5 ways to avoid the mega-wedding trap
We all know people who spent the equivalent of a small mortgage on their rings and wedding. Unless their parents shelled out for it, they likely started their life together in debt.
A recent Wall Street Journal article looked at research comparing wedding spending to divorce rates:
New research has found no positive correlation at all between having a big, expensive wedding and a successful marriage. Quite the reverse...
After analyzing their data, the authors found that women whose weddings had cost more than $20,000 (in 2014 dollars) ended up getting divorced 60% more often than those whose weddings were cheaper. And men who spent between $2,000 and $4,000 on their engagement ring got divorced 30% more often than those who spent between $500 and $2,000.
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Kelli B. Grant, personal finance and consumer spending reporter at CNBC, joined The Daily Circuit to offer some tips to plan a low-budget wedding.
5 ways to avoid the mega-wedding trap
1. The one number everyone should focus on: Total number of guests. If you know how many people you'd like to have at your wedding right away, it will help you budget the rest of your wedding accordingly.
2. Set a clear budget. Find out how much family members are helping and decide how much you're willing to add of your own money.
3. Pick two to three things that are most important to you and spend your money there. Grant said her priorities were inviting everyone they wanted to be there and hiring a good photographer.
4. Go to vendors and tell them your budget. Grant said they approached florists with the set amount they were willing to spend on flowers and then you'll find out what they can offer. She suggests lowering the amount, so if they do up-sell you on a couple extras, you're still within original budget.
5. Use these sites to budget your wedding and find cheaper alternatives: A Practical Wedding, Real Simple and The Knot.