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It’s wedding season, and while the big event is a celebration of love, it can also leave a dent in your bank account.
Whether you’re planning a proposal, walking down the aisle this year or organizing a honeymoon, chances are you’re going to have to pay a pretty penny. You may even take out some money to do so: As of March 2025, 67% of newlyweds said they went into debt for their wedding, a LendingTree report found.
CNBC Select has you covered. Here’s everything you need to know about how to afford, insure and organize your finances from proposal to honeymoon. You can read this mini guide from start to finish or navigate through the questions you have by using the table of contents below.
The cost of your wedding will depend on several factors, including your guest count, venue and the time of year, according to the wedding technology and registry platform The Knot.
This year, the average wedding will cost $34,200, per The Knot, which surveyed over 10,000 couples who got married in 2025.
Additionally, many couples underestimated just how much they would spend. Forty-one percent of couples reported they went over budget and that the biggest expense was the reception venue, which averaged $12,900.
If you’re curious what you can expect your wedding will cost, Zola — another wedding technology and registry platform — has a calculator that will help you determine a price based on the location and number of attendees.
Before you plan or get to the special day, many couples have already made a big purchase with an engagement ring.
What should I spend on an engagement ring?
The average cost of an engagement ring was $5,200 in 2024, the most recent year data is available, according to a study from The Knot. That’s lower than the year prior, when the average was $5,500.
Just like the choice between a gold or silver band and natural or lab-grown diamonds, engagement ring budgets are personal and should be determined by the couple’s budget and long-term financial goals.
For example, in most cases, it wouldn’t be in the couple’s best interest to take on high-interest debt to fund an engagement ring. You should only spend what you can afford without accruing interest.
One way to do that without paying the sum all at once is to use a credit card with a 0% APR introductory offer. With these types of cards, you’ll typically have six to 21 months to pay off the total before interest starts to accrue.
If you’re going down this route, Select has a suggestion: Consider the U.S. Bank Shield™ Visa® Card, which has 21 months of 0% APR (then, 16.99% to 27.99% variable APR). We like that this card has the longest introductory rate on the market, giving you the most time to pay off the ring, interest-free.
Information about the U.S. Bank Shield™ Visa® Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Insuring your engagement ring
Be sure to get your ring insured as soon as you buy it. Most basic renters and homeowners insurance policies cover up to $1,500 in jewelry and only cover the ring if it is stolen.
To get comprehensive coverage, you’ll either have to purchase a rider — or an add-on to an existing policy that extends coverage — on your insurance policy or a separate jewelry insurance policy. Both of these options typically cost about 1% to 2% of the jewelry’s worth each year. So if you have a $4,000 ring, you’d pay $40 to $80 per year or $3.33 to $6.67 each month.
If you’re going with a separate policy, you could get coverage that includes maintenance on the ring.
At CNBC Select, we like Jewelers Mutual Group for that reason: It offers policies that cover wear and tear on the ring, like prong repair and stone tightening.
We also like BriteCo, which offers a virtual appraisal and will replace up to 125% of the appraised value.
Additionally, renters and homeowners insurance from Lemonade, Amica, and Progressive offer an optional rider for jewelry.
Read more about purchasing an engagement ring
While the average wedding can cost more than $34,000, the median transaction account balance is between $5,400 and $8,700, per Experian.
Whether you have already started saving or you’re just starting from scratch, there’s a way to afford it without making choices that will keep you financially underwater.
1. Give yourself a budget
The first thing you should do before you start looking at vendors or dates is to sit down with your fiancé and craft a budget.
Figure out how much you can comfortably spend overall. For example, consider how much you can put away toward the wedding each month; how much (if any) money family members could give you; and what you already have in existing savings. Next, cut this pie up into spending categories.
While every wedding is unique, venue and catering costs typically account for most expenses. Based on recent data, the Knot Real Wedding study found the venue and rentals typically make up 29% of the budget. Meanwhile, catering, cake and drinks typically account for 24% of the budget. Together, that’s 50% of your budget.
You can be more flexible with other expenses, including florals, photography and videography, paper goods, music and entertainment.
If you feel tight in a certain category, think of creative ways to cut back. For example, I saved thousands of dollars on my wedding by using Flower Moxie instead of a florist. I used the company’s consultation option and spoke with a florist to design my floral arrangements. The flowers were shipped to me a few days before my wedding and my aunt, mother and some bridesmaids helped me make the arrangements — keep in mind, you should definitely budget time for this.
Altogether, I had 20 bouquets and over 100 bud vase arrangements and spent a little over $1,000. The typical cost for the bouquets alone would have been $1,000 to $3,000, according to a breakdown by Zola.
Also, make sure to leave about 10% to 20% for incidentals that may come up. As someone who has recently planned and funded a wedding, I can assure you, the chances are high.
To stay on top of all this financial planning, Select recommends WeddingHappy. We like the app because it allows you to track your wedding budget, make a to-do list and ensure you’re making payments on time.
