For many couples, weddings are the biggest celebration they\u2019ll plan in their lifetime. Between choosing the venue, bridal party, clothes, food, decorations, food and entertainment, it\u2019s normal to feel excited and overwhelmed at the same time. Unfortunately, many couples also find themselves stressed and uncertain as they try to figure out how to foot the bill.<\/p>\n\n\n\n
While it\u2019s tempting to rely on credit to pay for your big day, the resulting debt could start your marriage on the wrong foot. We\u2019ve broken down the basics about wedding debt and ways to keep costs down. <\/p>\n\n\n\n\n\n\n\n
Wedding prices vary depending on factors like the location, food choices and size of the guest list. ValuePenguin<\/a> reported the average cost of a wedding in 2020 was a whopping $20,300. While this number is $4,400 lower than 2019\u2019s average wedding price, it\u2019s still a big investment!<\/p>\n\n\n\n The expenses aren\u2019t limited to the ones getting hitched \u2014 wedding party members can expect to spend a sizable amount of money as well. Between travel costs, attire, gifts and pre-wedding parties, bridesmaids and groomsmen can expect to spend up to $1,000<\/a> per wedding.<\/p>\n\n\n\n Unfortunately, non-wedding party guests aren\u2019t immune to the costs either. A study conducted by The Knot<\/a> found the average cost of attending a wedding in 2019 to be somewhere between $185 (for a hometown wedding that didn\u2019t require travel) and $1,440 (for a wedding trip that required airfare).<\/p>\n\n\n\n If weddings are so expensive, why don\u2019t more people skip the pomp and circumstance? Some couples skip the ceremony and reception altogether, opting for a simple courthouse union or a modest elopement. Others think \u201cmicro,\u201d turning a shoestring budget into an intimate ceremony with a small celebration at home or in a restaurant instead of splurging on a more traditional reception. <\/p>\n\n\n\n As for those who want a larger affair, outside influences and the pressure to keep up with peers can put a strain on their budget. <\/p>\n\n\n\n \u201cThe amount couples spend on their weddings is exorbitant these days, but brides and grooms and their families fork over the cash to make these once-in-a-lifetime events unforgettable,\u201d wrote Consumer Savings Expert Andrea Woroch<\/a>. \u201cThere\u2019s also some FOMO that impacts a couples\u2019 budget and planning, especially for those in social groups who are all getting married around the same time, wanting to keep up with what others are doing. From Pinterest-perfect wedding decor to Instagram-worthy destinations, there are so many outside factors that impact a couple\u2019s wedding decisions and often cloud their judgement, leading them to spend more than they intend or really need to.\u201d<\/p>\n\n\n\n Amy Maher, head of product strategy at Wedfuly<\/a>, notes that the wedding industry has normalized excessive spending and wedding debt over time. “Once you get into the planning phase, many couples have sticker shock initially,\u201d she explained, \u201cbut then get worn down by the pressure of trying to create the perfect day, trying to please their family, or trying to live up to unreasonable societal expectations.\u201d<\/p>\n\n\n\n Wedding costs and stresses aren\u2019t a foreign concept most. For 2020 and 2021\u2019s engaged couples, however, the COVID-19 pandemic caused plenty of stress as they worked to adjust their plans. <\/p>\n\n\n\n Fortunately, love and savings prevailed: couples who decreased their guest list and opted for \u201cmicro weddings\u201d benefitted from paying less per head, and those who opted to \u201cdelay the date\u201d got extra time to save up for their rescheduled celebration.<\/p>\n\n\n\n Although it\u2019s becoming safer in the U.S. to host weddings as case numbers are trending downward, the effect the pandemic has had on guest lists seems to be sticking around. Aly Rennels, CHSP and sales and event management professional<\/a>, noted that guests are checking \u201cno\u201d on their RSVPs more frequently than they may have pre-2020. \u201cTypically as wedding coordinators, we expect 20-25% of the invited guests to say no,\u201d she explained. \u201cWith events just recently opening back up, we are seeing more guests politely decline invitations.