The State of Wedding Finances
Wedding are a big celebration, and rightfully so, but they also cost a pretty penny.
In fact, 86 percent of Americans feel that the average wedding ($30,000 in 2015) is too expensive according to a recent report by COUNTRY Financial.
The engagement itself can also prove to be a big expense and while diamonds are forever, couples don’t want to break the bank on a ring. Almost 3 out of 4 women surveyed (73 percent) said that they would be willing to accept a used engagement ring. Men were a little less willing to propose with a used ring. Just over half (54 percent) would pop the question with a used ring, but only if it costs half as much as an identical new ring.
And don’t believe that three-months salary rule. Twenty-eight percent said that one month’s take home pay was acceptable while only four percent said spending more than three month’s take home pay was acceptable.
With the costs of weddings so high, many Americans feel that wedding costs should be a shared burden. Fifty-one percent of respondents believe that the cost should be split between the couple and their parents. Only 11 percent went the traditional route stating that the bride’s parents are responsible for funding the nuptials. Nearly six in 10 Americans surveyed also said that a dream wedding isn’t worth racking up serious debt, no matter who is paying.
Though it’s easy to get caught up in the excitement and fervor of an engagement, one of the best ways to avoid runaway wedding costs is by planning ahead.
“Start saving as soon as you know a wedding is in the future,” said Troy Frerichs, director of wealth management at COUNTRY Financial, in a statement. “Establishing a wedding fund will allow you to effectively budget, avoid taking on significant debts and could ensure your other financial obligations don’t get off track.”