According to wedding planning website The Knot, the average cost of a wedding is about $34,200, not exactly pocket change. That means couples who don’t have that kind of money sitting around may have to rely on some form of debt to pay for their big day.
If that sounds like your situation, here's what you need to know about financing your wedding and making sure the debt doesn't outlast the honeymoon.
A dream wedding without a budget can quickly turn into a financial disaster. So before you book a single vendor, make sure you know what you’re working with. In other words, start with the number, then plan the wedding. Not the other way around.
Have an honest conversation with your partner about your current savings, your risk tolerance, and your debt tolerance. Also agree in advance on your total budget and the maximum debt you’re willing to take on. Then add up the contributions from family, your personal savings, and any amount you've agreed to finance.
A straightforward way to stay on budget when you’re planning a wedding is tracking your big three. These are three elements that matter most to you as a couple, whether that be the venue, catering, or photography. You’ll then want to build your wedding budget around those first, since they'll have the biggest impact on your wedding day.
The average wedding cost varies heavily by location, but it often runs into five figures. If you finance the majority of that cost, you can expect to pay hundreds or even thousands of dollars in interest before it's fully paid off. That's why cash is the best way to pay for your big day. Here's why it works:
If you're saving toward a wedding, keep those funds in a high-yield savings account (HYSA). HYSAs are safe, accessible, and earn significantly more than a standard bank account, sometimes 4% to 5% annually, so your money grows while you plan.
If you need help paying for a wedding, personal loans are worth looking into. A personal loan is an installment loan that lets you borrow a lump sum for a range of expenses, including weddings, and pay it back in fixed monthly payments over a set term. A few things to keep in mind before you apply:
Many lenders now offer wedding loans, which are essentially personal loans designed with the newlywed in mind. Wedding loans can be a solid option for those who don’t have enough saved for a wedding, but they’re not for everyone.
Pros
Cons
Getting approved for a wedding loan is one thing. Getting a rate worth accepting is another. Here’s what you can do to qualify for the best rates:
Credit cards are another way couples fund their big day. A report by Zola found that 31% of engaged couples plan to use credit cards to pay for their wedding, including using points or applying for new cards. Used correctly, they can actually work in your favor. Here's what to know:
Pro tip: Credit cards work best as a wedding financing tool when you have a clear plan to pay them off. Without one, the rewards aren't worth the risk.
If you’re having trouble qualifying for a loan, check out these other ways to bridge the gap between your savings and your budget.
To cut costs, many couples and their families are now switching from a traditional wedding ceremony to a “minimony” or micro-wedding. A minimony is a short and simple ceremony shared between you and your closest loved ones, usually no more than ten people. A micro-wedding is a small ceremony with fifty guests or fewer.
If you don’t mind downsizing your wedding, these smaller-scale celebrations could mean lower costs across the board.
Some wedding financing methods can do more harm than good. Here are a few to avoid.
After the wedding, it’s pretty common for couples to accumulate “hybrid” debt, such as a few credit cards and a small personal loan. Managing all those debt payments can be overwhelming, and one way to clean it up is debt consolidation.
Debt consolidation loans let you roll everything into a single payment, often at a lower interest rate. By moving your high-interest debt into one place, you’ll have more financial peace of mind and be able to protect your credit as you focus on bigger goals, like buying a home.
Your wedding is one day. Your financial life together is every day after that. The best foundation you can give your marriage is starting it without the weight of high-interest debt. But if you do need financing, a personal loan is a more structured and lower-interest alternative to credit cards.
Who typically pays for what with a wedding?
There are no strict rules for who pays for what in a wedding. Couples and their families usually split costs in whatever way makes the most sense financially for them.
How Do Wedding Loans Work?
With a wedding loan, you borrow from a bank, credit union, or online lender and use that money to pay for the wedding and other related costs. It’s essentially a personal loan for wedding expenses.
Can You Get a Loan for a Wedding?
Yes. Many lenders now offer loans that are specifically tailored to the needs of couples planning their big day. Whether you qualify depends on factors like your credit score, income, and debt-to-income ratio, as well as the lender’s specific requirements.
How to Finance a Wedding: Are Personal Loans the Way to Go?
Personal loans are one way to finance a wedding, but taking on additional debt at the beginning of a marriage isn’t for everyone. So before taking out a personal loan, make sure you’ve considered alternatives like contributing to a wedding savings account or using a 0% APR credit card.
Can you finance a wedding with personal loans?
Yes, you can finance a wedding with a personal loan if you qualify. Just keep in mind you’ll pay interest, so the total cost of your wedding will be higher over time.
Jamela Adam is a Financial Copywriter specializing in content for fintechs, finance SaaS companies, and wealth management brands. She earned her BBA from the University of Southern California and is a Certified Financial Education Instructor. With over 4 years of experience writing for Forbes, Investopedia, Yahoo Finance, and U.S. News, her work focuses on creating SEO-optimized content and high-converting campaigns that help financial services companies attract leads and build trust.
