For some people, the cost of getting married can go well over $50,000. However, that does not mean your dream wedding is automatically out of reach. In the first installment of a four-part Money Matters: The Business of Marriage series, Time Warner Cable News’ Tara Lynn Wagner looks at the importance of budgeting.
Forget wedding bells. If you are in the process of getting married, you will most likely be hearing the sound of the cash register. According to The Knot’s latest annual survey, the average wedding in 2014, not even including the Honeymoon, topped $31,000 -, which is a bargain if you consider that the average Manhattan wedding costs $76,000.
"People are spending more and more money across the board on their venue, on their catering, on the individualized guest experience," says Jamie Miles, managing editor of TheKnot.com.
That is why long before they walk down the aisle, Coupons.com savings expert Jeanette Pavini says an engaged couple should say I do - have a budget.
"You don’t want to enter your married life in debt,” she says. “What’s it going to be for the bartender, for the server, all the things down to the last rose petal on your table? Think of every single solitary expense and then look at the budget and say, where can I save?"
Unfortunately, even with a budget, it is easy to go off the rails. In fact, The Knot’s survey found that 45 percent of couples go over budget when planning their wedding.
"So when you start shopping and going out there and looking for dresses and looking at cakes and tasting, you're going to want all of it and it gets really easy to just spend, spend, spend," says Miles.
Jocelyn Morales and Timothy Holmes are determined to avoid that trap. They have a limited budget for their 2016 nuptials and say sticking to it will be key.
"Especially when you have family and friends that you want to invite, in order to make sure the people you care about can be there, you need to keep it to a budget," says Timothy Holmes.
The guest list is your first line of defense. If that gets out of control, you can bet your budget balloons with it. Pavini’s advice: view it like a cake.
"One thing to do is have your top tier, the people who are the must. Then you draw the line in the sand, and you say if we can afford it, this is the second group," she says.
Finally, there is the question of who is paying. The Knot found on average it was a joint financial affair, with the couple and their parents all kicking in.
With that many contributors, Miles says, it is important to prioritize and compromise.
"Talk with your fiancé, talk with your family, see how much you can actually afford in advance, and then go shopping," she says.