The Budget

Planning a wedding is exciting and fun, but can also be stressful and complicated. Whether you're the bride, groom, or family of the happy couple helping to plan the big day, there can be a multitude of emotions that lead up to the "I do's", including emotions tied to the budget. The amount that you spend on a wedding is a personal decision based on what's important to you, but you should also take into consideration your financial situation. Creating a solid and manageable budget that you are comfortable with is essential to planning your wedding.

According to The Knot, the 2021 national average cost of a wedding is $28,000 ($34,000 including the engagement ring) which was the same as 2019's average wedding cost. In Florida, the average cost of a wedding is $27,000. Keeping those figures in mind, ask yourself a few questions to help gauge where your wedding budget might fall and what's important to you:

• How many guests are you planning to have?
• Where will your ceremony take place?
• Where will your reception take place?
• What is the date of your wedding?
• Does your wedding date fall on a weekday or weekend?
• Is your wedding going to be held during the day or will it be held later in the evening?
• Are you serving appetizers or a meal?
• Do you plan on hiring a professional photographer, videographer, deejay, etc.?
• Are you having a honeymoon?
• Who is paying for your wedding? Are family members contributing to the costs or are you and your future spouse taking care of the total cost? If family members are helping, how much are they contributing?

Consider other costs too, like save-the-dates, invitations, rings, attire, flowers, hair and makeup, cake, etc.

Once you have a rough estimate of the total cost of the wedding, divide that number by the number of months until the big day. Doing this will give you an idea of how much you should save monthly to cover the costs of your big day. For example, if your budget is $15,000 and your wedding is a year away, you'll need to save $1,250 per month towards your wedding budget.

Other Options

While putting money away in a savings account towards your wedding budget is the smartest way to pay for the big day, taking out an installment loan is also a good option to consider. Taking out a loan, like Members First's Lifestyle Loan, for the wedding can help ease the stress of pulling large sums of money from your savings — money you may need in case of emergency. It does not mean you can throw caution to the wind — you still need to consider your budget. Considering your day-to-day expenses (rent or mortgage, utilities, transportation, groceries, etc.), ask yourself how much you can comfortably pay monthly towards your loan. You never want to stretch your finances too thinly. Doing so will take the joy from your big day and will only cause problems in the future. If you're unsure or have any questions, speak with a financial representative, so you can find the best option for your needs.

Another thing you might consider is putting wedding expenses on a rewards credit card. Why not earn rewards like cash back or travel perks, while you spend for your wedding? Who knows, you might even earn enough points for plane tickets towards your honeymoon. Remember, the only way putting wedding expenses on your rewards credit card will benefit you is if you can pay the bill in full each month. Maxing out your credit card to pay for the wedding or anything else, is never a good idea.