100 on a wedding dress, while grooms spend an average of $320.

• The cost of attire can add up, but there are ways to save.

• Consider renting clothes, shopping sales or buying used.

Photography

• Photography can include both photos and video.

• The average couple spends nearly $3,000 hiring a photographer.

• It's a high price tag but a top priority at most weddings.

Entertainment

• Couples often hire a DJ, photo booth or other entertainment for their guests.

• Experiential features like bartenders and painters are also becoming more popular.

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

Different vendors charge different fees, so it's important to get a few quotes before making a decision. You can also try to negotiate or ask about cheaper packages.

What's the Best Way to Pay for a Wedding?

The best way to pay for a wedding depends on your finances, but you might benefit from one or all of these strategies. Save as much as you can, cut unnecessary costs and don't be afraid to ask friends and family for help — many people have skills or expertise they can give or donate.

Even though your wedding day is a big deal, you don't want to be paying for it for a decade. Try to be strategic about making it work.

FAQs

Should you take out a loan for a wedding?

No. It's best to avoid taking out a loan for a wedding, but it's an option if you need it. Avoiding debt can help you enjoy your big day without worrying about the future and how you'll pay it off.

How do people pay for a wedding with no savings?

Without savings, people use loans, credit cards, income from side gigs and family contributions to pay for a wedding. Most people use a combination of different strategies to pay for their wedding day.

What's the best way to budget for a wedding?

The best way to budget for a wedding is to figure out your overall budget and what you can realistically afford. From there, you can work backward and start considering which aspects of a wedding are important to you and which you can cut.

Is it OK to use credit cards for wedding expenses?

Using credit cards for wedding expenses is OK, but paying off the credit cards is more important. If you don't, the interest charges add up quickly, and the debt can grow.

However, if you have a plan and pay off the cards, using a credit card for wedding expenses can help you earn rewards and securely make deposits.

How can you have a wedding without going into debt?

The best way to have a wedding without debt is to be realistic about what you can afford.

If you have a small budget, consider free venues or self-catering. You can also earn more money with a side gig or extend your engagement to give yourself more time to save.

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.

• Annual percentage rate (APR): The yearly cost of borrowing money, including interest and some fees. A higher APR means a loan or credit card costs more.

• Credit card balance: The amount you owe on your credit card. If you do not pay it in full, interest can build quickly.

• Annual percentage yield (APY): The total interest you can earn on savings in one year, including compounding. A higher APY helps your wedding fund grow faster.

Sources:

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

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

• Consumer Financial Protection Bureau: What is a credit card interest rate? What does APR mean?

• Consumer Financial Protection Bureau: What is a credit card balance?

• Cornell Law School: 12 CFR § 707.2 - Definitions

Summary generated by AI, verified by MoneyLion editors

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