Are You Prepared for the Financial Commitment of a Wedding?

The average cost of a wedding is going up. It rose from $28,000 in 2019 to $33,000 in 2024.¹ However, things like location and guest count can greatly impact your budget.

The venue is usually the biggest cost, averaging $12,000.² This price can change a lot based on the state or city.

Other expenses can also differ greatly based on personal preferences, such as catering, reception music, decorations, and more. For instance, say the preference is a live band at the reception with an average cost of $4,500, yet the DJ option is sufficient at an average cost of $1,700.

Planning considerations 

If you are planning a wedding soon, for yourself or your child, think about the costs. Consider both the expenses and how affordable they are. Your family might have other financial priorities. It could be better to have a more budget-friendly celebration. You may want to save money for something important, like buying a house.

Even if money is not a problem for wedding costs, some choices may not be clear at first. One option is tax-advantaged gifting to the couple. In 2025, parents can give up to $19,000 per individual without having to file it as a gift on their tax return.

Balancing a celebratory and emotional milestone like a wedding, with financial reasonableness, can be challenging. That’s why, like any major milestone impacting finances — such as going to college, having a baby, and retiring — getting married should be included in a financial plan. This approach helps families make smart choices for their short- and long-term financial goals. It also helps avoid conflicts or misunderstandings about spending.

To help you understand the financial aspects of planning a wedding, we will break them down in this article.

Identifying your objectives

Whether you’re willing or able to spend a considerable amount of money isn’t necessarily the best place to start planning. Instead, focus on decisions that can shape your vision of the wedding. Once you have a clear vision, you can work out the budget details accordingly. This is like making a financial plan. First, you identify your goals. Then, you find ways to reach them.

• Personal values and priorities: How will the wedding reflect the personalities, values, and desires of the marrying couple? Is it better to have a small, close gathering or a big party with family and friends? Is this a first or second wedding?
• Cultural or family traditions: In some cultures or families, big weddings are a tradition. In others, smaller celebrations are common. Are there certain expectations regarding clothing, décor, and pre- or post-wedding events that will need to be included?
• Family dynamics: How involved will family be with the planning and contributions for expenses? Clear communication and agreement are key for deciding who will plan, pay, or make choices about the wedding.

Considering your options

Because costs vary so widely, one determining factor could set the foundation for budgeting. For example, picking the location may be more costly than expected and might set the limits of other expenses. Consider that state location average costs range from $16,150 in Alaska to $54,400 in New Jersey, while city location average costs range from $20,490 in El Paso, Texas, to $87,700 in New York City.²

Do your research and ask for estimates from more than one venue and vendor. Your meal options and choices, such as buffet or sit-down and steak or chicken, can help determine the cost per guest and how many guests to invite.

Do you want to include several friends or family members in the wedding party? Remember to consider your attendants’ financial situation before asking them to participate.

Having fresh flowers rather than silk flowers can make a difference in expense. Perhaps your time is valuable enough to hire a wedding planner who manages the details. Ask about package deals or discounts.

It’s important to know which could be the biggest expenses among the many options that factor into creating a wedding event. The 10 key expenses typically include:

Expense	Description	Average Cost2
1.     Venue	Covering the cost of the ceremony and reception locations	$12,200
2.     Photography and videography	Professional photographers and videographers t can be quite costly	$2,900 for photographer $2,300 for videographer
3.     Flowers and decorations	Floral arrangements, centerpieces, and other decor elements	$2,700 for flowers $1,900 for lighting and decor
4.     Planner or coordinator	Hiring a wedding planner or day-of coordinator to manage the event	$2,100
5.     Rings	Engagement and wedding rings	$2,900
6.     Catering	Food and beverages for guests can add up quickly, especially with a large guest list	$80 per person $2,800 for alcohol $540 for wedding cake
7.     Entertainment	Hiring a live band or DJ to keep the party lively	$4,500 for band $1,700 for DJ
8.     Wedding attire	The bride’s dress, groom’s suit, and attire for the bridal party	$2,100 for wedding dress
9.     Stationery	Invitations, save-the-dates, programs, and thank-you notes	$530
10.  Transportation	Limousines, shuttles, or other for wedding party and guests	$1,100

Note that this list is a guide to 10 key expense averages and doesn’t include the following:

Additional Expenses
Engagement party	Bridal shower or bachelorette party and bachelor party
Rehearsal dinner	Officiant and marriage license
Event rentals (such as tables and chairs)	Guest favors and wedding party gifts
Hair and makeup services	Additional wedding jewelry
Ceremony or non-musical entertainment	Post-wedding brunch (or something similar)
Flower girl and ring bearer attire or accessories	Honeymoon

Estimating the total expense

To help you figure out the total wedding budget, here are some general guidelines. These are average ranges based on size, location, and other preferences.³

1. Under $10,000: Ideal for a small, intimate wedding that may include DIY (do-it-yourself) elements and a budget-friendly venue like home, park, or community center.
2. $10,000 – $30,000: Suitable for mid-sized weddings with around 50-100 guests and allows for professional vendors, a nice venue, and some personalized touches.
3. $30,000 – $50,00: Covers a larger guest list (100-150 guests) and includes a more extensive range of services, such as a wedding planner, high-quality catering, and a beautiful venue.
4. $50,000 – $100,000: Suitable for larger weddings with more than 150 guests and allows for luxury venues, top-tier vendors, and elaborate decor.
5. Over $100,000: Applies to very large or highly elaborate weddings and includes premium services, destination weddings, and high-end customization.

Remember that the numbers in this article are averages. This means they are just estimates and guides for costs. Your own research is important to determine actual and specific costs.

Determining your budget

First, it’s important to have a budget. You should know how much money you want to spend on the wedding. Make sure to consider your priorities when setting this amount.

Now that you have an idea of how much a wedding could potentially cost and how you might prioritize your options, think about the impact on your overall financial situation and personal tolerance. The answers will generally depend on your age and financial situation. For instance, are you the parent of someone getting married, or are you in your twenties and planning for marriage, or is this your second marriage later in life?

Just like planning for big expenses, such as college, buying a house, or having a baby, consider how it affects your other goals. If you’re 26 and decide to budget for a big wedding, you may need to delay buying a house. If you are paying for your child’s wedding now, maybe it means there’s less money to leave them in your estate.

Regardless of your age, how will the expense affect your retirement? If you’re a young professional, you could be missing out on compounding growth in an investment or retirement account. If you’re near retirement, you may have to work longer and/or save more. What are you willing to do to fulfill the dream of an ideal wedding?

This is where comprehensive wealth management can be a big help because you get an integrated approach to managing your financial life. At Mercer Advisors, we would assist you with how your wedding budget could fit into your financial plan, as well as impact investment management, tax planning, estate planning, and more.

For example, decisions about your cash flow, estate taxes, or retirement account may change. This can happen once you understand the short- or long-term effects on your life goals. If you’re blending families, your goals and plans might need further consideration. Your estate plan may need adjusting because of the marriage.

Getting guidance

To understand how your wedding plans and budget fit into your financial plan, contact your wealth advisor. The earlier you start planning for the significant occasion, the easier it could be on you and your family.

Not a Mercer Advisors client? At any stage in life, financial decisions might have a short- or long-term impact. We can help you worry less about them — by simplifying and amplifying your financial life. Let’s talk.

^1. “The Knot 2025 Real Weddings Study.” The Knot, Feb. 26, 2025.
^2. “How Much Does the Average Wedding Cost, According to Data?” The Knot, Feb. 26, 2025.

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