\u201d <\/p>\n\n\n\n As the potential for big expenses looms on the horizon, some couples may consider taking out a personal loan<\/a> or getting a new credit card to help cover their wedding expenses. While yes, taking on new credit and making on-time payments can help build your credit history, we don\u2019t recommend turning to loan products for the big day.<\/p>\n\n\n\n In addition to starting your new chapter together in debt, getting a personal loan for your wedding<\/a> can lead you and your partner to spending far beyond what you can comfortably afford to pay back later. It can also make it harder to qualify for new loans in the future, like a mortgage, especially if you fall behind on payments. All of these cons not only affect your personal finances, but they can put unneeded strain on your relationship.<\/p>\n\n\n\n With so much pressure to plan the \u201cbest day ever,\u201d is spending beyond your means for your wedding worth it? According to married couples, it\u2019s complicated.<\/p>\n\n\n\n A 2019 poll conducted by MassMutual<\/a> revealed that while 81% of married Americans said they have no regrets on what they spent on their wedding, 1 in 10 wished they put some of what they spent on their wedding towards another financial priority. These feelings seem to occur more often with younger generations, as the same poll showed Generation Z and millennials (18%) wishing they diverted some of their wedding funds elsewhere vs. Generation X (15%) and baby boomers (4%).<\/p>\n\n\n\n While the final decisions on how much will be spent on their nuptials will be left to the couple, we recommend avoiding wedding debt. If you have future financial goals in mind, such as home ownership, raising children or starting a small business, playing catch-up on wedding payments can hold you and your new spouse back. <\/p>\n\n\n\n Whether we\u2019re willing to put money towards our own weddings or not, a large number of couples are attempting to at least keep their guests\u2019 budgets in mind. In the same MassMutual poll<\/a>, 57% of married Americans said they considered the financial impact of their wedding on their guests while planning, with women twice as likely taking the costs into account than men.<\/p>\n\n\n\n Luckily, there are many ways to celebrate your marriage while keeping costs low. If you\u2019re struggling to keep your wedding budget in check, get back on track with these tips:<\/p>\n\n\n\n One thing that many engaged couples quickly discover is how high wedding bills climb when more people are added to the guest list. If you can\u2019t bear to exclude someone (or if your parents are pressuring you to invite everyone who\u2019s known you since birth), take a page from COVID couples and go virtual.<\/p>\n\n\n\n \u201cThe absolute best way to save money is to have a small and intimate wedding,\u201d recommended Amy Maher. \u201cYou can avoid cutting your guest list by having only your nearest and dearest attend in-person and having your extended guest list join via a virtual component.\u201d<\/p>\n\n\n\n Wedding party size can also drastically affect your overall costs for both the couple and your groomsmen and bridesmaids. Consider saving your money (and theirs) by keeping your parties small.<\/p>\n\n\n\n If you have a knack for crafts, it\u2019s time to roll up your sleeves and DIY! The internet is filled with tutorials on how to make beautiful faux floral arrangements, centerpieces, signs and invitations. While you\u2019ll still need to foot the bill for the supplies, homemade pieces are typically more affordable and easier to customize.<\/p>\n\n\n\n Music is another area of wedding planning that can be fun and easy to handle yourself. <\/p>\n\n\n\n \u201cAt my own wedding, we made a playlist on Spotify Premium and asked a musically inclined friend to fill the role of DJ,\u201d noted Financial Coach<\/a> Seth Connell. \u201cHe didn\u2019t charge us anything, and that saved us nearly $2,000 alone.\u201d<\/p>\n\n\n\n If you opt for being a DIY disk jockey, consider adding a \u201csong requests\u201d section to your RSVPs so your guests can suggest their favorite reception-worthy tunes.