How to Financially Plan for a Wedding

As an incoming 2022 bride, I figured “COVID Brides” would have been a phenomenon of the past by the time my big day rolled around. But, if you are like me, you probably have discovered the craze of wedding planning in 2021/2022 and the legacy of the COVID-19 pandemic is still dramatically impacting the wedding industry.

Most couples who were not able to have their dream wedding during the pandemic either had a small ceremony and are having their dream wedding now, or have continued to push off their big day until late 2021.

As a result, demand is outrageously outweighing supply. As consumers, we understand that this directly correlates to our wallets. With weddings already being a large expense, naturally this can be worrisome.

Without considering the estimated skyrocketing prices for 2022 weddings, the average price of a wedding in 2021 is ~$22,500 according to a survey done by The Knot. This can range vastly depending on the state you live in and cost of living. To give you an idea of how 2022 events will be affected, the industry is already seeing a 30-40% increase in costs.

So, of course I put on my financial planning hat and asked myself, “how can we better plan for this?” Just like any other large expense we discuss with our clients, we recommend having a prudent savings strategy in advance to be adequately prepared.

Another recommendation would be to book your vendors as soon as you feel comfortable (venue, caterer, hair/makeup, photographer, etc.). Be sure to soak in all the emotions that come with being engaged, but then get to work on your checklist. The closer you get to your wedding date, the less vendors you will have to pick from, and prices will start to increase due to their demand.

Finally, as you would hire a financial planner, hiring a wedding planner can be pivotal for your budget and stress level. Professionals know the tricks of the trade better than anyone and have relationships with vendors to help you stay within your price point.

Be sure to speak with your financial advisor regarding saving and paying for a wedding if this is a goal of yours, regardless of when you think this event could occur. We want our clients to be able to have the wedding of their dreams, without putting their financial plan at risk. With proactivity and realistic expectations, this goal can become a reality!

 

 

Amber Loehr

Amber Loehr is an Associate Financial Advisor with Financial Synergies Wealth Advisors. Amber has passed the CERTIFIED FINANCIAL PLANNER™ exam and is now working on the experience requirements before earning the official designation.

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