The Average Cost of a Wedding Now Equals a New Sedan -- Here's a Breakdown of Costs
by www.SixWise.com
If you're planning
to get married soon, be aware that this article may make
you seriously consider eloping (drive-thru wedding in Las
Vegas?) or just doing it the old-fashioned way: at city hall.
Why? Having a wedding now costs nearly $28,000, on average,
in the United States.
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The average U.S. wedding costs nearly $28,000 (and
that's without an engagement ring and honeymoon).
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Moreover, gone are the days when you could expect the bride's
parents to foot the bill. Just 30 percent of brides' parents
pay for the entire wedding these days, according to a 2006
study by the Condé Nast Bridal Group. Instead, about
32 percent of couples pay for their own big day (and a fortunate
15 percent get help from both sets of parents).
Perhaps compelled at least in part by huge celebrity weddings
broadcast all over the media, wedding spending has increased
by 20 percent just since 2002. And brides are spending 100
percent more than they did 15 years ago.
When all is said and done, 36 percent of couples said they
ended up spending more than they had planned.
The $28,000 Wedding: Where Does the Money Go?
When you begin to break down the average costs of a typical
American wedding, it's easy to see how things add up fast.
According to CostofWedding.com, here is how much average wedding
"necessities" cost:
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A top-notch wedding cake can cost you up to $15 ...
per slice.
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Wedding Attire: $2,606
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Wedding Ceremony: $2,525
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Wedding Favors & Gifts: $1,121
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Wedding Flowers: $1,969
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Wedding Jewelry: $2,066
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Wedding Music: $953
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Wedding Photography & Video: $3,688
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Wedding Reception: $14,169
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Wedding Stationery: $847
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Wedding Transportation: $410
Breaking it down even further, brides spent an average of
$1,056 on a wedding dress in 2006, according to Condé
Nast. As for a wedding cake, you can expect to pay up to $15
per slice, or anywhere from $350 to $1,500 for the whole cake.
Should You Get Wedding Insurance?
With weddings costing a literal small fortune, some couples
are opting for a relatively new, but growing, failsafe: wedding
insurance. It works like this: couples pay premiums that range
anywhere from $95 to over $1,000, and can expect to be reimbursed
for some of the following "unthinkables" and mishaps:
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Death or illness: If the bride, groom or close
family member becomes ill and the wedding must be cancelled,
the insurance will cover non-refundable deposits, etc.
(Pre-existing medical conditions that cause an event to
be postponed are often NOT covered.)
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Second thoughts: Some plans will even cover your
costs if the bride or groom has a change of heart, and
the person who's paying is not at fault (but be aware
that many plans exclude this).
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Damaged formalwear or wedding gifts: Covers lost
or damaged wedding gowns, tuxedos, wedding gifts, etc.
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Bankruptcies: If your caterer or DJ goes out of
business after you've made a deposit, the insurance will
reimburse you.
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Photography: If your photos don't turn out, are
lost, or are stolen, some policies will cover the cost
of reassembling your wedding party to retake the photos
(or videos).
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Liability: Protect yourself if one of your guests
is injured at your reception (some wedding halls also
include coverage for this with your reservation).
Planning, and paying for, a wedding can seem like an overwhelming
feat, but remember that what's truly important is not the
size of your cake or the flowers on the tables. Make a budget
that you can afford, stick to it by cutting costs where you
can, and after the big day has passed you'll be able to look
back on it fondly -- without having to worry about how to
pay it off!
Recommended Reading
What
You Really Need to Know About Your Partner Before You Commit
How
To Treat YOURSELF with Compassion in a Difficult or Failing
Romantic Relationship
Sources
CNNMoney.com
USAToday.com
CostofWedding.com