<\/p>\n\n\n\n Why shell out extra for something because it\u2019s brand-new when you can buy or borrow something nearly-new? Keep an eye out for wedding deals at second hand stores, as well as the following websites:<\/p>\n\n\n\n Photographers, bakers, musicians, officiants, florists, tailors and crafting gurus: it\u2019s likely that you and your spouse-to-be had a handful of skilled wedding guests in mind when you began the planning process. Utilizing a friend or family member\u2019s free or discounted services not only adds an additional layer of personalization to your big day, but it can help you save major cash.<\/p>\n\n\n\n Before you start asking, it\u2019s important to remember that no one owes<\/em> you their time or talent. Labor is labor \u2014 if your boss demanded that you do extra work for free, you likely wouldn\u2019t be too happy about it either. If you choose to ask a loved one for their service, be ready to hear their work rates or \u201cno.\u201d <\/p>\n\n\n\n If they agree to help and say \u201cthis one\u2019s on me,\u201d that\u2019s great! You should next follow up with an offer to pay for any supplies they may need to deliver the final product, like ingredients, sheet music or craft supplies. <\/p>\n\n\n\n Most brides and grooms prefer to be wed when the weather is the nicest, often aiming for Saturdays between late spring and early fall. Venues know this too, and will typically charge more during their peak wedding season. <\/p>\n\n\n\n \u201cBe flexible!\u201d recommended Aly Rennels, who coordinates weddings and catered events in the Chicago metro area. “Off season months and days are always going to allow more room for pricing negotiation. Always ask about discounted periods\u2014 you might even get some incentives!\u201d<\/p>\n\n\n\n Between all of the planning, choosing and coordinating, it\u2019s easy to lose focus on the end goal and what\u2019s absolutely necessary for your wedding. Aly Rennels advises her couples to skip on any extras that aren\u2019t truly necessary.<\/p>\n\n\n\n \u201cFocus on the aspects of the wedding that your guests will remember in a year,\u201d Rennels writes. \u201cYour guests won’t be able to tell you what color linen you had, but will always remember a great night with family and friends!\u201d<\/p>\n\n\n\n Remember that your wedding isn\u2019t about pleasing everyone, looking impressive online or spending a fortune. At the end of the day, it\u2019s a celebration of love and commitment to your partner. Lucky for you and your spouse-to-be, true love doesn\u2019t cost a dime.<\/p>\n","protected":false},"excerpt":{"rendered":" For many couples, weddings are the biggest celebration they\u2019ll plan in their lifetime. Between choosing the venue, bridal party, clothes, food, decorations, food and entertainment, it\u2019s normal to feel excited and overwhelmed at the same time. Unfortunately, many couples also find themselves stressed and uncertain as they try to figure out how to foot the […]<\/p>\n","protected":false},"author":3,"featured_media":3019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-3015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt"],"accredited":{"author":{"name":"Mikaela Sullivan","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/author\/msullivan\/"},"categories":[{"name":"Debt","slug":"debt","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/category\/debt\/"}],"thumbnail":"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/06\/432x768_TopDollar_WeddingDebt_NotWorthAvoid_v2.jpg"},"acf":{"edited_by":null,"reviewed_by":null,"fact_checked_by":null},"yoast_head":"\nWhy We\u2019re Spending So Much on Marriage<\/h2>\n\n\n\n
COVID-19 Wedding Spending Trends<\/h2>\n\n\n\n
Wedding Loans and Credit Cards – Worth the Risk?<\/h2>\n\n\n\n
Is Wedding Debt Worth It?<\/h2>\n\n\n\n
Ways to Save On Your Big Day<\/h2>\n\n\n\n
Keep the Guest List Small<\/h3>\n\n\n\n
Do-it-Yourself<\/h3>\n\n\n\n
Thrift and Borrow<\/h3>\n\n\n\n
Lean on the Talents of Your Loved Ones<\/h3>\n\n\n\n
Go \u201cOff Season\u201d<\/h3>\n\n\n\n
Keep the Big Picture in Mind<\/h3>\n\n\n\n