How to create your ideal wedding budget

Wedding costs can vary widely, depending on factors like location and what you have planned for the big day. No matter what type of wedding you're planning, though, one thing is certain: Budgeting can feel like an overwhelming task. Fortunately, it doesn't have to be. Breaking down the process into several steps will give you a clear plan and make things much easier. There are also tools available to help you estimate and track costs.  

Here's what to know about average wedding costs, creating a wedding budget, and how much to earmark for each type of expense.  

How much does the average wedding cost? 

According to The Knot's annual Real Weddings Study, weddings averaged $35,000 in 2023. However, wedding costs vary based on several factors, including your guest list, venue, and vendors. For instance, if you opt for a backyard wedding with a dozen people and hand-cut bouquets from your mom's garden, it'll probably be much less expensive than if you invited 200 guests to celebrate at an upscale hotel.  

Location also plays a big role in costs. If you're located in a big city, such as Chicago, your wedding venue will likely be more expensive than a venue in a rural town with less demand. The cost of living in a particular area affects prices, too.  

How to create your wedding budget 

Here are some actionable steps you can take to make budgeting for your wedding simpler.  

1. Set a rough budget 

Think about your vision for your big day, including the guest list, ideal venue, vendors, attire, and other costs, and come up with a basic estimate of costs. If you're planning a small, backyard wedding, you might start with a rough budget of $5,000. Remember that you can tweak this number as you go; it's just a starting point.  

2. Understand who's contributing 

Are you paying for your wedding on your own? Or will you have help from your parents, other relatives, or close friends? Understanding who's contributing can also help guide your wedding budget. A couple getting a large gift from their parents, for example, might have a bit more wiggle room with their budget than a couple paying for their big day independently.   

3. Look into average costs 

Tools like The Knot's free Budget Advisor can offer some valuable insight into average costs of vendors and venues in your area. You can also do a deeper dive into the costs of specific vendors if you have them in mind. Take notes on everything you research, so you can easily reference the information later.

Here are the types of costs you'll want to research:   

• Venue 

• Catering 

• Entertainment 

• Photographer 

• Flowers 

• Cake 

• Transportation 

• Hairstyling and makeup 

• Attire 

• Officiant fees 

• Favors 

4. Ask for recommendations  

Once you have an understanding of average wedding costs in your area, it's time to compare potential vendors. Start by asking your friends and family for recommendations if you're feeling overwhelmed by the idea of poring through search engine results. Chances are good that your loved ones will weigh in with recommendations. As a backup, consider asking for recommendations on your city or town social media pages. 

5. Formally compare venues and vendors 

Create a short list of venues and vendors based on the recommendations you've received, and start contacting them to request quotes. Be ready to provide details about your wedding, such as the number of guests you'll have, potential dates, and the type of food you'd like. These details will help prospective vendors come up with more accurate quotes, giving you more concrete details for your wedding budget.   

6. Track expenses 

Go back to your rough estimate and determine if it's on track with the estimates you're getting. If not, make adjustments—just ensure that you won't be overextending yourself financially if you're on a tight budget. You'll want a bit of wiggle room in your wedding planning budget in case unexpected costs come up.  

Once you've determined if your initial number aligns with the estimates, you'll want to start formally tracking costs. Fortunately, several tools are available to help you do this. You could rely on a simple spreadsheet, a general budgeting app, or a tool that allows you to specifically track wedding costs, such as WeddingWire's free wedding spend tracker. 

7. Update as needed 

While it might feel satisfying to come up with cost estimates based on real quotes, you'll need to tweak those numbers as you finalize the details of your big day. Your actual expenses may be higher or lower, and unexpected costs might also arise. Accounting for those changes will help you stay on track and avoid derailing your wedding planning budget.  

What's a good wedding budget? 

Your wedding budget will be subjective based on your preferences for your big day. That said, we've outlined some common expenses below, and provided an estimate of wedding budget percentages for each. This example assumes you've allocated approximately $25,000 for your big day.  

Note that this is just a starting point, and your actual costs will vary depending on your unique situation.   

How to pay for your wedding 

If you're like many couples, you might choose to pay for a portion of your wedding using savings. However, if you don’t have a specific wedding fund set up, you could end up draining your savings completely.   

A wedding loan is another alternative if a credit card doesn't feel like the best choice. These personal loans typically have fixed rates that may be lower than a high-interest credit card.     

The bottom line 

Whether you’re envisioning a casual party or a lavish, big-budget production for your wedding, it’s wise to start with a financial plan. A wedding budget breakdown can help make your dream a reality. Aside from keeping costs in line, your budget can act as a blueprint for everything needed to make your big day unforgettable—including how you choose to cover the cost.