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Till Debt Do Us Part: Seeing Your Wedding Through A Financial Lens

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Till Debt Do Us Part: Seeing Your Wedding Through A Financial Lens

A person’s wedding day is often the best day of their life. Having a wedding can be a dream come true, but the reality is that weddings are becoming more expensive.

With photographers, cakes, dress, and of course, honeymoon costs, it quickly adds up. Here are some things to consider, and how much it will cost to say "I do."

The Average Costs

According to The Knot, the average cost of a wedding is an astounding $33,931. The most expensive part of the wedding is the reception venue, which will put you back an average of $15,439, and the reception band, which costs an average of $4,247.

The photography ($2,679), ceremony site ($2,382), and flowers ($2,411) all combine can make this unforgettable day an expensive one.

While these numbers might seem high, it is important to remember that they are only averages, and the $33,931 doesn’t include the honeymoon. You can always go cheaper than the average, but you can use these numbers as a benchmark to help you budget and plan for your wedding.

Be Flexible

Many times you can cut a better deal if you're willing to be flexible on some of the details. For example, you might ask your friend to act as a DJ, photographer, or make-up artist to help save money. Or, if you're willing to get married out of season (January or February), you can get a lower rate for the photographers, ceremony sites and reception halls.

Another way to save money is to consider getting married on a Sunday, or during the week because that will often be a way to save thousands of dollars.

See Also: 5 Ways To Limit Financial Stress When Planning Your Wedding

Compare Prices

Make sure to talk to family and friends who have recently gotten married so you can compare the fair prices of various goods and services.

You might want to consult a wedding planner to help with this part of the process.

As you start to look at different venues, ask what is included in the cost. Some reception halls will include chairs, lines, and audio equipment for free, while others will require an additional fee.

You might also want to try to DIY as much as possible, utilizing sites like Etsy (NASDAQ: ETSY) for your wedding invitations or centerpieces to help reduce costs.

Negotiate

You might be able to negotiate the price of some of the services. Make sure to remain respectful and give each professional person a fair rate. You might also want to consider using photographers or DJs who are less experienced because they will often offer a lower rate than those who have been in the industry longer.

Budget For Extras

Even if you budget carefully, there is bound to be an emergency or surprise cost that occurs. To be safe, add an extra 10% to your budget to handle any unexpected costs or add-ons that happen last-minute.

Posted-In: Education Topics Personal Finance General Best of Benzinga

 

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