Saving on Your Wedding
Engaged? Congratulations! This is an exciting time — you’re in love and ready to commit to each other for the rest of your lives. Images of your dream wedding might be floating through your mind, but you may want to consider the real cost of fulfilling that dream — and whether you’re willing to pay the price over the long term. If you’re about to get hitched, here are strategies for saving on your wedding while still making your big day one you’ll cherish (but not pay for) forever.
The Ring
An engagement ring is often one of the most expensive parts of tying the knot. In fact, only 8% of engaged couples spend less than $1,000 on this pre-nuptial purchase. In 2021, the average cost of a ring was $6,000.
Lower cost option. In lieu of a diamond, opt for a less expensive stone — like a sapphire, emerald, opal or ruby. You can also check out local estate sales or vintage shops for deals. If you have an heirloom piece, keep the tradition alive or have the ring redesigned.
Party on
Everyone looks forward to a fun wedding reception. But a catered event at a hotel with a live band, open bar and a feast with all the trimmings can cost more than you might imagine — in 2021 the average reception was $28,000.
Lower cost option. To substantially cut your reception costs — elope! But you can also simply lower your headcount. Also, avoid peak wedding seasons and days (like June and Saturdays), make a playlist for the dance floor instead of hiring a band (or cut down on the number of performers) and avoid an open bar.
Stop and Smell the Roses
Bouquets and decorative floral arrangements are a beautiful part of many weddings, both at the ceremony and the reception. But because flowers need to be cut fresh and arranged quickly, your floral bill can quickly add up — the average cost for wedding flowers in 2019 was more than $2,000.
Lower cost option. Cut costs by repurposing ceremony flowers for your reception. You can also bulk up bouquets with greenery and mix high-cost blossoms, like roses, with less expensive blooms, like freesia and baby’s breath. Fairy lights and candles can also be beautiful, affordable decorations without requiring the purchase of any flowers at all.
Say Yes … to the Price
A retail bridal boutique gives you a pampered shopping experience with a wide array of choices. But it’s also one of the most expensive ways to purchase a wedding dress. While some brides pay thousands more, the average cost of a wedding dress is just over $2,400.
Lower cost option. Shop sales or look for off-the-rack styles. Even choosing a simpler design and silhouette can help lower costs. Trunk shows, vintage shops and online retailers can also be great alternatives for saving on your wedding dress — and you may end up with something really unique.
The Honeymoon Phase
While the word “honeymoon” traditionally means a full month after the wedding, many couples don’t have the funds to take that amount of time off. But even just two weeks in popular spots like Hawaii and Paris can still be prohibitively expensive. You still want your honeymoon to be special, but maybe you don’t want to spend the average cost of $4,600.
Lower cost option. Travelling domestically can cut costs a lot, and so can off-season travel or all-inclusive cruises. Some couples are opting for a “mini-moon,” or a short honeymoon over a long weekend to splurge on something else they really want … like a down payment on their first home.
Your Big Day Without a Big Budget
The average cost of an American wedding is more than $30,000. But if you were to take that money and place it in an IRA, assuming your returns were near the average of 7%, you could turn that into nearly $450,000 in 40 years — even without contributing more. And that’s the real cost of a dream wedding. You have to ask yourself if you’d rather try saving on your wedding and putting your relationship and your financial future on a healthier path.
As you consider how much to spend on the celebration of your union, remember the real dream on your wedding day is the person standing next to you as you exchange vows.
Sources
https://www.theknot.com/content/how-much-to-spend-on-engagement-ring
https://www.theknot.com/content/average-cost-wedding-flower
https://www.brides.com/real-brides-wedding-dress-cost-5087990
https://www.theknot.com/content/average-cost-of-honeymoon
https://www.weddingstats.org/average-cost-of-a-wedding/
https://www.bankrate.com/retirement/traditional-ira-plan-calculator/
https://www.bankrate.com/investing/investment-goal-calculator/
