Reports show that less than a third of couples who plan a wedding that costs more than $10,000 save more than a couple of thousand dollars toward paying for it. Yet Weddings today can cost an average of $20,000 or more for the reception hall, caterer, flowers, decorations, Wedding gown, Rings, and don't forget the honeymoon. So how do you pay for all this extravagance?

1- Save for your wedding. Certificates of Deposits ( CDs) offer one option for short-term savings that offers higher returns on the initial investment. Having a regular savings plan to save as much unrestricted income as possible in the months preceding your wedding can help you to accumulate as little debt as possible. Saving coins and $1 bills in the months leading up to your wedding can add up too, perhaps contributing a decent down payment toward the honeymoon.

2- Talk to a representative at your financial institution. Many banks offer free advice to couples about budgeting, savings and purchasing a home. Inquire about a home equity loan to help cover wedding expenses. For engaged couples who may already own a home either individually or together, a home equity loan provides a flexible option for financing along with low interest rates.

3- Set a Realistic Budget. Be careful of hidden costs. Don't make the mistake of going over budget. Be prepared as a couple to compromise on many of the details. Consider using a combination of savings, paying out-of-pocket, home equity and credit cards to finance the cost.

4- Pay as you go in order not to incur debt. Even if you don't have a lot of excess cash, you can pay off many of the bills related to a wedding beforehand. Most vendors require a 50 percent deposit at the time that you place the order. this gets you halfway there from the start. And Remember, all cost are negotiable.