Today, we have a guest article on wedding finance from Tiffany McAdams at Investment Zen. If you’re in the process of considering your wedding budget, this will be the perfect read for you!
Getting married soon? You’re not alone. Over two million people get married every year in the United States. Facebook and Pinterest of become the center of wedding inspiration and ideas for many couples. New styles and trends are uploaded frequently and newlyweds are posting their own wedding designs for future couples to copy ideas from.
Wedding Planning and Finances
While this can be helpful in the beginning, too much can make wedding planning feel overwhelming. Too many ideas to sift through and the couple soon how much their dream wedding will cost. Panic sets in and they start to wonder how they’ll be able to afford their wedding without the help of a lot of credit cards and loans. To help offset the cost, more couples are starting to search budget sites to find better deals and different ideas that are more budget-friendly. This leaves extra room in the budget for lasting investments like photography and videography.
After searching a few discount sites, there are a few extra tips that’ll help save money without compromising quality. One of the most valuable tips is to avoid Saturday weddings. Venues will charge extra for Saturdays because they know the demand for them are high. Scheduling your wedding on Sunday or waiting to tie the knot on a weekday can significantly lower the cost. If a Saturday wedding is still your preferred approach, making some extra money will help reduce the financial strain.
To get a better glimpse of why saving money should be a top priority for your wedding, a breakdown of the average wedding cost speaks volumes. In 2016, the average cost of a wedding was $35,329. This figure doesn’t even include the cost of the honeymoon. The big costs in weddings include the dress that averages $1,564, venues costing an average of $16,107, $4,156 for a band, and $1,2245 for the DJ.
The cost of the wedding often falls on different shoulders. Younger, heterosexuals are more likely to have their parents pay for the majority of their weddings. This is in stark contrast to same-sex couples. One of the primary reasons for this difference is age. The average heterosexual couple is an average of 3-6 years younger than the average same-sex couple.
Ask For Recommendations
If you’re getting married close to home, ask your family members for recommendations on everything. Somebody can usually make a recommendation that will save you a good deal of money. You can also ask friends to help out with some of the physical aspects such as setting up, baking, etc. This will save you the cost of having to hire someone to take care of them.
While money is one of the primary factors in planning a wedding, it’s far from the only. A few other more common stressors include managing the guest list, making decisions, finding vendors, and just overall knowing you are on the right path.
Don’t Get Stressed
Finding vendors can be an overwhelming source of stress. On average, couples hire 13 different vendors. While the more common include photography, reception venue, and hair and makeup, that’s just the tip of the iceberg. Limiting the number of vendors needed and prioritizing can help minimize the stress.
Honeymoons are often an overlooked expense in wedding planning. The average honeymoon is in the ballpark of $4,000. The majority of this cost comes from hotel, travel, and drinks. The high cost of honeymoons ties directly in with the number of destination weddings. In 2016, 20% of weddings were destination weddings. This generally adds to the already inflated price of an average wedding that adds up to just over $35,000. Shopping bargain deals through select travel conglomerate sites can help you save a lot of money if you are willing to be flexible with dates and accommodations as well.
Engagements Add to Cost
Engagements also add an extra expense to the wedding. The average engagement ring costs around $5,000, which falls in line with 2 months salary for roughly one-third of newly engaged men. Most men are traditional in the aspect as well as the resounding 70% that ask for the bride’s parents for permission before proposing. Once permission is granted, men typically fall back on traditional romantic holidays to propose. The five most common include Christmas Day, Valentine’s Day, Christmas Eve, New Years Day, and New Years Day.
These are just a few ideas that will help you plan the wedding you want. To get a few more tips to make your big day more affordable, check out the infographic from Investment Zen below. You’ll find out more tips that will help you have the best wedding possible while still maintaining a reasonable budget. You’ll find out everything from the locations that offer the best deals all the way to the best months to get married in You’ll even find honeymoon tips to round out your wedding experience.