Since Valentine’s Day is upon us, this week’s roundup includes five articles about weddings…and debt. So without further ado, here are our top five articles on ways to save for that special day.
“In 2012, the average U.S. wedding cost approximately $27,000, and that’s not counting the honeymoon. 91 percent of couples set a budget for their wedding, but that 32 percent overall wind up spending more than planned.”
-Author Bill Fay talks about the steep price of weddings and how easy it is for people to under plan and over spend. In this article, Fay offers easy solutions to an all-too-common theme.
“Between travel, gifts, attire and other costs, guests are expected to spend an average of $539 per wedding this year — up more than 50% from last year’s average expected expense of $339, according to the American Express Spending and Saving Tracker’s recent survey of about 1,500 adults.”
-This CNN Money article takes a different approach to weddings and debt and talks about how more and more guests are skipping the wedding due to budgetary restraints. In fact, one of the biggest reasons people fail to RSVP is because they’re concerned about all the costs involved.
“If couples borrow for the wedding and one has the average amount of student loans, they could be $56,000 in debt before they share the first slice of wedding cake. For many young couples, expectations for how much money one can make or how well one can live are not in line with real life.”
-Susan Tompor tackles the issue of high student loans and younger couples who are looking for ways to cut costs during a marriage. In this USA Today article, Tompor cites one of the main reasons why so many young people fall into debt so early. The main reason? Lack of open communication surrounding money management and planning.
“Even though that’s down from a peak of $28,082 in pre-recession 2008, nearly one-third of all brides still bust their budgets.”
-USA Today author Cathy Lynn Grossman talks about the average cost of a wedding and how common it is for newlyweds to “break the budget.” According to Grossman, couples are “victimized” by their own wedding fantasies, meaning what they envision and what they can afford are two very different scenarios.
“One of the costs that most people don’t think about when planning their wedding is vendor travel time. Florists, photographers, caterers, and limousine companies who have to shuttle equipment and employees all over town make sure to factor that into their quotes, so by having your ceremony and reception at the same place, you can bring the cost of their services down significantly.”
-Daily Finance author Brian Lund highlights key ways to helps save for your wedding. Chief among this is combining the ceremony and reception site. By taking a simpler approach to your wedding, you can help cut costs in a big way.
Although weddings can be costly, there are steps you can take to help you save.
For more information on proper money management, and for more budgeting tips, visit CreditGUARD’s financial management page.