Did You Know 74% of Couples Go Into Debt for Their Wedding?
Did you know that nearly three-quarters of couples end up going into debt to host their wedding? The number seems staggering, but when you consider the average wedding costs $33,000 before the honeymoon is factored in, it doesn’t seem all that crazy. Some areas of the country host more extravagant weddings. For example, couples in New York spent an average of $75,000 on the big day, while brides and grooms in Grand Rapids spent an average of $25,000.
Whether you are shelling out for an old-fashioned wedding in a gorgeous venue, or you are planning an extravagant Manhattan affair, you should never head into your marriage with wedding debt looming over your head. We’ve collected four easy ways to avoid racking up debt while planning your romantic nuptials.
Sit down and talk finances
Before you get carried away with planning your dream wedding, it’s important to sit down and discuss your finances. You and your betrothed need to come to an agreement about how much you are comfortable spending on a wedding. Once you’ve figured out a budget you are both happy with; it’s time to discuss what each of you can contribute toward the big day. It can be an awkward conversation but it's absolutely one you need to have.
Make a list of must-haves
Every couple is unique, so their wants on a wedding day will be unique, too. If your fiancée is an audiophile, for example, the music is going to be important. You may want to dog-ear more money toward music than the average couple. If you are both foodies, the catering may take precedent. Figuring out what is more important to you as a couple will allow the two of you to figure out where you allocate your money.
Once you have a list of must-haves, do some research on what each element should cost and allocate funds responsibly. Remember, some must-haves might need to get scrapped in the process. Don’t be afraid to go back to the list and swap things out to craft a unique, but on-budget event.
Don’t be afraid to limit the guest list
A lot of couples fall into a trap when they are planning a wedding; the obligation trap. With two families coming together, you may feel like you have to have a huge guest list to accommodate everyone, but if you are trying to stick to a lean budget, cutting headcount will be the most efficient way to cut costs.
If you want to accommodate your families, give each side of the family a set number of seats to fill with friends or relatives; ask them to think carefully about who they are inviting. Remember, you don’t have to have every third cousin in your family at your reception, focus on filling the day with people who actually want to see you get married.
Throw out expectations
Many couples end up including details into their wedding because it is expected, but this is your day and you can cut out anything you want. If you and your love aren’t cake people, feel free to pivot to a different dessert. Cupcakes, pies or even ice cream can be served as alternatives to an expensive wedding cake. If you’ve always dreamed of having a laidback reception, opt for that instead of the expected formal affair at a reception hall. Once you leave expectations behind, you’ll find you can save a lot of money by cutting out the things you don’t actually care about.
Planning a special day to celebrate your love doesn’t have to be a budget buster. Great weddings can be had at any price point, you might need to get a little creative, but overall we are sure you’ll love the day you plan.
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