Saving for a wedding is really not a heck of a lot different than saving for any big purchase — be it a new car, a big trip, or a home of your own. It takes a good bit of discipline to accomplish the first and most important principle of Saving for a wedding isn't very different from saving for other major purchases — be it a new car, a major trip, or a home of your own. It takes a good bit of discipline to accomplish the first and most important principle of saving for anything: managing to spend a little less than you earn.
A little straight talk before we get to the brass tacks of saving for that wedding of yours. There are two very important questions you should ask yourself before you plan to start a wedding account:
Are you or your future spouse carrying significant credit card debt?
If the answer is yes, you should devote your savings to eliminating your credit card debt before you begin to save for anything else. Doubt that debt can ruin your life? If you have a choice between tying the knot at city hall and a wedding you can't afford, skip the large wedding.
Do you have an emergency fund?
If you or your spouse becomes ill, needs time off, or loses a job, would you have savings to cover essential expenses? Do you have 3 to 6 months of expenses somewhere safe to cover the period you won't be earning money?
If the answer is no, you might consider creating one before moving on to the wedding. Many credit problems start with an unexpected event that forces a person to finance their life on credit cards. An emergency fund is one of the most thoughtful wedding gifts you can give to one another.
Decide what you want to spend
The average Canadian wedding costs between $20,000 and $30,000, though your number will depend entirely on your guest count, location, and priorities. Before you can save, you need to determine your specific target by sitting down with your partner to discuss what kind of wedding you both actually want.
Break down your wedding into major categories and assign dollar amounts based on your priorities:
Venue and catering: typically 40-50% of your budget
Photography and videography: 10-15% of your budget
Attire and beauty: 8-10% of your budget
Flowers and décor: 8-10% of your budget
Entertainment: 8-10% of your budget
Buffer for unexpected costs: at least 10% of your budget
If stunning photos matter more to you than elaborate centrepieces, allocate accordingly.
How much to save for a wedding
One practical option is to plan to pay for the wedding in cash. You may feel more comfortable after the wedding knowing you won't be spending the next few years paying off debt from wedding expenses—such as bar costs.
It's easy to plan for a cash wedding. Just compute the total estimated cost of the wedding, count how many months are left until the wedding day, and divide the cost by the number of months. Then, when the wedding day comes, enjoy the celebration knowing that you won't wake up in the morning with the stress of carrying debt after the event.
Here's how the math works:
Total wedding budget: $30,000
Months until wedding: 18
Monthly savings needed: $30,000 ÷ 18 = $1,667/month
Per paycheque (bi-weekly): $1,667 ÷ 2 = $834
If that feels like a stretch, you have two levers to pull: extend your timeline or trim your budget.
How to save up for a wedding
Do you have what it takes to save for a wedding? Of course you do! A little financial discipline will take you far.
1. Take a step back
Review your chequing account and credit card statements from the past 3 months to understand where your money actually goes. Look for patterns in your spending so you can identify immediate opportunities to save.
2. Select expenses you can cut back on
You'll likely spot automatically renewing subscriptions you don't use, frequent small purchases that add up, and other expenses you won't miss. Start cutting anything that doesn't add real value to your life:
Cancel cable (or switch to a lower-cost plan).
Brew coffee at home instead of buying it out.
Learn to love generic brands over expensive designer brands.
Renegotiate your mobile phone plan. You'd be surprised how much companies will be willing to bend to keep your business.
3. Open a dedicated wedding savings account
Once you've built a consistent saving habit, you'll want to make sure that you segregate your wedding savings in a separate account so that you don't accidentally spend your wedding savings on a spur-of-the-moment $1,000 tasting menu.
Where to keep your wedding money
Once you start setting money aside, choose an account that matches your timeline:
Timeline | Account type | Why |
|---|---|---|
| Less than 2 years | High-interest account | Highly accessible and typically low risk; earns interest. |
| More than 2 years | Guaranteed Investment Certificate (GIC) (for the portion you won't need soon) | Higher interest rate, but funds are locked in |
| Any timeline | Avoid investing in stocks | Market fluctuations could reduce your balance right when you need it |
The key is keeping your money accessible enough to cover deposits and vendor payments as they come due.
Be smart when planning your wedding
You know what's a heck of a lot easier than saving for a large, expensive wedding? Saving for a super fun, off-the-hook reasonable wedding. The good news is there's a whole corner of the internet devoted to cutting wedding costs.
This site's Wedding Budget Tips provides several cost-saving recommendations such as:
Book a venue in an off-season month.
Clarify whether family members plan to contribute, and how much.
Choose a venue that allows you to bring your own beverages (BYOB).
A quick checklist before you book anything
Before signing any contracts or putting down non-refundable deposits, run through this quick checklist to ensure you're financially prepared:
Confirm your total budget and how much you need to save each month.
Confirm your dedicated wedding savings account is set up and automate transfers.
Have an open conversation about finances with anyone who has offered to contribute.
Review your current monthly spending to find areas where you can cut back.
Build in a buffer of at least 10% for unexpected costs.
