5 Ways to Have a Great Wedding Without Getting Into Debt

An early February survey by U.S. News shows that almost five in 10 respondents had existing credit card debt before spending money on a wedding.

Throwing a wedding is an expensive affair. According to The Knot Real Weddings Study, the average cost of a wedding in 2022 was $30,000, not including an engagement ring.

Respondents were asked if their current credit card debt impacted how they spent. Here are the findings:

It’s great that nearly 30% decided to spend less than they wanted to on the wedding. But over a third didn’t consider their current credit card debt when they decided the budget for the wedding.

Survey respondents report spending from less than $10,000 to $50,000 or more for the big day. Respondents were asked if they were able to stick to their budget, and here are the results:

It’s good news that a majority who had budgets stuck to their spending plans. But on the other hand, 35.5% say their final wedding cost wasn’t close to the budget they created.

Nearly four in 10 respondents used a form of credit to pay for the weddings. Here are the payment options that respondents used:

At least a personal loan has a fixed rate and you pay monthly installments. But carrying a balance on a credit card is expensive. You end up paying compound interest on the balance, which makes the amount you owe grow quickly. Once interest starts accruing, you pay more for your wedding than you ever intended. The worst part? You now have high-interest credit card debt to pay off.

The key to a fabulous wedding? Create memories, not debt.

Given the cost of weddings these days, it’s difficult to throw an awesome wedding on a shoestring budget, but it’s not impossible. Take a look at these five tips for saving money on weddings.

As soon as you’re engaged (if not sooner), open a savings account for the wedding. Your goal is to save money for the wedding so you don’t deplete your main savings account. Life is messy and unpredictable, so avoid draining your rainy-day fund if possible.

Contribute what you can every week. If necessary to reach your saving goals, cut back on other discretionary expenses for a while.

This involves talking openly about what you each want and what you’re willing to compromise on. It also takes brutal honesty when you determine how much you can afford.

It’s a good idea to set the budget before you set the date. This way, if you have your heart set on an expensive dress or a sought-after band for the reception, you can make sure you have enough time to save up for it.

Along with creating a budget, you need to track your spending. Many money management tools offer ways to set up a new expense category. So, be sure everything you spend on wedding-related items falls under your “Wedding Expenses” category.

About 22% say it took a year or two to pay off their wedding. And almost 16% spent two years or more paying off their wedding debt. If you still have wedding debt, consider transferring your debt to a 0% annual percentage rate balance transfer credit card. You can pay your debt off while paying zero interest.

But if you plan ahead, you can use a 0% introductory purchase APR credit card to pay for wedding costs. These cards basically give you an interest-free loan for 12 to 21 months, depending on the terms of the credit card. You must make monthly payments, but if you pay your balance off within the introductory period, you avoid paying interest on your wedding costs.

In the survey, respondents were asked if they used credit card rewards to help pay for the wedding. Here are the responses:

You can use earned credit card rewards for statement credits to offset expenses, to pay for most – if not all – of the honeymoon and more. And many rewards credit cards have welcome bonuses. As you use your rewards credit card to pay for wedding expenses, you’re working on hitting the spending requirements these cards have.

Respondents were asked if they splurged on something that wasn’t worth it. Although a solid majority had no buyer’s remorse, nearly 28% did have regrets. The most regrettable choices were characterized as: the wedding, flowers and food.

When asked if there were something in particular that was worth splurging on, nearly 64% say these were tops in things that were worth it: the dress, food, the cake and the wedding.

Note that “the wedding” made both lists. Weddings are meant to be customized so the two of you have a wonderful day to start your new lives together. If you decide what’s important to both of you upfront, you can make sure your money is well spent.