Getting married is becoming more expensive than ever. That’s the conclusion of The Knot 2015 Real Weddings Study conducted by the wedding planning website TheKnot.com.
According to the study, couples spent, on average, $32,641 for a wedding in 2015. This represents an all-time high for wedding spending. Worst yet, the figure doesn’t even include the cost of a honeymoon.
While a wedding can provide memories that last a lifetime, at this price point, one has to consider if a traditional wedding is worth it.
For instance, consider how else $32,641 could be spent.
According to a recent NerdWallet study, the average U.S. household owes $15,762 in high interest credit card debt. That $32K would more than free a couple from the stifling burden of such debt.
If a young couple was to place $32,641 into a retirement account, earning on average an 8 percent return each year and never contribute another penny, they would have more $750,000 by time they retired
The U.S. median home price is currently $210,800. That means that $32,641 could be used as a down payment on a home, jumpstarting a couple on their journey to wealth creation.
Clearly, there are more financially-savvy ways to spend $32,641. It’s important to remember, however, that $32,641 is the average amount of money spent on a wedding, meaning people also spent less money and still fulfilled their wedding dreams.
So how can a couple keep wedding costs under control so that their marriage day doesn’t undermine the rest of their financial lives?
First and foremost, it’s crucial to rein in costs by creating a wedding budget. A budget will force you to prioritize and identify what is most important to you as a couple.
Second, consider alternative wedding venues. According to The Knot 2015 Real Weddings Study, the most expensive part of a wedding last year was the venue (reception hall), which averaged $14,788 per wedding. Non-traditional locations such as a lake, vineyard, public park, alumni college location or family member’s backyard can shave thousands off your wedding bill.
Don’t be afraid to pare down the guest list. TheKnot.com reveals couples spent $237 per guest last year. While not easy, inviting fewer guests could have a big impact on a couple’s finances.
A wedding is but one day in your life. You shouldn’t have to mortgage your financial future to enjoy the wedding of your dreams.
BMWK, do you think the high cost of a wedding is worth the price? How did you cut costs for your wedding?