Your wedding day might be the greatest day of your life, but it’s still only a single day. Don’t get us wrong, we’re not getting preachy about spending. But when you put it into perspective, we spend WAY too much money on it. In fact, the average cost of weddings in the U.S. is $33,931. You can get a 2019 Acura ILX, everything included, for $25,900.
The Knot has released a new survey that found the amount of money people are spending on weddings keeps rising. Another interesting statistic they found is that parents are less likely today to go the traditional route. Usually the parents get together and pay for the big day, but not anymore. More couples are footing the bill and it’s so expensive that they’re leaning on financing options to help pay for it.
One of the worst ways you and your partner can start your life together is by going into debt. This doesn’t include any other of the debt and loans you’ve each accumulated separately. Throw in student loans for a lot of young adults and you’ll end up living in a debt nightmare. This is why more people are putting off things like marriage and having kids.
Weddings by the Numbers
Weddings are becoming so expensive that nearly a third of all the people in the survey said they had to get into debt to help pay for it. The average amount of money they borrowed was $11,737. That’s just what they borrowed, considering that cost of an average wedding is nearly $20,000 more expensive.
Student Loan Hero conducted a survey of their own and found that 74% of couples have already expected they would go into debt to get married. That is a sad statistic. 61% planned to use their credit cards to pay for everything. As couples continue to spare no expense, they really need to think more about their future together than a single day of their lives.
In fact, around half of the money spent on weddings, a paltry $15,439 of it, goes towards the venue alone. It would seen as if a wedding could be made much cheaper by selecting a place that costs a lot less money or even free. Is the venue really worth that much for a single night? In reality, it’s not.
It’s mainly because people are doing away with anything traditional. Fancy wedding spots verses churches. Reception halls and country clubs are on the outs as well.
“Couples are rethinking conventional traditions and putting their own creative spins on long-standing wedding moments, like unity ceremonies and first dances,” says Kristen Maxwell Cooper, editor in chief of The Knot. “Some couples are opting to embrace their cultural heritage, while others choose to pay homage to pop culture that plays a part in their shared story.”
