Home Wedding Planning 5 Reasons You Should Discuss Wedding Costs Before Getting Engaged

5 Reasons You Should Discuss Wedding Costs Before Getting Engaged

written by Guest Post January 2, 2018
Congratulations! You’ve found the one, and you’re hoping to seal the deal with an engagement ring. But before you pop the big question, here’s another question you should consider: How much are you both willing to rack up in wedding costs?

Discussing wedding expenses before getting engaged might seem backward. However, it can help you and your significant other understand what this step will mean for your combined finances.That’s why it’s important to start talking about paying for a wedding now. It’ll give you a chance to figure out what’s important to each of you and what’s affordable.

1. You Need to Get on the Same Page About Wedding Costs

Paying for a wedding is a major expense. In terms of a price tag, it’s up there with a new car or a down payment on a home.
The average cost of a wedding is $26,720, according to data from Cost of Wedding. However, most couples spend less than $10,000.
Expectations for what a wedding should cost can vary widely from person to person. While you might have an idea of what’s reasonable to spend on your nuptials, you’ll want to make sure your spouse-to-be agrees.

Start by asking your partner what they would be willing to spend on a wedding and what elements are important to them. The sooner you talk about wedding expenses, the better your chances will be of reaching a happy middle ground.

2. You Need to Work Out a Wedding Budget

Once you have a general idea of the kind of wedding you want, you’ll need to price-check it to make sure you can afford it. Looking into these costs now can help you figure out the best timeline for your engagement and wedding.
Make a list of any wedding must-haves for you and your partner, such as an open bar or a specific venue. Make sure you consider how cultural, religious, or familial expectations could affect your wedding costs too.
Itemize your wedding expenses and shop around for prices and cost estimates in your area. You can even try this calculator from Cost of Wedding to get a benchmark for your wedding budget.

You also can start thinking about where the money for your wedding will come from. You might want to discuss how much you each have in savings or what your parents plan to contribute toward wedding costs.

3. You Can Time Your Engagement and Wedding Perfectly

Timing is everything, and it’s a central reason to discuss paying for a wedding before getting engaged. You’ll want to be sure you and your significant other are not only ready to commit to each other but also prepared to pay for the wedding you want.
Maybe your partner is in the middle of paying down student debt, for example. Getting engaged before this debt is gone might make your significant other feel pressured to help pay for a wedding or worry about taking on wedding loans.

Discuss financial goals and priorities with your partner and consider whether there are any reasons a wedding might need to wait. That way, you can find the right time for both of you to focus on paying for a wedding.

4. You Can Start Saving for a Wedding Sooner

By discussing wedding costs and timing, you can get the information you need to start saving. And the sooner you start saving for a wedding, the more time you have to gather the cash to pay for it.
As you talk through your financial priorities, you and your partner can discuss the best way to save and pay for a wedding. Figure out what each of you can afford to set aside each month in a wedding fund and set up a separate joint saving account for it.

Some couples might agree to match contributions — each saving $200 per month in a wedding fund, for example. Or perhaps you and your partner have unequal incomes and decide to contribute according to your pay. If you make 50 percent more, for instance, you might put in $240 per month while your partner saves $160.

5. You Have Time to Consider Wedding Loans as an Option

Lastly, not every couple can pay for a wedding out of pocket. Or maybe saving for the wedding of your dreams could take years and you don’t have that kind of time to invest. A wedding loan can help bridge the gap.
A wedding loan is usually an unsecured personal loan. These installment loans don’t require collateral and can be used to borrow a wide range of amounts. Whether you’re short $3,000 or $30,000, a personal loan can be a helpful way to pay for a wedding.

If you know you’ll probably borrow to pay for some wedding costs, planning ahead is key. It’ll give you time to shop around for a low-interest wedding loan instead of charging wedding costs to a high-interest credit card. You also can calculate personal loan payments to make sure what you plan to borrow now will be affordable after the wedding.

Planning and paying for a wedding is the first of many financial adventures you and your partner will have together. As you come up with a plan of action to cover wedding expenses, you’ll get a firsthand look at what it’s like to work together to achieve shared goals and build a strong financial foundation for your marriage.


Elyssa Kirkham covers student loans, personal loans, debt and credit for Student Loan Hero. Her work has been featured in TIME, CBS News, MSN Money, Business Insider, Daily Finance and more.

Leave a Comment