A BIG congratulations to our very own Alex Wasiunec and his new fiancée, Victoria Gogol, on their recent engagement! Alex and Victoria are preparing to tie the knot next summer, and we couldn’t be more thrilled for them as they embark on this exciting chapter of their lives.
Weddings are a beautiful celebration of love and commitment, but they also come with significant financial considerations. According to The Knot’s 2023 Real Weddings Study, the national average cost of a wedding in 2023 was $35,000, reflecting a $5,000 increase from 2022.
Whether you’re planning your big day or supporting a loved one through the process, understanding the financial aspects of wedding planning can help ensure the occasion is joyous without creating unnecessary financial stress.
At Mendel Money Management, we believe that every major life event—whether it’s a wedding, buying a home, or preparing for retirement—deserves a thoughtful financial plan. Today, we’ll share some practical tips for planning a wedding without breaking the bank, inspired by Alex and Victoria’s journey.
1. Start with a Realistic Budget
Before you book a venue or try on a single dress, it’s essential to create a realistic budget. Sit down with your partner and decide how much you’re comfortable spending. Keep in mind that the average cost of a wedding venue alone was $12,800 in 2023, accounting for nearly 40% of the overall budget.
Don’t forget to account for contributions from family members, if applicable. Having a clear budget will guide all your decisions and help you prioritize what matters most.
2. Prioritize What’s Most Important
Every couple has unique priorities for their wedding day. Maybe you’ve dreamed of a stunning venue, or perhaps the photography is most important to you. On average, couples hired 14 vendors for their wedding in 2023.
Identify your top three priorities as a couple and allocate more of your budget to those areas. This approach helps you spend intentionally while cutting costs on less essential details.
3. Expect the Unexpected
Like any major event, weddings can come with surprises. Build a contingency fund into your budget to cover unexpected expenses, like last-minute guest additions, weather-related adjustments, or forgotten details. A little extra cushion can save you from stress later on.
4. Talk to a Financial Advisor
A wedding is more than just a beautiful day—it’s often the first major financial decision couples make together. For many, it’s also the beginning of merging their financial lives, which can feel both exciting and overwhelming. That’s where a financial advisor comes in.
At Mendel Money Management, we help couples navigate the financial complexities that come with planning a wedding and starting a life together. This includes:
- Setting Realistic Goals: We help couples define financial priorities for their wedding while keeping long-term goals—like buying a home, saving for retirement, or starting a family—in focus.
- Creating a Joint Financial Plan: Every couple’s financial journey is unique. Whether you’re merging accounts or keeping some finances separate, we can help design a plan that aligns with your values and goals as a couple.
- Managing the “Hidden Costs” of Weddings: From gratuities to unforeseen add-ons, wedding costs can sneak up on you. We’ll help you identify potential budget blind spots and create a plan to address them.
- Building a Strong Financial Foundation: Beyond the wedding, we work with couples to develop a long-term financial strategy. This includes strategies for debt management, emergency savings, and aligning your investment portfolios.
A financial advisor isn’t just for managing investments—it’s about helping you navigate life’s big moments with confidence and clarity. If you’re planning a wedding, we can ensure your finances are organized, your goals are aligned, and your future together starts on the right financial footing.
At Mendel Money Management, we’re not just here to celebrate life’s milestones with you—we’re here to help you make smart financial decisions that last a lifetime.
5. Keep the Bigger Picture in Mind
While weddings are a major milestone, they’re just the beginning of your life together. As you plan, remember to keep your broader financial goals—like saving for a home, starting a family, or building wealth for retirement—in focus. Balancing your dream wedding with long-term financial priorities will set you up for success as a couple.
Congratulations, Alex and Victoria!
We’re so excited to celebrate Alex and Victoria’s upcoming wedding and look forward to seeing how their big day comes together. Their love story is a reminder that life’s milestones are not just about the moment—they’re also about the journey you take together.
If you or someone you know is planning a wedding and wants to make sure the financial side of things is covered, our team at Mendel Money Management is here to help. Let’s work together to create a financial plan that allows you to celebrate your special day and everything that comes after it. Schedule your PersonalPath Intro Call to see which of your Mendel Money Management services is right for you.
Here’s to love, laughter, and happily ever after!
