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Planning your wedding? It may be a daunting task, but making a realistic budget is a good place to start. With rising costs of food, labour and other services, try these easy ways to keep wedding costs low.
It's no secret that weddings are big business. The average wedding in Canada costs about $29,450 in 2019.1 Although COVID restrictions brought that number down for a couple of years, the return to more normal times makes this a good estimate of what your wedding bill could look like.
To come up with your own estimate, it helps to talk to friends who've already tied the knot and also call a few vendors. Then figure out if that matches with how much you can comfortably spend.
Wedding budgets vary widely, but here’s a common budget allocation guideline:
- Reception venue and catering: 40%
- Photography and videography: 15%
- Attire and accessories: 5%
- Entertainment/music: 10%
- Flowers: 10%
- Favours/transportation/stationary/cake: 10%
- Ceremony (including marriage license and officiant): 10%
Mapping out what you can and can’t afford can feel overwhelming. But it's important to know your vision for your wedding — including how to pay for it, says Ava Zarrion, a Scotiabank investment specialist and financial planner.
“Wedding planning is like any life event that needs planning, the challenge is that most don’t have a long-term plan to save for the event," she says. "When couples get engaged, usually they have one year until the big day.”
Looking for a budget tool? Scotia Smart Money by Advice+2 offers personalized advice and more control over your money — and features to help you build and manage your budget effectively. You can use it to help you find areas to cut down on spending and boost your savings ahead of your wedding and as you navigate married life.
You want to make sure you aren’t going into debt for your wedding or that it moves you away from your other savings goals, like buying your first home.
With your budget in place, you’ll have to figure out how you’ll cover the costs. Consider your savings, contributions from family members, or whether you’ll borrow from a line of credit.
“As a financial planner, I make sure that if people are borrowing for their big day, they understand how the interest works on different borrowing options," says Zarrion. “Many times, when a couple calculates the interest costs, they find a way to cut unnecessary expenses.”
She suggests couples plan for their monthly payments, “For example, if you’re borrowing $30,000 and the monthly payment is going to be $300, why not start saving the $300 per month now and see if you are comfortable with this amount of monthly payment plan.”
One way you and your partner can start saving for your wedding is by opening a joint chequing or savings account to focus on working together to save for the wedding, says Henri Miller, Scotiabank investment specialist and retirement planner.
Miller also suggests setting up pre-authorized contributions that will automatically transfer money from your chequing account to your savings account to save each month and earn some interest.
Using a credit card can also help you keep tabs on your spending and rack up some rewards in the process. But keep an eye on your balance to catch any overspending and pay your balance off in full each month.
Splitting wedding costs
If family members are contributing to your wedding expenses, have open and honest conversations early on to limit surprises down the line. Be aware if there are any strings attached to them helping out with costs — like some control over the guest list.
Limiting your guest list is one of the most effective ways to control wedding costs. How many guests you invite will drive your choice of venue and catering, which is likely the biggest chunk of your budget.
You could opt for a smaller ceremony and consider inviting only close friends and family (sorry, Great Aunt Mabel). This will help you have more quality time with each person. You can always follow up a small ceremony with a casual barbecue or backyard party later on to accommodate more guests within your budget.
Can’t cut down the list? Think about foregoing a formal dinner and hosting a brunch, lunch or cocktail wedding reception instead.
To save money in your wedding budget, skip the traditional — and pricey — banquet hall and scout out unusual locations like greenhouses, botanical gardens, museums, libraries, barns or even a friend or family member’s backyard. These venues often offer lower rental fees and flexibility in terms of catering and decorations. Don’t forget to add in the expense of renting tables, chairs and catering costs when you’re considering prices, so that it’s a fair comparison with traditional wedding venues.
When it comes to venues, timing is everything. Being flexible may allow you to negotiate a better price. Book your big day at a venue off-season, and consider choosing a day other than Saturday to tie the knot.
