Yes, it's that time of year -- wedding season! So what could be better than a few tips on saving money on your wedding? Want some? Then check these out:
And if you're invited to a wedding, one way to get a great gift and save some money is to select your wedding gift early. This can save you lots of money -- especially if you have several friends getting married this summer.
Whether you're having a wedding or attending one, weddings can be expensive. Consider these wedding-related money facts:
- The average cost of a wedding in the U.S. now approaches $28,000, reports the Condé Nast Bridal Group.
- Food service is the single greatest expense of a wedding, averaging about $7,500, says TheWeddingReport.com. (The reception in total averages almost $14,000).
- Twelve percent of couples will spend little or no money on their wedding this year, estimates TheWeddingReport.com.
- The average wedding last year had five bridesmaids who spent $138 apiece on a dress, says Condé Nast.
- Guests spend approximately $11 billion a year on wedding gifts in the U.S. each year, says WeddingChannel.com.
- New Jersey drives away with the prize for the most expensive weddings. This year, the average wedding in the Garden State will cost $36,100, says Shane McMurray of TheWeddingReport.com. Tying the knot in Mississippi runs about half that amount. McMurray estimates the average wedding there will cost $18,500 this year.
- Close to 5,550 wedding dresses were sold on eBay from late January until the end of April, the auction site says. Average selling price: $267. Average cost of a wedding dress nationally: $922, says TheWeddingReport.com.
I know I'm going to get flack for this suggestion, but here's what I would recommend: take the cash and skip the wedding. $28,000 can go a long way on a downpayment for a home. And which would a couple want -- a great day to remember or a house that they can live in, build wealth in, and create decades of family memories?
Ok, so much for being a Practical Polly. Go back up to the money saving tips and save whatever you can of that $28,000. ;-)
By the way, for those of you wondering, we had a small wedding, it cost us a couple thousand dollars, and it was perfectly wonderful.
Here's some more money/wedding help -- this time from Kiplinger's who has five tips to help you with wedding-related money issues. Their thoughts:
1. Plan to shoulder some of the costs yourself.
2. Discuss money early.
3. Keep your perspective.
4. Don't let the veil blind you to the possibilities of saving money.
5. Enjoy the wedding season.
Good tips overall -- especially #4. There are ways to save a ton of money and still have an excellent wedding. A couple of Kiplinger's suggestions:
If prices for banquet halls double in your area in June, why not seek out another month for your wedding, when accommodations are less dear? Timing can be a key element, says Fields. Couples who forgo a summer wedding in favor of an early spring or fall ceremony often enjoy less-expensive off-season rates. You can score a bargain not only on the reception venue but also from caterers and other suppliers. Plus, you can take advantage of off-season travel rates for your honeymoon.
Another way to save: Think outside the wedding industry. The bridal business has been very good at marketing itself, but "you don't necessarily have to shop at a wedding store to buy wedding-related merchandise," Fields says. Instead, keep your consumer wits about you and consider all the alternative places to buy. And remember that a number of non-"wedding" specialty retailers now offer stylish bridesmaids dresses that don't cost a fortune -- something your bridal party can appreciate.
In addition to the wedding, there are, of course, those wonderful newlywed money issues that all married couples need to work through. For some guidance, see Six Money Mistakes of Newlyweds.
In the end, money and marriage go hand in hand and marrying for money actually works (married couples enjoy much higher net worths than singles). For more on marriage and money, see my marriage and money category of posts here at Free Money Finance.
Everyone talks about the cost of a wedding, but many times the value of the gifts received at a wedding can outweigh the cost of the wedding. Obviously it depends on what kind of gifts you can really expect, but I know my wife and I almost broke even on our wedding (which cost us about $8,000 or so after the contributions from our parents).
Posted by: Nick | June 05, 2006 at 08:42 AM