Regardless of the details, one thing is for certain when it come to weddings: they are EXPENSIVE! However, by knowing this unavoidable fact ahead of time – and financially preparing for it – you and your partner can begin your marriage without too much red in your ledger. This following infographic is a helpful (and entertaining) guide to help spark some conversations about just who is going to pay for “the most important/expensive day of your life”?
A Few Statistics To Keep In Mind About Paying For The Wedding:
- Every year, an average of 2.4 million weddings are performed in the United States.
- The average wedding budget is set at $28, 427 – not including the cost of the honeymoon.
- 91% of couples set the budget for their weddings (instead of a financial planner or their families).
- 32% of all married couples go over their wedding budgets.
- 40% of all couples who choose to have destination weddings go over their budgets.
- 12% of brides spend more than $40,000 on their weddings.
- In 2009, 34% of brides said the economy affected their wedding budget. In 2012, only 26% felt the same.
- Though traditionally the parents of the bride and groom would pay for the entire wedding, today 43% of couples pay for the entire weddings themselves, while 33% say the bride’s parents paid and 19% said the groom’s parent’s paid. An astonishing 62% of all couples said they contributed in some way to covering the cost of their nuptials.
- 72% of couples use their savings to pay for their wedding, while 30% use credit cards. Most couples expect to pay off their credit card debts within six months.
For those weddings that observe tradition, this is how the payment usually breaks down:
- The Bride and/or Bride’s Family Pays For:
- The invitations, announcements, and wedding programs
- The church, synagogue, officials, and musicians
- The wedding dress, veil, and bridal accessories
- The food, drinks, decorations, and music at the reception
- The floral arrangements for the church and reception hall, as well as the bouquets for bridesmaids
- The wedding photographer
- The groom’s ring
- The Groom and/or Groom’s Family Pays For:
- The rehearsal dinner
- The marriage license and fees
- The bride’s bouquet, boutonnieres for the groomsmen, and corsages for the mothers and grandmothers
- Both of the bride’s rings
- The groom’s suit or tuxedo
- The honeymoon
Ways to make your money go further:
- As soon as you get engaged, start diverting part of your income to a special “wedding fund” each month.
- Sell things you don’t need anymore, especially items that you might otherwise throw out when you and your fiance finally move in together (if you haven’t already!).
- Instead of wedding presents, ask for cash instead. Put this money toward the cost of your wedding.
- Look online for savings. Many wedding websites offer discounts, coupons, or money-saving tips!
- Register your honeymoon the same way you would a gift registry. This will help offset the cost of your fancy vacation.
- Many venues (like De Luxe Banquet Hall, for example) offer package services that are often cheaper than purchasing the wedding cake, flowers, catering, decorating, and entertainment piecemeal. Ask your venue if they offer such an option.