According to a CNN Business article, the average cost of a wedding in 2023 is $29,000 or more, depending on your location.
From the moment you say “YES,” you are faced with a ton of questions. The first question you should ask yourself is, “Can we afford this?” Is this something we save up for, or do we finance the whole thing?
According to a CNN Business article, the average cost of a wedding in 2023 is $29,000 or more, depending on your location. If you and your partner are financially savvy and have the savings, go ahead, and get to planning that amazing day. However, if you are in a financial strain right now, there are several things to consider.
I’m sure you want to start your marriage off right. With finances being the number one argument couples have, you need to be prepared. It goes without saying that if you or your partner have a substantial amount of debt, that is something that needs to be addressed first. The last thing you want to do is add to that debt.
One thing to remember is: a wedding only lasts one day. The opportunity cost of not investing the money in your new future could result in hundreds of thousands of dollars in lost wealth. Now, I’m not saying you shouldn’t have a wedding, just that you could have a beautiful wedding at a lower cost.
The first rule of thumb is to spend no more than 10% of your newly combined household income. For example. If you make $70k per year and your partner makes $80K per year, then you should spend no more than $15,000 on a wedding. You may be thinking, what kind of wedding can I have with only a $15k budget? With a bit of work and imagination, it can be done.
Start with a guest list. This is where it can get complicated. Sit down and think hard about who you want to attend your wedding. Inviting all your coworkers and Facebook friends may not be the best financial decision. I love an intimate wedding with just family and closest friends. Maybe you want just your wedding party and family at your ceremony and other guests at the reception. It’s your wedding, you get to choose who you want there.
Get inspired. There are so many great wedding ideas out there. The Knot, Wedding Spot, and Pinterest are just three sites that offer some wonderful wedding ideas for less. Sit down with your partner and create an inspiration board. Find a budget-friendly venue or even a free one. There are so many beautiful outdoor spaces to have a ceremony that doesn’t cost a dime. Call in that friend or family member that is an amazing baker. Send E-Vites instead of paper invitations. Create your flower arrangements. I have a family member that can create the most beautiful centerpieces. The point is, if you use your imagination and call in the troops, you can save a ton of money.
Make everyone a photographer. The average cost of hiring a professional photographer is about $3,500. That is a big chunk of money you can save by having your guests take photos. I have taken some beautiful photos with my iPhone. And let’s face it, every single person has a cell phone. Ask your guests to take as many photos as they want and create an Instagram page to share the photos after the wedding.
There may be some items on your list that are non-negotiable and that’s ok. Maybe it’s the dress, cake, or flowers. You must agree on what is ok to splurge on and what is not. At the end of the day, this is YOUR special day, and creating memories and starting a life together is what it’s all about. Don’t be afraid to think outside the box. Most people say that weddings are for the guests, but I can’t disagree more.
I have been to so many weddings in my lifetime. Some were extravagant and beautiful, while others were fun backyard weddings. But what they all had in common was that two people were expressing their love and commitment to one another. Remember, the point of getting married isn’t to impress anyone. Sharing that very special day with their families and friends is what matters.
Love doesn’t make the world go round.
Love is what makes the ride worthwhile.
