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The wedding business is a very lucrative industry. From the venue, the lighting, the dress, to photographer, videographer, the food, the number of itemized expenses of your memorable day can quickly add up to an expensive reality. Quite frankly, even to the most loving couple, the financial aspects of planning a wedding can be stressful and plain scary. A couple must create a budget and a plan to assess how much money they want to contribute to their wedding. So how much should a couple expect to shell out before saying “I do.”?
How much does the average wedding cost?
This is actually a more complicated question than it appears. CNBC reported that the average wedding costs an average $28,400 by one unnamed source and an average of $26,000 by another unnamed source. However, the national average is not the best indicator of how much a wedding costs because some State averages are higher than others. For example, in New York City, the average cost of a wedding is $70,000 or higher. Contrary, the average cost of a wedding in Houston is approximately $20,000 and in Alaska the figures plummet to $15,504.
However, the term “average” can also be misleading. Although the average amount for a wedding is $70,000 in New York City, that does not mean every New York couple is spending close to $70,000 on a their wedding. The average is calculated by adding up the costs of every respondent to a wedding survey and dividing it by the number of respondents. Therefore, some extra-expensive lavish weddings can significantly increase the average costs giving the impression that people spend more money on weddings than they actually do.
Realistically, there are thousands of economically disadvantaged couples that still have a wedding ceremony. So how much are most couples actually spending on weddings?
How much do most couples spend on weddings?
The answer to this question varies depending the location of the wedding, the venue, and the number of people a couple chooses to invite. Nonetheless, to determine the amount of money most people spend on weddings, several reliable sources believe it’s best to calculate the median. In the United States, the median cost for a wedding is approximately $18,000. Couples typically spend between $19,833 up to $33,055.
How can I cut costs and get the wedding of my dreams?
1. It is a balancing act. If you truly want a spectacular, over the top wedding, be prepared to spend a good amount of money on your special day. However, although weddings on average are expensive, there are several ways a couple can cut cost to make their wedding more financially reasonable.
2. Cut down the number of guests. This is the quickest and most efficient way of saving money on your special day. Do you need to invite all of your coworkers or your boss? Does your third cousin on your mother’s side need to attend your special day? Remember, each attendee gets an invitation, a catered meal, drinks, and a dessert, plus they most often get to bring a plus one. Fifty guest and quickly add up to one-hundred guest. Some venues charge at least fifty dollars a plate for a wedding. Therefore, in this case, invite only the most important people in your life.
3. Be flexible with the date and time. June is wedding season. And since it is wedding season, it will be the most expensive month to get married. Additionally, Saturdays are more expensive to be married on than Sundays. Try to find down times in the year. Vendors will be more willing to negotiate prices.
4. Do it yourself or ask a friend. If you have a friend that a photographer or videographer or a friend that is a baker or a caterer, you can save significantly on your wedding. Additionally, see about creating your own bouquets, centerpieces, or invitations. Believe it or not, these small details add up. For example, pre-made bouquets can start at about $70.00 a pop. However, if you create these items yourself, you can save some money. Additionally, these DIY tasks can be great ways to get the bridal party to bond before your big day.
5. Cut down on food and drinks. Forgo a reception with a formal wait staff and choose a buffet style option. Additionally, instead of offering a full open bar, consider a few signature drinks, house liquors, or house beers and wines.
6. A wedding is meant to be a joyous day when two souls unite as one. Do not get bogged down and overwhelmed by the financial burdens of planning a wedding. Before you begin to plan your wedding, a couple should sit down and create a budget for their perfect day. Some of the questions a couple should ask themselves is how much does the average wedding cost in my state and how much am I willing to spend? It will help you both of you in the long run.