If you’re having trouble redirecting money from other expenses to your wedding fund, PocketGuard can help. The app lets you organize your spending and savings, and notify you when you’re about to hit a budget category limit.
Information about PocketGuard has been collected independently by CNBC Select and has not been reviewed or provided by PocketGuard prior to publication.
2. Open a high-yield savings account
If you’re unsure about how to save, we recommend putting all your funds into a high-yield savings account. There, you’ll be able to access your money when you need it, but your savings will grow much faster than with a traditional savings account.
If you’re looking for the best option, CNBC Select recommends EverBank Performance℠ Savings, which was named our top pick for earning the highest annual percentage yield.
We like this account because there are no monthly fees and no minimum balance required.
3. Chat with a professional
As with any big purchase, you should chat with a personal finance professional to make sure your money moves align with your overall goals. This person can also help you determine whether you can afford your plans.
4. Consider financing options
If you don’t have the cash up front, taking on some debt that you’d pay off over time could be one strategy for financing a wedding.
This comes with a big caveat: be sure to talk to a professional before you take on any debt for a new purchase, especially something that won’t grow in value over time.
If you’ve decided this is the best strategy, consider no-interest options first. Like with financing the engagement ring, 0% APR credit cards can be a useful tool. You’ll be able to funnel money to this debt without adding interest to the bill (and your wedding budget).
In addition to the U.S. Bank Shield™ Visa® Card we mentioned above, we like the Capital One VentureOne Rewards Credit Card, which offers an intro 0% APR term of 15 months (then 18.49% – 28.49% variable APR) and no annual fee. Additionally, this card can help you fund your honeymoon (more on that later).
If you can’t get a 0% APR credit card or it’s not enough for you, there are personal loans available for weddings.
If you’re going down this route, make sure to get the lowest possible interest rate. Additionally, before you take on debt like this, make sure you can afford the minimum payment on what you take out.
Our top picks for wedding loans are LightStream, which has low rates, and Upstart, a great option for those with bad credit. We also chose these lenders for their customer service, rates and terms.
LightStream Personal Loans
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Read more about financing your wedding
Most venues require you to purchase insurance for the event — and even if they don’t, it’s still a good idea to get coverage.
That’s because you’ll be able to get your money back if there is a change in plans or an unforeseen incident that prevents you from celebrating your big day. Many policies also offer medical coverage for injuries or illness at the event.
Here are several of our top wedding insurance picks:
Event Helper
Event Helper is an affordable insurance company available nationwide with policies starting at $66. It also has multi-day options if you’re planning a rehearsal dinner or send-off brunch. However, it’s not a great option for international destination weddings (go with Markel instead).
Information about Event Helper Wedding Insurance has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
WedSure
With WedSure, you can pick and choose what type of insurance you need, including rental insurance, change-of-heart coverage and gift protection. Policies start at $125. However, it’s not good for international destination weddings that need liability coverage (go with Markel instead) or couples looking for the most affordable option (go with Event Helper instead)
WedSafe
WedSafe has the highest liability insurance limit of our picks — up to $5 million — so if you’re planning an expensive wedding or you want to make sure you have maximum coverage, this is a great option. However, if you’re looking for a policy that lets you cancel for free, this isn’t the plan for you: there’s a $25 fee per coverage category.
Markel
Markel insures weddings in Mexico, Bermuda and the Caribbean, among other destination locations. It will also offer a 15% discount for bundling liability and cancellation policies. But it doesn’t offer free cancellation.
When I was planning my wedding, it really felt like I was planning two events: my wedding and the honeymoon.
Luckily, there is a way to use the cost of your wedding to fund your honeymoon by capitalizing on credit card welcome bonuses and carefully planning your trip. Open a travel card and use it to make payments on your wedding; collect the points and pay the balance in full each month, so you’re not accruing interest but you are reaping the rewards.
When deciding which card to use, look at what you don’t have in your wallet yet. What you can earn from the top limited-time welcome bonuses is worth many times what you’ll typically earn from credit card purchases.
The first number to look at isn’t just how much you’re spending on your wedding, but which vendors allow credit card payments. Also, be sure to double-check whether there is a surcharge for paying with a credit card.
Once you know how much of your wedding budget you can put on a credit card, you can determine whether you qualify for certain welcome bonuses. Right now, the best bang for your buck is the Chase Sapphire Reserve (see rates and fees), which has an all-time-high offer of 150,000 points after spending $6,000 on purchases within the first three months from account opening. We’ve seen bonuses this high with other cards, but it’s incredibly rare to be able to earn a bonus that big with a spending requirement that is that reasonable.
Chase effectively limits you to earning a bonus from the Sapphire Reserve once per lifetime. If you don’t qualify for that welcome bonus, the American Express Platinum Card® may be a good substitute. It offers similar luxury benefits and has a welcome bonus that’s just as generous—albeit with a larger spending requirement.
On the American Express site
CNBC Select Senior Reporter Jason Stauffer, an expert on credit card points, contributed to this report and helped choose the credit card products.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every personal finance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
