Average wedding costs
According to the 2019 Global Wedding Report, the average wedding in Canada cost just over $29,000.
However, for every average wedding, there are also weddings that cost much less and much, much more.
How much should you spend on your wedding?
What you choose to spend on your own wedding will depend on your financial situation, culture and preferences.
Advisors would always recommend your wedding budget stay within what you can afford. Creating a wedding budget can help you achieve that.
Your wedding budget
The first thing you’ll want to do is create an overall wedding budget. This includes determining who (couple and parents) is paying for what.
From there, you can breakout various budget items and allot amounts to each.
According to Brides magazine, this is a list of items for most weddings and the percentage of the total budget typically allotted to each item:
Venue and catering: 40%
Photography and videography: 15%
Wedding attire and beauty: 5%
Music/entertainment: 10%
Flowers: 10%
Favours and gifts: 2%
Transportation: 3%
Stationery: 3%
Cake: 2%
Decor and ceremony (includes marriage license and officiant): 10%
Add to these the cost of a honeymoon vacation, which can run from simple to luxurious.
According to WeddingWire, 74% of U.S. couples go over their budget, and over 50% increase their budget at some time while planning their wedding.
If you go over budget in 1 area, you should try and compensate in another to stay in budget.
Tips to reduce your wedding costs
There are ways you can try and keep your wedding budget under control:
Choose a less-popular date
Having your wedding on a Friday or Sunday, or on a date between November to March may cost less.
Do as much as you can yourself
There are lots of things you can do yourself for your wedding, from table numbers and signage, to invitations, décor, flowers and more.
Ask friends for help
If you have friends or relatives with musical, decorating or craft talents, ask for their help. You’ll save money and add meaning to your event.
Cut food and beverage costs
Any alternative to a sit-down dinner will save you money. Brunch or cocktail receptions are great options.
Trim your guest list
Keeping the number of guests to those who really need to be there will save you money.
Renting clothing/jewelry
Renting wedding attire that you’re only likely to wear 1 day of your life may save you money over buying it. If you do buy clothing, make sure your dress or suit can be used for other occasions after your wedding.
Comparison shop
You should try and get more than 1 cost quote for whatever you’re buying for your wedding, to ensure you’re getting a reasonable deal and not being overcharged.
Set wedding priorities
Agree with your partner about what matters most to you and where might compromise.
Think about eloping
f you have trouble justifying spending so much on your wedding, you can always consider elopement. It can be simpler and much less expensive.
Saving for your wedding
Regardless of the size of your wedding budget, you’ll want to save as much money for the event as possible, so you don’t start your marriage with added debt. Here’s how
Create a savings plan
Divide the total amount you need to save by the number of months until your wedding so you know how much you need to budget from each paycheque.
Open a wedding account
So it doesn’t get spent elsewhere, open a separate account to save for your wedding. A tax-free savings account or high-interest savings account are ideal for this.
Automatic deposit
Set-up regular deposits on a regular basis to your separate wedding account.
Re-allocate your spending
You can spend less on restaurant meals and coffees. Add that to the money you’re saving for your wedding.