If a wedding planner isn’t in your budget, it’s up to you to find ways to cut costs. Here are some ideas:
- Wedding décor — Get creative! Pinterest and DIY wedding blogs can be great sources of inspiration. Consider renting or borrowing décor items or buying them second hand. You can also keep an eye out for sales, discounts and clearance events at craft and home décor stores to find items at a fraction of the cost.
- Flowers — Make sure you are getting what you want for a price you can afford. Compare at least three different vendors and go with the one willing to work with your budget. Try to pick flowers that are in season to cut down your costs (ex. avoid trying to get peonies in August – next to impossible and the price will add up). You could also use the more expensive options sparingly like in bouquets.
- Attire — You can still achieve your dream wedding look without going over your budget. Look for wedding attire off the rack, check out bridal sample sales, consider purchasing a pre-loved wedding dress or suit from a consignment shop, or think about renting. You might already have something in your closet that might work for the big day, see what you have and what you envision yourself in. It all depends on how formal or casual you want your big day. Also factor in alterations. In-house bridal store alterations can easily cost double what an independent tailor charges. Shop around for a tailor that you trust that works within your budget.
- Wedding party — Keep your bridal party small, so you can focus on the people who mean the most to you. You’ll save on expenses like matching outfits, gifts and even transportation. Plus, it’s easier to coordinate schedules and plan activities.
- Wedding invitations — Skip pricey printed invites in favour of digital cards. They’re affordable, eco-friendly and convenient — and tracking guest responses online is easy.
- Wedding cake — Depending on the number of guests, a wedding cake can cost more than $500. Think about the option of a small wedding cake for cutting and photos, and treat guests to a dessert bar featuring cookies, cupcakes or doughnuts for a cheaper twist.
- Alcohol — Instead of an unpopular cash bar, consider nixing pricier mixed alcohol in favour of beer and wine only. Or offer only a signature drink or two, instead of a full bar, to keep costs lower and offer a personal touch.
Lastly, don’t be afraid to negotiate. Wedding venues, florists and music vendors may accept a lower offer if they want your business, or work with you to keep costs down.
Keep your wedding expenses from spiraling out of control with online budgeting tools and apps specifically designed for wedding planning.
There are many free online wedding planning resources to choose from. Spreadsheets and expense tracking apps detail each wedding category, help you plan your expected costs and stay on top of your spending.
Create a wedding budget template
You can also stay organized and track expenses by creating your own customized budgeting spreadsheet. Start by outlining all of your anticipated wedding expenses into categories including venue, catering, attire décor and miscellaneous costs. Then divide each category’s cost into components.
For instance, under "bride’s attire," include line items for the outfit, plus accessories and alterations (which, heads-up, can really add up so shop around). Allocate funds to each category based on your overall budget and set spending limits so you can see if you’re in danger of exceeding them.
Your spreadsheet should also include vendor contact information, estimated and actual costs, additional service fees, tips and tax. Don’t forget about transportation or parking costs for off-site vendors.
Stay organized to keep track of expenses
Planning a wedding often means coordinating different vendors and contributors. Use your spreadsheet or app to schedule regular check-ins and time to document expenses. File all your receipts and contracts in one spot, and keep careful track of payment deadlines for deposits, installment payments and final balances owed to vendors, so you don’t end up paying extra in interest.
Budget for contingency expenses
Setting aside funds, around 10 to 15% of your total budget, for emergencies or last-minute changes can save the day if things suddenly go haywire. A contingency fund can also cover extra costs, like service, delivery or cleanup fees, transportation costs or taxes.
Many wedding guests find it easier to give cash gifts, but how can you make this money count? Paying off any outstanding wedding debt is an obvious choice, especially if you took out a loan. Saving up for a down payment? Wedding gift money will put you further ahead.
And if your savings and investments were placed on the back burner while you planned your wedding, using gift money to ramp up your contributions will help you invest in your future as a couple.
Read more: Say ‘I do’ to budgeting: How to manage money as a couple
Enjoy your day
At the end of the (big) day, what truly matters is celebrating your love and commitment with your partner and loved ones. Don’t sweat the small stuff or get caught up in overspending. Your wedding is the beginning of a journey that will last a lifetime.
