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Just Got Engaged? Here's How Your Local Bank Can Help You Afford Your Wedding

Wedding costs can vary depending on the location and the type of the wedding you plan, and more and more, couples are paying for a significant portion of their wedding, if not the whole event. Even if you try to be frugal, a wedding is often a big expense. The right banking partner can help you come up with ideas for how to save for a wedding.

bride and groom walking down the isle to meet their guests

How Much Does a Wedding Cost?
If you’re wondering how to finance a wedding, it helps to know about how much you need. According to, the average wedding cost today is $38,700. The Knot conducted a survey and found the average cost is lower, around $33,900. No matter the exact number, a wedding comes with a hefty price tag, and the expenses for the ceremony and reception account for the majority of those costs.
On top of the costs of the wedding, there are the added expenses of the honeymoon trip and the engagement and wedding rings. According to a 2021 report from, the average proposer spent $5,500 on an engagement ring. The Knot reports that the average cost of a honeymoon has grown from $4,000 in 2017 to $5,000 today.

How to Save for a Wedding: Banking Solutions

A longer engagement gives you more time to save for a wedding. But no matter how long you give yourself to plan for wedding funding, the earlier you start, the better off you’ll be.

Set Up CDs or Laddered CDs.

A certificate of deposit, or CD, is a savings account in which you agree to deposit a lump sum and leave it, untouched, for an established amount of time. The bank agrees to provide a premium interest rate over that time. Your exact interest rate may depend on the size of your initial deposit and how long you agree to let the account mature without withdrawing funds.
Taking out several CDs with different maturity terms is called “laddering.” As the first maturity date comes up, you can decide how much of your funds you need to pay for current wedding expenses and how much you can keep in your CD to continue earning interest.

Set a Budget with a Wedding Savings Account.

Gather some quotes from venues and vendors to figure out how much you need to have saved at each phase in your savings goal. All your bills won’t come due in one fell swoop. Then you can open a designated wedding savings account for the coming expenses. To make it easier, you can set up automatic deposits into your wedding savings account from your regular checking account. Here are some more tips on how to create a wedding budget.

Use a Debit Card or Credit Card with Rewards.

A credit or debit card that offers you reward points and savings on common purchases can help you figure out how to finance a wedding. With more big purchases than usual, you want to be sure you’re getting benefits along with the costs. You can put your rewards points toward wedding expenses or toward everyday purchases that allow you to put extra funds aside for the big day.

How to Finance a Wedding: Strategies Outside of Banking

While First National Bank and Trust can help with the banking solutions to help you save, we know there are a lot more strategies for how to finance a wedding.

Find a Side Hustle.

You may already have an idea of a second job that suits your skills. But if you’re on the hunt for a side hustle, don’t forget that planning a wedding can be time-consuming; pick something that works with your current schedule. Businesses will pay you to take surveys for them — it’s not an especially lucrative endeavor, but you can fit it in whenever you’re free. InboxDollars, Survey Junkie and Swagbucks are all sites you could investigate. You could also become a rideshare driver or sign up to complete tasks on TaskRabbit.

Comparison Shop

One of the major ways couples mismanage their wedding funding is they don’t shop around for important items. Make sure to get quotes from venues and caterers. If you’re buying a wedding dress and find one you love, see if you can find a lower price from another vendor. The bottom line is this: Don’t settle for the first price you find.

Register for Your Honeymoon

Some couples put gift cards to an airline or a resort on their registry to help pay for their honeymoon. You can also register for Visa, MasterCard or American Express gift cards to put toward your trip expenses.
Your engagement and wedding should be an exciting time, and at First National Bank and Trust, our helpful experts are happy to help you make the financial aspect easier. We have guides to help you budget and save. And if you’d like to talk about opening a CD, wedding savings account, or a rewards debit card  or credit card, reach out to us or come by one of our convenient locations in Southern Wisconsin and Northern Illinois. 

Newly engaged? Be sure to check out our Pre-Wedding Financial Checklist.