For many couples getting married can be a nerve wrecking decision especially when the media constantly publicizes nasty celebrity divorces. However, when you do find that special person that you want to spend the rest of your life with; getting married can be a wonderful decision and a joyous occasion. But have you ever thought about the financial costs of having a ‘traditional wedding’? Money Magazine did and conducted a survey that resulted in some pretty interesting findings.
How Much Should We Spend to Get Married?
When readers were asked how much money should be spent on a wedding:
· 34% said $5000-9999
· 29% said $10,000-25,000
· 25% said less than $5000
· 12% said more than $25,000
Simply put, 75% of the people surveyed believed that a wedding should cost at least $5000 or up. This mindset seems to align with findings which suggest that a ‘standard’ wedding costs between $11,000-$30,000. For couples that have the money-do as you please. The problem is that some couples resort to taking out personal loans to pay for their wedding. Let’s be honest, having that dream wedding is wonderful but is it worth starting your marriage out in debt?
What Day Should We Have the Wedding?
Another interesting finding was that weddings that take place on Sundays generally cost 10% less than those that take place on Saturday. This shouldn’t be too much of a surprise as Saturdays tend to be very expensive because the demand is high. For example, the price to rent a hotel room during the weekend is more expensive than renting during the middle of the week simply because of the demand. Using the same analogy a wedding in July would be more expensive than a wedding occurring in February.
Any Particular Venue you Want?
Another finding suggested that venues tend to markup their cost by 30% for wedding events. This thirty percent upcharge may actually be a legit expense if it covered things like catering, set-up and cleaning, etc. Realistically though venues operate by renting their space(s) at set times because weddings and wedding receptions tend to drag on you may just be paying more for the fact that they choose not to rent to other people during your wedding party (which is not really a bad thing-i.e. no wedding crashers).
If having the wedding of your dreams is worth it and you have the funds available-go for it. But when you take into consideration engagement rings, marriage rings, prenuptials, a marriage license, etc. the price tag for having a wedding can become pretty expensive. Considering financial strain is the second (sometimes first) leading cause of divorce it just seems like maybe that money could be spent towards a house, future vacations, starting a business, paying off debts, etc.
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At the end of the day whether you have a small wedding, lavish wedding, or no wedding at all your marriage can be a beautiful celebration that never ends. Trust us the joy of being with that one special person will bring more enjoyment than a few hours entertaining friends and family.