The rising cost of weddings

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The traditions of weddings date back to the earliest records of marriage. Although new traditions are made each year, and new trends emerge, the thing that remains the same is that two people love each other so much that they take an extra special day to celebrate that love in front of their friends, family, and loved ones. Weddings should be special, unique, and specific to the couple’s likes and interests. Sometimes wedding planning may seem daunting to have all of the choices to be made under a time frame. With decisions like flowers, the bridal shower, centerpieces, favors, food, and attire, it’s a lot for a couple to take on, especially without a wedding planner. No decision can be made about decor or venue until a budget is made and finances are in order for the wedding. In some cultures, a dowry would be paid to pay for the bride. In other cultures, the bride’s family pays for the wedding. As we stray from traditional forms of the payment of the wedding, some couples pay for their own weddings. Even though some parents are fortunate enough to give their children some financial supplement for their big day, a lot of couples decide to take the payment on themselves to have more freedom in their wedding making decisions.

With increased costs and inflation, wedding prices have skyrocketed. A study by the Knot in 2016 discovered that the average wedding costs actually was $35,329 with many weddings exceeding that cost. The average cost of wedding flowers averages between $700-2,500, and flowers are simply a small facet of the entire wedding cost. Venues and food are some of the more expensive portions of the wedding. Data surveys report that the average couple spends between $2,700-10,500 on their venue. Location and venue are extremely important to host the wedding, and venues are in the business to profit as much as possible. Some venues provide catering for guest while others put the plate responsibilities on the couple themselves. Some couples may decide to have the food made themselves by family members or close friends to alleviate some of the cost. The average catering costs that couples currently spend on weddings is 1,800-7,000.

Wedding prices ultimately depend on guest count. The more guests that come to the wedding, the more expensive it is. A large factor in the wedding atmosphere is whether or not guests will be provided alcohol. Some couples choose to have a dry wedding for religious or personal purposes. As alcohol is an increasing expense for weddings, some couples decide to hire and independent bartender and purchase their alcohol in bulk to save some money. If the budget allows it, some may choose to pay for an open bar where guests can order whatever they choose. Open bars can be even more costly to a couple due to the fact that it promises unlimited alcohol to guests.

Since weddings are essentially an event the couple hosts for the guests, they are often compelled to give out favors. Favors can be anything the couple chooses to give away, meaning they can be as inexpensive or as costly as they decide. Some common favors include giving out seed packets with cute sayings, succulents, shot glasses, sunglasses, magnets, and other novelties. Depending on the guest count, these can become a large wedding expense.

Since weddings have become a significant cost during one’s lifetime, a couple on a budget may be forced to save for months or even years before the big day arrives. Some couples are choosing an alternate route that has become a recent trend in wedding financing which is obtaining a loan to pay some of the upfront cost of the wedding and then paying it back in monthly installments to reduce the anxiety behind needed so much money all at once for one day.

Wedding loans can be a great alternative for couples who are on a budget. Couples do not have to take out a loan to pay for the entirety of their wedding either. They may choose to take out just enough to pay for a portion of the wedding such as the bride’s dress. Then they may decide to pay for the rest with help from parents or by saving up in their own time.

Weddings are one of the most special days a couple will ever experience. It’s not only an unforgettable experience for the couple, but it’s also a special day for their friends, family, and loved ones. The memories made on that day will be reminisced for years to come. Since finances are the main concern behind limitations that the couple may face while arranging wedding expenses, it’s beneficial to come up with a financial plan that covers all aspects of the wedding and determine how funds will be allocated to each portion of the wedding.

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