Allocating funds is important, when planning a wedding

Whether it’s a lavish, black-tie affair or a laid back gathering in the backyard, a couple’s wedding day is a momentous, and often, costly, occasion. According to Zola, the average cost of a wedding in 2023, was $33,000.

That’s a significant sum for couples to spend and it’s understandable if couples aren’t sure how to allocate funds for their big day.

It’s important couples recognize what’s most important to them, when planning their weddings. Recognition of those priorities can help couples determine how to allocate their funds. Equally helpful, can be how past couples have spent on their weddings.

Utilizing data from its The Knot 2023 Real Weddings Study, the wedding experts at The Knot (theknot.com), have calculated general percentages of a wedding budget couples can devote to various components.

Here are their findings: venue, 37 percent; catering, 28 percent; band, 12 percent; wedding rings, 9 percent; photography, 8 percent; flowers, 8 percent; alcohol, 8 percent; rehearsal dinner, 8 percent; videography, 7 percent; couples’ attire, 7 percent; rentals, 6 percent; DJ, 5 percent; wedding party attire, 4 percent; guest entertainment, 3 percent; transportation, 3 percent; ceremony music, 3 percent; cake and desserts, 2 percent; stationery, 2 percent; officiant, 1 percent; favors and gifts, 1 percent; and additional jewelry, 1 percent.

Couples with a keen eye might notice these percentages add up to significantly more than 100 percent. That’s because the budgetary breakdown reflects personal preferences, individual couples’ budgets and what couples can expect to spend on certain components.

For example, The Knot data indicates a couple who prefers a band for their reception, instead of a DJ, may need to allocate roughly twice as much of their budget, to accommodate that preference.

In addition, couples who do not intend to pay for wedding party members’ attire, can find other ways to allocate those funds, which The Knot data indicates typically accounts for roughly 4 percent of a wedding budget.

Another variable to consider, is family. According to The Knot, couples allocated an average of 8 percent of their budgets to their rehearsal dinner. However, couples’ parents may offer to pay for that meal, which can leave more room in the budget for other expenses.

In addition, The Knot reported that the percentage of couples asking a friend or family member to serve as their wedding officiant, rose from 37 percent in 2015, to 51 percent in 2020. Wedding officiants do not often eat up a significant portion of a couple’s wedding budget (1 percent), but this is another expense that modern couples may not need to account for.

Weddings can cost tens of thousands of dollars. Couples who determine how best to allocate their wedding budgets, may find it far simpler to plan their big day.