Tips to budget for a wedding during inflation
Planning a wedding during inflation is challenging, especially when the average wedding cost hovers north of $30,000. This guide is aimed at helping you offset some of the cost of a wedding by learning how to budget effectively, consider alternative venues, and save money with tips like using high-yield savings accounts and automated deposits.
We don’t need to underscore how difficult budgeting and saving for a wedding in today’s times can be. But if you’re feeling the squeeze while trying to plan for what should be the happiest day of your life, you’re not alone. That’s probably because…
- Inflation rates hovered about 3.4 percent at the end of 2023,¹ coming off rates of 7% in 2021 and 6.5% in 2022 post-COVID.
- According to the Consumer Price Index, that number has risen slightly as of April 2024 to 3.6%.²
- 3/5 workers said their income hasn’t kept up with inflation³ through 2023.
Indeed, inflation and wage stagnation⁴ have become very real, very stressful problems for millions of Americans.
So when it comes to planning your wedding, how are you to cope when the average budget for a wedding is around $33,000?⁵
Here are some tips to budget and save for your wedding that will help you keep costs in check and ensure you have the funds to start your life off on the right financial footing.
How to budget for a wedding in a time of inflation
Budgeting for a wedding is the first thing you should do. After all, if you don’t know how much you’ll need to pay, how will you save the right amount?
We’ve compiled some information on how much to budget for a wedding as well as some tips on how to approach the budgeting process.
What is a reasonable budget for a wedding?
It’s common for intended brides and grooms to ask questions like “Is $10,000 enough for a wedding” or maybe even “Is $5,000 enough for a wedding?”.
The truth is that every couple’s wedding budget will be different. While $33,000 might be the average cost of a wedding in 2024, it is just that: an average.
The cost of your wedding will ultimately depend on the choices you make for your big day such as whether you elope or get married at an elaborate country club with no expenses spared.
You may also be considering personal preferences, such as:
- Is an at-home wedding an option? If so, what is a realistic assessment of the costs (renting tents, bathrooms, dance floor, etc.)? It may be more expensive than choosing a less expensive venue in some cases.
- What are some “alternative” venues to consider? (barn, restaurant, courthouse, conference center, VFW hall, etc.).
- Is it necessary to get married in the state where you currently live? Wedding costs can vary greatly state-by-state.
- Is a band or DJ absolutely necessary?
- Who are essential guests and who are guests that can be skipped? (This will help with the cost per head for catering).
- Is using home photography, disposable cameras, or other means of capturing the big day an option, or is a professional photographer necessary?
Sometimes, simply shopping around or making compromises on things that are less important to you can help you save thousands.
This type of decision-making does, however, require time. One of the best ways to set yourself up for success that many wedding budgeters don’t immediately think of is to give yourself ample time for planning. This may also give you time to find better deals on some of the major wedding expenses.
We should also note that this list is by no means exhaustive. There is much that goes into a successful wedding, but these are some high-level considerations.
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Product
APY
Raisin is not an FDIC-insured bank or NCUA-insured credit union and does not hold any customer funds. FDIC deposit insurance covers the failure of an insured bank and NCUA deposit insurance coverage covers the failure of an insured credit union.
How to calculate a budget for your wedding
You don’t have to be a financial expert to budget your wedding. There are a whole bunch of upfront costs and hidden costs to consider, so it’s usually a better idea to get some help.
If you want to DIY your wedding budgeting, use a free budgeting tool. Common wedding sites like Zola and The Knot usually offer these free of charge.
You may also want to consider an alternative idea that may seem counterintuitive: hiring a wedding coordinator.
While a full-service wedding planner could cost upwards of $50,000, event coordinators and “wedding management” professionals⁶ may cost a few thousand dollars. If you’re on an extremely tight budget, this may not be the best idea, but if you’re trying to get your wedding from $35,000 down to $25,000, enlisting professional help in some form might be worth it.
How to save for a wedding in a time of inflation
Before you can pay for your wedding, you’ll need to save up the necessary funds. While it may be harder than budgeting, it’s not impossible.
Open a high-yield savings account for your wedding
You’ve probably heard a version of this advice before: “Create a wedding fund.” But has anyone specifically encouraged you to open a high-yield savings account?
This type of account can be perfect for saving for wedding planning for a couple of reasons:
- Interest rates are usually much higher than standard savings accounts. As an example, a HYSA may offer 10+ times the average “regular savings account” interest rate of 0.45% (as of July 2024).
- It allows you to keep your money more “liquid,” unlike other financial instruments like CDs which may charge a penalty for early withdrawal.
For example, say you’re able to save up $10,000, or about a third of the cost of the average wedding. With this initial investment, you could earn around $500 a year at an APY of 5% versus $45 with a regular savings rate of 0.45%.
Set monthly savings goals
Consistency is key when saving money, for a wedding or any other life event.
Once you have a high-yield savings account or dedicated wedding savings account set up, setting regular reminders to keep adding to your savings account can help keep you on track.
Discussing a reasonable amount to set aside with a trusted financial advisor is usually also a good idea so you neither overextend yourself nor save too little compared to your wedding costs.
Setting specific savings milestones can help you stay on track and measure your progress. For example, consider breaking down your overall savings goal into smaller, more manageable targets. For instance, if your goal is to save $10,000 in a year, aim to save around $833 each month. By focusing on these smaller amounts, the task can feel less overwhelming.
If you’re newer to the habit of saving, you might also consider treating yourself when you meet or exceed your savings goals.
Find new ways to save with Raisin
With our network of 70+ partner banks and credit unions, you get access to today’s top savings rates all with a single secure login when you choose to save with Raisin.
Ready to start building your wedding fund? Start budgeting and saving for your big day with the full range of products available on the Raisin platform.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
¹ https://www.investopedia.com/inflation-rate-by-year-7253832#:~:text=This%20is%20why%20most%20central,end%2Dof%2Dyear%20data.
² https://www.bls.gov/cpi/
³ https://www.bankrate.com/insurance/homeowners-insurance/cost-of-living-statistics/#cost-of-living-statistics-2024
⁴ https://www.epi.org/publication/charting-wage-stagnation/
⁵ https://www.forbes.com/advisor/personal-loans/average-cost-of-a-wedding/#:~:text=The%20average%20cost%20of%20a%20wedding%20is%20%2433%2C000%20in%202024,wedding%20feature%20is%20the%20venue.
⁶ https://www.zola.com/expert-advice/how-much-do-wedding-coordinators-cost
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*APY means Annual Percentage Yield. APY is accurate as of April 10, 2026. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.
Raisin is not an FDIC-insured bank, and FDIC deposit insurance only covers the failure of an insured bank.
Raisin is not an NCUA-insured credit union. NCUA deposit insurance only covers the failure of an insured credit union.
Raisin does not hold any customer funds. Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.