I read a depressing stat today on CNN;
The average cost of a wedding climbed to a record high of $35,329 last year. This is according to The Knot’s 2016 Real Weddings study. That’s up 8% from the 2015 average.
Every 6 months or so, my wife and I high five each other and reaffirm that NOT having a wedding was one of the best ideas we ever had.
Don’t get me wrong, I like going to other peoples weddings. My wife would have hated having one of her own.
Generally I am all for the whole spend money on experiences not things(like Travel). However, it seems to me that most people go through mounds of stress and expense for an event that never quite lives up to expectations anyway.
Think how much cheaper it would be to spend a few hundred dollars on a high quality photo shoot post nuptials to commemorate the moment in time. Then maybe even have your friends or family out to a large nice meal at a good restaurant to celebrate the event.
Under $1k and you have the two things that really last from weddings anyway, the pictures and the memory of a get together in celebration of your marriage.
My wife and I took the money we would have spent on a wedding and used it for a down payment on our first house. I fixed a lot of things with that house, see here . A house we sold 3 years later for $100k profit mind you. (Not a realtor stud, it was 2005, hard to not make $ in real estate).
Our wedding took place at the Justice of the Peace for $55. Our license, transportation (‘L’ rides), first rings (sterling silver) and post nuptial Snapples included.
Look, some people dwell on their wedding day from the time there are little. Just don’t have one because you are ‘supposed’ to have one. There are plenty of conventional wisdoms that are also smart money plays. Big weddings are not one of them. Stay thrifty my friends.
And remember, picking a spouse is probably the single biggest money decision you ever make without realizing it is a money decision. Talk about this while dating. Do you have similar goals? Are you equally committed to obtaining them?
P.S. One of my best friends had me in his wedding. As opposed to renting tuxedos, he had us all go and buy matching suits. Genius Idea! I have used that suit for years, getting way more mileage out of it than any one night in a tux.